A Dynamic and Rapid Growing Ecosystem
Over the course of four weeks, we interviewed a selection of startup founders, institutional investors, accelerator managers and other ecosystem players, all based in Western Australia. The focus of the interviews was on the mining, agriculture, energy and CleanTech sectors, with some outside those sectors to allow for a comparison and understanding of the broader context within which these sectors operate.
We found that there is a healthy ecosystem of ambition and innovation, but which is stifled by market conditions, funding and several other factors. We explore how the formation of various networks in the ecosystem affect growth and funding accessibility, as well as accessibility to talent and universities. Additionally, the founders we spoke to give us insights into the challenges they faced when trying to grow their companies.
Special thanks to the brands and individuals who participated in our research and provided valuable insights for the WA startup ecosystem
Highlights of our trip
Why Western Australia?
Most of the companies we interviewed were in Perth and Fremantle. Most founders and core members of these start-ups either grew up in Perth or have families there. Only one or two founders relocated from other countries. Perth offers advantages in lifestyle and dominates in mining and resources industries. Most founders mentioned that starting a company in Perth is relatively easy, and they prefer staying there to remain close to their industry clients.
Challenges
The Perth ecosystem has seen significant growth over the past decade; however, we have identified several common challenges among the startups we visited. These key challenges include the limited variety and size of available funding, as well as the difficulties in educating large corporations in traditional industries, such as oil and gas, to embrace technological innovations.
Ecosystem
The Perth ecosystem boasts a relatively close-knit network among founders, investors, and various facilities like co-working spaces. This ecosystem has experienced rapid development over the past five years, thanks to the concerted efforts of key stakeholders in the region and initiatives led by the Department of Job, Tourism, Science, and Innovation. We are impressed by the collaboration among different stakeholders and the high motivation of individuals who are eager to contribute to the ecosystem’s growth by sharing their experiences and addressing challenges. Despite the existing challenges in the Perth ecosystem, with the support and continued efforts of all stakeholders, we eagerly anticipate its ongoing innovation in the future.
INSEAD SUMMER STARTUP TOUR 
Leave a comment