The founder of a Sydney start-up has taken several staff on an emergency trip to recover money from the collapsed Silicon Valley Bank.
All start-up founders live with the risk that one day their company might fail,but few are prepared for their bank going belly-up.
Aside from crypto’s obvious issues of scams,collapses and lack of any real-world usability,the industry is facing another threat.
A major Australian technology investor did not put any money into new companies last year as start-ups refused to acknowledge how much the market had fallen.
Industry Minister Ed Husic is criss-crossing America,meeting with start-ups and hoping to lure them to Australia as US giants like Google slash jobs.
AirTree had adopted crypto industry jargon to project its bullishness on the sector,declaring it had “diamond hands” and were “black belt HODLers”.
Blackbird’s rivals fear the fund’s size,at about 35 times the size of its first fund a decade ago,will mean the founders it invests in will get little attention.
Square Peg,one of Australia’s pre-eminent venture capital funds,has attracted some criticism from local founders.
The Australian start-up ecosystem is too nice. And that is leading to all sorts of problems.
For crypto and the broader Web3 space to have a chance of mainstream adoption,Yash Patel says it’s going to need a lot more users.
Australia’s most successful privately held technology company is betting on documents,virtual whiteboards and website design to justify its mammoth valuation.