Creative Industries must be a priority if Australia is to compete in global tech

This article was first published in the Courier Mail’s Queensland Business Monthly (QBM) 28/8/2015

You only have to look at companies pioneering tech disruption such as Airbnb and Uber to realise the opportunity startups present to investors and Queensland’s future economic growth. We have a unique opportunity to build on our creative, innovation and technology industries which contribute over $90 billion each year to the Australian economy.

Creative industries employ over 6.2% of the Australian workforce which is more people than mining, however creative startups struggle to find capital as they are often viewed as high-risk by investors. If we get it right, the growth of creative tech startups in Australia will be the largest driver of our economy in the next decade.

QUT Creative Enterprise Australia was established over ten years ago as the first creative incubator and startup investor in the creative industries. Our shareholder, QUT, understood from the outset that building a vibrant creative industries ecosystem would be critical for Australia to compete and succeed in the global landscape.

Many organisations are now reaping the benefits of developing innovative products and services, accessing emerging markets or applying innovative approaches to traditional sectors. Now is the most exciting time for digital disruption with innovative startups leading the charge on the way in which we communicate and do business.

We formed the Creative³ Pitch to connect creative ventures with investors and equip business leaders with the latest thinking on new technology, business tools, creative intelligence, industry insights and design-led innovation. We’re giving startups and entrepreneurs an opportunity to challenge themselves, be inspired and gain business insights from leading game-changers and industry experts. It is the only event of its kind in Australia, supporting a sector currently not recognised as a major driver of Australian economic growth.

Part of the challenge for these creative industry startups is founders often do not know how to find an investor or understand what investors look for in a deal. Many pitches for investment have major gaps in valuations and unrealistic market expectations.

Trademark Vision is just one of the Brisbane startups which received investment via our Startup Fund as a result of our Creative3 Pitch. It has recently signed a major deal with IP Australia to utilise its services and completely rebuild its IP rights search engine including trademarks, patents and designs. Trademark Vision allows users to search for trademarks using image recognition technology to find similar matches and helps brands to register and enforce their trademarks against potential infringement.

We know Australia’s investment community want more ‘market ready’ investment opportunities with global scale and reach for this ‘new’ sector. Initiatives like QUT Creative Enterprise Australia’s Startup Fund provide capital and Creative3 provides education within this community on the latest developments, market opportunities and disruptive technologies.

The next decade will see unparalleled innovation. Creative industries will be leading new digital and design led businesses. We need to ensure Australia’s talent base is not left unmined.

Creative3 is happening 17–18 September for the 6th year. Don’t miss out on the action — secure your seat today! www.creative3.com.au