Australia’s startup ecosystem: Building the future together
If you want to understand the future of a nation, look at its startups.
In a year of profound change, Australia’s startup ecosystem has proven to be a hub of ingenuity and determination
The 2024 Startup Muster Report continues to play a critical role in showcasing the depth and breadth of our nation’s innovation ecosystem.
Based on responses from over 1,000 participants, the report offers a snapshot of a community brimming with potential - and it also highlights areas where more work is needed to realise our collective ambitions.
Findings from the report
A standout trend this year is the growth of artificial intelligence (AI). Seven out of ten startups now use AI for important tasks, up from just over half last year. This growth shows not only the growing ubiquity of AI, but also how startups adapt to new tools.
Another focus is sustainability. In 2018, only 5% were in greentech; now, that number has jumped to 16%. This shift reflects the growing need for smart solutions to environmental problems.
Deep tech is also growing. Nearly a quarter of startups now come from research commercialisation or scientific research. These startups are solving tough problems in areas like quantum tech, advanced manufacturing, and healthcare. These companies challenge traditional ideas on where you can find deep tech startups.
Interestingly, the faces behind startups are evolving too. Entrepreneurs are getting older and balancing family life with the demands of running a business. The report finds the costs of this balance as the biggest challenges facing new founders.
Collaboration as the cornerstone of innovation
Startups don’t thrive in isolation. The report underscores the power of collaboration, with nearly 40% of startups partnering with universities or research institutions and 73% engaged in research and development. These connections lay the groundwork for groundbreaking technologies and solutions.
Yet, as a nation, we are not fully realising our productivity and commercialisation potential. The report points to a significant opportunity for Australia to unlock prosperity through better coordination of support for innovators along the founder journey
A catalyst for ideas, growth, and community
Stone & Chalk’s recognition in the report as Australia’s most recommended startup support organisation is built on more than our services. It’s the role we play as a catalyst for ideas, growth, and connection, helping innovators go further, faster.
CEO, Chris Kirk shares, “What makes Stone & Chalk special is the alchemy of bringing together founders, investors, corporates, mentors, and policymakers. It’s in these moments that extraordinary things happen.”
Stone & Chalk members raised over $1.6 billion in funding this year alone and are contributing to transformative industries like AI, Quantum, greentech, and deep tech.
More importantly, they’re demonstrating how collaboration and the right environment can unlock potential on a scale that benefits the entire nation.
Shaping the next decade of innovation
The report highlights that Australia is poised for extraordinary growth, provided the ecosystem receives the coordinated support it needs.
For us, the mission is clear: empower founders, foster collaboration, and champion a future where Australian innovation leads on the global stage.
“Our journey has always been about more than success,” says Kirk. “It’s about impact - on industries, communities, and lives. Together, we’re proving that Australia has the talent, the drive, and the heart to shape the future.”
Accelerating Australia’s innovation potential
The Startup Muster Report is a call to action. While the achievements are remarkable, Australia’s ability to compete globally will depend on its commitment to fostering productivity, scaling ideas, and translating research into commercial success.
We have the talent, the ambition, and the ideas. What we need is a united effort to ensure these are nurtured and realised. At Stone & Chalk, we’re proud to be part of that solution, but we know it takes a collective effort.
For the full insights from the Startup Muster Report, visit startupmuster.com.
