Venture capital investment is on the rise, with a record $1.32 billion raised in the 2017 financial year according to the StartupAUS Crossroads 2017 Report.
This is good news for Australians who are pursuing their dreams of small business ownership.
Recent national research by Pureprofile revealed that almost a third (31 per cent) of Australian adults are either currently self-employed (13 per cent) or considering becoming so in the future (18 per cent).
Apart from the economic benefits – according to StartupAUS, startups have the potential to contribute as much as $170 billion to Australia’s economy by 2020 – global research shows entrepreneurs are channelling their wealth into responsible investments.
The 2018 BNP Paribas Global Entrepreneur Report, which analysed the behaviour of 2,706 multimillionaire entrepreneurs, showed that the primary aim of Asia-Pacific entrepreneurs (48 per cent) is to safeguard the environment.
Australia is following the global trends for “millennipreneurs”, defined by BNP Paribas as aged 35 and under and comprising 40 per cent of the sample. In Australia, according to the Pureprofile results, 36 per cent of those aged 25 – 34 years expressed an interest in starting their own business. These young achievers are making their mark, with StartupAUS’s research indicating the average age of startup founders is 29.8 years.
The millennials’ ambitions bode well for the greater good, with 46 per cent of millennipreneurs in BNP Paribas’ report saying they define their business success in terms of social impact, compared to 39 per cent of all entrepreneurs who expressed this sentiment.
This data was first published in Fairfax’s article Are you paying your staff, but not paying yourself a proper salary?