Startup school: Three out of four Aussie startups fail. Here’s how to make sure you’re not one of them

Today’s tech industry is a highly competitive environment whether you’re in Sydney or Silicon Valley. Even with the best startup idea, entrepreneurs can struggle to secure the funding necessary to stay in business, let alone sustain long-term growth. That’s why approximately three out of every four Australian startups fail within the first five years, according to the International Centre for Trade and Sustainable Development (ICTSD).

Achieving sustainable growth for your tech startup company is no easy feat. It requires careful consideration, a strategic business plan, as well as the knowledge and funding to navigate countless challenges. However, with the right team and strategies, you can not only avoid startup failure but also realise rapid growth. 

This second article in our startup school series will look at some of the tactics that successful tech startup entrepreneurs use to gain investor interest, overcome difficulties, and expand their companies.

Timing your tech startup expansion

Before a founder pushes for rapid growth, they must first ensure everything is in place to successfully launch their tech company expansion. The first step is to gather the right team of well-rounded professionals and experts who will add value to your tech business. This could include outsourced business advisors, managers, HR professionals, accountants and more. As a new or small business, your team may be barebones but you still need to ensure they can handle the expansion while consistently meeting financial targets.