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Startup Genome ecosystem report 2022 review

10 July, 2022
Startup Genome ecosystem report 2022 review | News | Pause Awards
Nikita Lamba, writer contributor
Nikita Lamba
10 July, 2022
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Startup Genome is the world-leading policy advisory and research organisation for public and private organisations committed to accelerating the success of their startup ecosystem. To date, the organisation has advised more than 125 clients across 6 continents in 45+ countries to date – huge work!

Startup Genome’s mission is to accelerate startup success and ecosystem performance everywhere. They have continued to work with global thought leaders and practitioners to define and execute robust policies and programs that drive lasting change.

Just under a month ago, Startup Genome released its 2022 Global Startup Ecosystem Report that detailed insights on the founder journey, capital raising process, and global rankings of the various ecosystems across the world.

And given that the Australian ecosystem has moved from strength to strength year on year, we decided to chalk out the key findings for Sydney and Melbourne’s ecosystem. Take a look:

With Sydney showing Oceania’s biggest leap in rankings, moving up 4 places from last year to #20, its $68B ecosystem value is in large part due to Canva’s $39B valuation.

Sydney ecosystem, global startup genome report, city, ratings
Taken from the Startup Genome ecosystem maps

Closer to home, Melbourne’s been seen as a thriving hub for startups for years. Be it SaaS, Fintech, AI, Blockchain, Big Data, IoT or Life Sciences – the city has been the birthplace of numerous success stories.

In its most recent findings, the Melbourne ecosystem was valued at $17B, with the total early-stage funding rounding off at a solid $816M.

The total early-stage funding for Sydney was higher at $1.3B, with its median seed round sitting at $835k (against a global average of $671k) and the median Series A round hitting a high $5.4M against a global average of $4.7M.

On the flipside, Melbourne’s median seed round sat at $670k with the median Series A round hitting $3.9M. Total VC funding for Melbourne clocked in at $3.1B against the $4.5B global average, whereas Sydney once again topped it higher with $5.9B.

The number of exits for Melbourne’s ecosystem were 185, valued at $7B, with the time to exit being 9.3 years. Sydney witnessed a total of 288 exits valued at $12B, with the time to exit equalling 9 years against a global average of 9.4.

Melbourne ecosystem, startup genome map, report, insights, rankings 2022
Taken from the Startup Genome ecosystem maps

All in all, both states sat well on the Early-Stage Funding Growth Tier, with Melbourne at 6 and Sydney at a solid 9 on 10. (1 being the lowest, and 10 the highest measure of growth).

It’s safe to say that both ecosystems have shown consistent and robust growth across all domains, which is why they both continue to attract entrepreneurs and ecosystem supporters from across the world – Melbourne for its dynamic, educated workforce, world-class universities, and strong government support, and Sydney for its supportive business environment and great quality of life.

And while Sydney continues to attract substantial international investment, Melbourne too shows promise through its initiatives, including LaunchVic’s $10M Alice Anderson Fund backing women-led startups, as well as the $240M Victorian Startup Capital Fund that aims to support early-stage startups with high growth potential.

With the impending economic downturn that’s standing at everyone’s doorstep, it will be interesting to see how both these ecosystems respond. While systems and processes to tackle the same are definitely in place, we guess we’ll know better when the 2023 ecosystem report comes around.

If interested to read global report, head over to the Startup Genome website.


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Category tracks



Creating a safe and open space in which everyone thrives and the collaboration flows through all levels and titles with the power of the one team. The entries should demonstrate how the transformation has been achieved across core business functions, that have delivered a positive impact and growth for business, staff, stakeholders and customers. Judges will only refer to written entries during the evaluation process. No additional research will be undertaken, and for this reason, we recommend you give detailed and sharp answers.

Celebrating commercial effectiveness through success in the marketplace by leaving a dent in the universe, no matter what the size of the company. The entries should demonstrate the highest levels of expertise, leadership and vision in the application of their business strategies. Judges will only refer to written entries during the evaluation process. No additional research will be undertaken, and for this reason, we recommend you give detailed and sharp answers.

Standing up for your purpose and going beyond together as a team aligned on the single mission to positively impact the environment, people and community. The entries should demonstrate ideas intended to change the world; work which sets out to positively impact ingrained gender inequality, social imbalance or injustice. Judges will only refer to written entries during the evaluation process. No additional research will be undertaken, and for this reason, we recommend you give detailed and sharp answers.

Only awarded to a single entry in each category track, Grand Prix is the highest accolade in Pause Awards. To win the Grand Prix, the entire Judging Board must unanimously agree that the entry deserves the accolade of being the best in class.

​​Focusing on the productivity and elegance of execution to deliver impactful ideas to a market (or many) with the power to cut through the noise. Entries should demonstrate how the innovation and optimisation of the customer journey led to scaled consumer engagement and commercial success. Judges will only refer to written entries during the evaluation process. No additional research will be undertaken, and for this reason, we recommend you give detailed and sharp answers.

Elevating every voice in the ecosystem is not just important for its collective success, industry development but also for the future growth. The entries should demonstrate ingenuity which leads to the creation of new products and services, through leadership, by elevating the internal culture and communities they serve. Judges will only refer to written entries during the evaluation process. No additional research will be undertaken, and for this reason, we recommend you give detailed and sharp answers.


Categories


  • Diverse Co.

    For nurturing an inclusive environment. This award recognises a workplace that has successfully and intentionally encouraged innovation among diverse employees.


  • Large team culture

    For fostering innovation. This award recognises a workplace with over 1000+ employees that has outpaced their cohort in fostering a culture of innovation.


  • Medium team culture

    For fostering innovation. This award recognises a workplace with 21-999 employees that has outpaced their cohort in fostering a culture of innovation.


  • Small team culture

    For fostering innovation. This award recognises a workplace with less than 20 employees that has outpaced their cohort in fostering a culture of innovation


  • Work sweet work

    For a great workplace culture. This award recognises a company that has managed to improve or attain outstanding levels of employee engagement, retention and satisfaction.


  • Company of the Year

    For the best company. This award recognises a company leadership, success, ambition to excel against all odds with the solid future development plans.


  • Defiant ones

    For new tech breakthroughs. This award recognises a company that defines the future of the industry they play in.


  • Hall of fame

    For a lifetime achievement. This award recognises a game-changer who paved the way by breaking new grounds and inventing new categories.


  • Hammer

    For nailing it. This award recognises a company's success – on their own terms – in the market.


  • I wish I'd done that

    For sheer brilliance. This award recognises a company's simple and clever idea in a niche market.


  • Indi

    For new and First Peoples. This award recognises a successful company with its founders from indigenous or ethnic heritage that gained success in the market.


  • On the rise

    For early stage mavericks. This award recognises an early stage startup that has done well in its first three years.


  • Prodigy

    For being exceptional. This award recognises a young person with exceptional qualities or abilities.


  • Women in business

    For breaking the mould. This award recognises a successful female leader and entrepreneur who is paving the way forward for the future generations.


  • B-Good

    For a good business. This award recognises a company that has done well to change our economic system to positively impact all stakeholders through their commercial practice.


  • Circular Pioneer

    For making a difference. This award category recognises a company that is pioneering their circular efforts.


  • Going green

    For delivering impact at scale. This award recognises a company that is actively leading and delivering impact and scale through sustainable efforts in clean energy, climate change, healthy environment, social and economic justice etc.


  • You've got ethics

    For the leadership in environmental social governance. This award category recognises a company that is promoting accountability, good governance, leadership in Corporate Social Responsibility and solving societal problems.


  • Design first

    For design lead products. This award recognises a company that is using design to drive product innovation with the entire company onboard.


  • Inception

    For visionary thinkers. This award recognises a person that came up with the transformative idea that can change the world for better.


  • Out of the garage

    For scaling globally. This award recognises a company's global growth, expansion, and success.


  • Unexpected twist

    For a great pivot. This award recognises a company that has taken an unexpected pivot in their business or career.


  • Wildfire

    For conquering a marketplace. This award recognises a company that has made a significant impact on the marketplace in the shortest amount of time.


  • Backbone

    For backing the future idea. This award recognises a VC firm with a portfolio of companies that have made a significant contribution to the growth and success of the AU economy.


  • Brave Angel

    For early stage support. This award recognises an angel investor that has garnered a portfolio of companies and has a good track record of helping founders succeed.


  • C-Suite

    For the best leadership. This award recognises the highest-ranking executive that has impeccable leadership, management and interpersonal skills.


  • Do you know who I am

    For the silent achiever. This award recognises a person that has been responsible for the success of their company from the backstage.


  • Future builder

    For grit to start a new venture. This award recognises a founder at any level and life stage who has decided to start jumping the hoops of their own business.


  • Hottest hub

    For the best community. This award recognises a co-working space that provides boutique experience, world class facilities with community management.


  • Launch pad

    For activating the support systems. This award recognises an accelerator that has a good reputation in providing the best startup program with industry connections.


  • Super connector

    For being the community champ. This award recognises a person for a significant contribution to the success of their clients or the community.

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