Approximate read time: 3 minutes
One of the main complaints I have heard over the past 4 years as a startup community leader in Adelaide is that “there is no money in Adelaide.”
I’m certainly not the only one who has heard that either.
Based on that notion, I did some primary survey research into venture capital in Adelaide particularly at the Angel and Seed stage for tech (web & mobile etc) startups to answer that question.
Although this research was not done under the mandate of Startup Adelaide Inc, my involvement as a director in that, as well as, being a co-founder of Startup Weekend Adelaide, Startup Daily’s “Top 50 Australian Startup Influencers,” etc provides credibility.
What I found was:
- Adelaide based startups are seeking (on average) $280,000 in exchange for (on average) 16% of the company, to be valued at (on average) $1,750,000;
- Investors have given (on average) $319,167 in exchange for (on average) 19% of the company, to be valued at (on average) $1,602,778;
- The difference between expected company valuations was (on average) $147,222 lower that founders expectations;
- The difference between equity received and offered was (on average) 3% higher than founders expectations;
- The difference between capital received and sought was (on average)$39,167 higher than founders expectations; and
- The biggest hurdle for startups raising capital is finding investors.
A few days later on 7 December 2015, The Australian Prime Minister Malcolm Turnbull recently announced his National Innovation and Science Agenda.
This announcement was well timed for a potential release of this research data to niche media outlets to provide extra commentary related to their audience, particularly, associated early stage investors in start-up businesses get non-refundable tax offset and a capital gains tax exemption etc.
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