Which generation makes the best entrepreneurs?

Which generation makes the best entrepreneurs?

New research reveals the generational split in startups and new entrepreneurial hotspots in regional Australia

Australian start-up culture is dominated by Baby Boomers and Gen Y, according to a new report from KPMG demographer, Bernard Salt.

The Small Business, Big Thinking: The entrepreneurialism of the Aussie workforce report, commissioned by nbn Co, looked at the correlation between access to digitally-disruptive technologies, high-speed internet access and the emergence of new entrepreneurial ‘tribes’ which are driving a shift away from big businesses.

The report found that small and micro businesses are now the country’s fastest growing employment sector with more than 285 new start-ups commencing operations each week in entrepreneurial hotspots.

The areas highlighted in the study as regional Meccas for startups were Riverstone in New South Wales, Frankston in Victoria, Aspley in Queensland, Mandurah in Western Australia, Hobart in Tasmania and Victor Harbor in South Australia.

“Australians are now empowered to run their business from wherever they want to, access customers from all over the world, and to disrupt traditional business models with their innovations, their ideas and their drive,” report author and KPMG demographer, Bernard Salt, said.

KPMG demographer, Bernard Salt
KPMG demographer, Bernard Salt

Salt said there were three trends small businesses were adopting to remain competitive. These were Cloud access, video conferencing and virtual reality.

“You could argue that every small business would benefit from new connectivity and new technology and certainly those businesses that need access to the new applications which require a lot of bandwidth.

“Nationwide access to fast broadband and new technologies such as virtual reality and high-definition video conferencing are driving an ‘entrepreneurialism’ of the Aussie workforce as people reinvent themselves as consultants in their field of expertise, or take the plunge by starting that ‘big’ small business idea that they had always dreamed of," he said.

“Gen Y are rejecting the the confines of corporate structures and leading the charge by taking a chance on their own passions in new business ventures, while Baby Boomers who are no longer shackled down by kids and mortgages are increasingly choosing to spend their last working years reporting to themselves.”

“Our future really does depend on our ability to create new businesses of the future,” he said.

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