The Startup Muster survey – which is backed by the Department of Industry, Innovation and Science and bills itself as the “largest survey of the Australian start-up ecosystem” – has found a number of trends relating to progress and challenges for Australian start-ups.
Fintech topped the charts a number of times throughout the report, including being the most attractive technology sub-sector for investors, with 56.2 per cent of surveyed commercial backers revealing they have a specific target criteria for fintech start-ups, followed by medtech (52.1 per cent) and internet of things (49.3 per cent).
However, fintech trailed internet of things, medtech and artificial intelligence in the rankings of accelerator support, with 40.5 per cent of surveyed accelerators and incubators listing fintech as a specific sub-sector target.
Speaking to Fintech Business, Fintech Australia chief executive Danielle Szetho said the survey shows the strength of the current fintech start-up community as well as the industry potential.
“This comprehensive report shows that fintech is the number one industry sub-sector in Australia targeted by founders and investors,” Ms Szetho said.
“It also shows that fintech was among the top five industry sub-sector targeted by incubators and accelerators.”
In the foreword to the report, Minister for Industry, Innovation and Science Arthur Sinodinos said the report highlights the “important role start-ups play in our economy while also showing the significance and value of innovation activity across all businesses and sectors”.