Concerns were raised by economic soothsayers this week when a new report predicted the end of the mining boom – Australia’s runaway success story – within two years.
The Deloitte Access Economics Business Outlook praised Australia’s 21-year stint without a recession but pointed out that the boom would not last forever, forecasting that it will “crest and then ease beyond 2014 and 2015.”
Like it or not, new businesses won’t be able to rely on the resources sector propping up the rest of the economy in the long term.
But while any decline in the mining industry will have knock-on effects for some enterprises, there are still plenty of post-boom opportunities for innovative, nimble start-ups.
Indeed, many entrepreneurial figures argue that a shift in our economic obsession from the stuff we can dig up from the ground will allow smart start-ups to shine.
Most obviously, clean energy ventures look set to be bolstered by initiatives such as the Federal Government’s $200 million Clean Technology Innovation Program.
The private sector is stepping up too, as evidenced by this week’s unveiling of the first five clean tech participants in Ignition Labs’ new start-up accelerator.
But what other industries look set to thrive beyond the boom? StartupSmart gazes into its crystal ball to pick out five areas that budding entrepreneurs should be keeping an eye on in the next few years.
Click on the tabs below for more information on each of the five sectors:
While our web and mobile-based start-ups are starting to gain traction both in Australia and overseas, investors seem more willing to fork out major sums of money for our biotech innovators.
A report from earlier this year picked out biotech as a key area for funding and this appears to be borne out by a number of recent deals, including a $15 million round for needle-free vaccine invention Vaaxas.
The early stages of building a biotech business is still costly and time-consuming, with the industry recently calling for more government support to get innovations off the ground.
However, Australian ingenuity in this area is clearly turning heads overseas and could flourish while the resources sector slowly fades. The numbers are strong, too – revenue is estimated to grow by 10.3% in the coming year to reach over $2.4 billion.