Technology replaces resources as key driver in economy

Roger Hamilton Tech bigger than Resources
Photo by Jonathan Vandiveer

While many Australian technology companies are leading the way, they will need to work hard to remain ahead of the game

Australia is fast becoming a hot spot for technology advances – leaving the US, Japan and other major tech players behind.

Over 30 global tech companies listed on the Australian stock market in the first half of 2015, compared to 15 in the US, with Australia rising from being the 13th largest tech IPO market in 2013 to the 5th largest in 2015, behind only US, UK, China and Germany.

Australia’s reputation in the tech world has grown rapidly, not only because of global tech companies listing in Australia, but as a result of Australian technology getting more press internationally than ever before.

Sydney-based Atlassian listed on US Nasdaq in December 2015, valuing it at $6 billion and making it one of the world’s biggest IPO’s last year.

Australia is leading the world in the use of solar power, having more rooftop solar power per capita than any other country.

Tech Billionaire Elon Musk, who launched SpaceX and electric car company, Tesla, chose Australia as the first country to roll out Tesla’s ground-breaking Powerwall, a home battery to store power from solar panels and electricity at off-peak times.

Australia is seen as a pioneer in the fast-growth of robots and drones – while driverless cars are being tested around the world, it was two mines in Australia’s Pilbara that became the first to launch driverless trucks to move iron ore.

Google chose Australia to test their new drone technology, and the Drone Racing League, which began in Australia, is becoming a worldwide phenomenon.

This reputation for cutting-edge technology extends to the world of virtual money. Australia made international news two months ago when IT consultant Craig Wright was identified as the founder of the world’s most traded virtual currency, Bitcoin.

The Bitcoin Group is now trading on the Australian Securities Exchange (ASX), and the ASX itself is looking to shift its settlement and clearing system based on Bitcoin’s blockchain technology.

But while many Australian tech companies are leading the way, they will need to work hard to remain ahead of the game. The change in the digital landscape over the next five years will be greater than that seen over the past two decades.

Australia is well placed to take advantage of the key changes looming in the digital landscape:

Everyone, everywhere

Crowd-sourcing and crowd-funding have levelled the playing field for those seeking money and resources to grow their business. There are new tools and platforms available to support Australian start-ups to grow their tech leadership.

Silicon smart

Changes in artificial intelligence mean we’re no longer just building code. Computers are now learning for themselves who customers are and what they’re thinking, with the ‘customer journey’ the focus, moving us from mass production to mass personalization.

The new free world

The growth of 3D printing will increasingly turn manufacturing from large factories to individual artisanship.

One Global Village

Instant translation allows Australian start-ups to open shop and trade immediately and seamlessly in fast-growing markets including China, India, Africa and across Asia.

Roger James Hamilton, Futurist – Founder, Entrepreneurs Institute