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12 Jul

Australia’s digital future – are we doi ng we enough?

by launch-admin Jul 12, 2017 0 News

 

 

The ACS has launched its 2017 Digital Pulse report. Key findings include:

§  ICT is a key driver of Australia’s economic future. Currently a digital boom is occurring with 40,000 ICT jobs created in just the last two years, and ICT services exports up 12% to $2.8b.

§  New economic modelling shows that adoption of digital technologies has lifted Australia’s GDP by 6.6% over the previous decade – with each Australian being $4,663 a year better off (in 2016 dollars).

§  However, 81,000 new ICT professionals are needed by 2022 to fuel future technology-led growth. Without skilled ICT labour our nation will stagnate.

§  Diversity is still an issue – women represent only 28% of the ICT workforce (compared to 44% across all professional industries) and older workers (55+) only represent 12% of Australia’s ICT workforce.

§  LinkedIn data reveals technical skills are in high demand – how will Australia meet this need to reap the advantages of a digital future?

 

Sydney, Australia, Wednesday, 24 May 2017The ACS, the professional association for Australia’s ICT sector, today launched its 2017 “Australia’s Digital Pulse” Report – revealing that a ‘digital boom’ is underway with 40,000 technology jobs created over just the last two years (2015-16)[1].

 

Prepared by Deloitte Access Economics, the report shows this strong growth in the ICT workforce is expected to continue, with an additional 81,000 jobs needed by 2022[2] to fuel future technology-led growth.

 

Meeting this need will be a critical priority for Australia.

 

ACS President, Anthony Wong, said: “Technology skills are fast becoming the engine room of the Australian economy. To fast-track our nation’s digital transformation, and ensure the ICT skills base is there to meet demand, we need a clear strategy and dedicated investment focus in this area.”

 

LinkedIn Director of Public Policy for Asia Pacific, Nick O’Donnell, said Australia’s skills shift is accelerating and expanding across every industry.

 

“We are seeing significant hiring of tech talent by non-tech companies. Half of the top 20 industries hiring ICT workers in 2016 were non-tech, the most active industries being financial services, which jumped from twelfth position in 2015 to up to fourth in 2016.

 

“LinkedIn’s data also shows that the top skills demanded by employers hiring new ICT workers includes a balance of technical skills and broader business skills. Business skills such as Relationship Management, Business Strategy and Strategic Planning in combination with technical skills are highly sought after to drive digitisation of business processes,” Mr O’Donnell said.

 

 

Addressing Australia’s skilled ICT shortfall, ACS President Anthony Wong, said: “The ACS is actively championing the uptake of coding in schools, better support for teachers in the delivery of emerging technology areas, the establishment of multidisciplinary degrees, and relevant training programs to help to build a pipeline of workers with valuable ICT skills. In a skills shortage environment, skilled migration is an important lever for developing competitive advantage for the nation. However it needs to be targeted, and needs to address the genuine skills gaps in the domestic market, while ensuring migrant workers are not exploited.”

 

Deloitte Access Economics partner, John O’Mahony, said: “Australian employers are placing a high value on ICT skills against the backdrop of digital technologies being increasingly fundamental to a thriving economy. As business disruption becomes more widespread, businesses need a strong ICT core to manage change – making ICT workers and ICT skills the bread and butter behind that change.”

 

The report further highlights a ‘to-do’ list for government that includes multiplying digital precincts, prioritising cyber, transitioning education and getting more people to study ICT, supporting Aussie start-ups, the next steps for the NBN and wireless technology, and focusing on efforts towards open data, digitising government, and copyright reform.

 

Australia’s Digital Pulse is a unique and comprehensive analysis of the ICT sector and the digital economy for Australia.

 

Australia’s Digital Pulse 2017 will be launched during CeBIT, on Wednesday 24 May at 5:00pm-7:00pm. Speakers will include the Hon Angus Taylor MP Assistant Minister for Cities and Digital Transformation (by video), John O’Mahony Partner Deloitte Access Economics, Nick O’Donnell Director of Public Policy and Government Affairs, LinkedIn Australia, New Zealand and Southeast Asia, Anthony Wong ACS President, and Michelle Price Chief Operations Officer Australian Cyber Security Growth Network.

 

– ENDS –

 

 

Media Contacts

Louise Proctor, Launch Group, 0452 574 244, louise@launchgroup.com.au

Christine Kardashian, Launch Group, 0416 005 705, Christine@launchgroup.com.au

 

About the ACS

The ACS is the professional association for Australia’s Information and Communication Technology (ICT) sector. Over 20,000 ACS members work in business, education, government and the community. The ACS exists to create the environment and provide the opportunities for members and partners to succeed. The ACS strives for ICT professionals to be recognised as drivers of innovation in our society, relevant across all sectors, and to promote the formulation of effective policies on ICT and related matters. Visit www.acs.org.au for more information.

 

 


 

 

 

FAST FACTS

 

The following statistics are presented according to subject matter areas.

 

The Digital Economy

 

The economic contribution to Australia of the digitally-enabled economy is on track to meet the forecast $139b growth target by 2020.

§  New economic modelling shows that adoption of digital technologies has lifted Australia’s GDP by 6.6% over the previous decade – each Australian being $4,663 a year better off (in 2016 dollars).

§  The economic contribution of the digital-enabled economy in Australia is forecast to increase to $139 billion by 2020, representing 7.3% of Australia’s GDP (DAE 2016a). Nearly 90% of this contribution is expected to come from the use of internet and digital technologies outside of the Information, Media and Telecommunications industry.

§  Trade in ICT continues to grow, with Australia’s ICT services exports increasing by 12% to $2.8 billion in 2015-16.

§  The ICT input share of Australia’s goods exports increased from 4% in 2013 to 7% in 2016 – reflecting the greater uptake of new technologies across key industries of economic importance in Australia, such as agriculture and manufacturing.

§  The average cost of a cyber crime attack to an Australian business is around $419,000.

§  Economic modelling suggests that greater investment in cyber security by Australian businesses could result in an uplift of 5.5% in business investment, an increase in wages by 2%, and an additional 60,000 people employed by 2030.

 

Australia’s ICT Workforce

 

Forecast ICT employment

§  81,000 new ICT jobs needed by 2022 to fuel future technology-led growth.

§  ICT workers to increase from around 640,800 in 2016 to around 721,900 in 2022, at an average annual growth rate of 2.0%

§  This represents a higher growth rate than that expected for the overall Australian workforce over the same period, forecast to be 1.4% per annum

 

National ICT workforce of 640,846 in 2016

§  1.9% increase on the 628,810 ICT workers in 2015

§  40,000 ICT jobs created in Australia in just the last two years

§  ICT proportion of total workforce is 5.4%

§  52% of the current ICT workforce is employed outside ICT-related industries such as in professional services, public administration and financial services

§  ICT workers by selected industries

ú  309,313 – ICT related

ú  75,806 – Professional, Scientific & Technical Services

ú  46,262 – Public Administration & Safety

ú  44,425 – Financial & Insurance Services

ú  25,145 – Retail Trade

ú  24,807 – Education & Training

 

 


 

 

 

Labour Market for Global ICT Talent

 

Linkedin data on Top 10 skills possessed by ICT workers moving to Australia

§  Project Management; SQL; Business Analysis; Requirements Analysis; Customer Service; Java; Team Leadership; Software Development Life Cycle (SDLC); Agile Methodologies; JavaScript

 

Linkedin data on Top 10 skills possessed by ICT workers leaving Australia

§  Project Management; Customer Service; Business Analysis; Marketing; Strategy; Social Media; Business Development; Change Management; Business Strategy; Business Process Improvement.

 

Australia’s Intensive Users of ICT Workforce

§  The broader ICT workforce is forecast to grow from around 2,548,900 workers in 2016 to 2,785,600 in 2022 (average annual growth rate of 1.5% and equivalent to a projected gain of 236,700 jobs over this period)

 

Diversity in ICT

§  Women continue to represent only 28% of the ICT workforce (compared to 44% across all professional industries).

§  Older workers (55+) only represent 12% of Australia’s ICT workforce (compared to 16% of workers across all professional industries)

 

ICT Skills In Demand

 

ICT employment growth forecast strongest in the largest two ICT occupation groupings (2016-2022)

§  ICT Management and Operations (2.4% average annual growth between 2016-22).

§  ICT Technical and Professional (1.9% average annual growth between 2016-22).

 

Top 10 in-demand ICT job occupations

§  2016 LinkedIn data shows the top 3 (out of 10) ‘in-demand’ ICT occupations with the most job advertisements were roles that connect technical ICT functions to broader business requirements. These include: project Manager; Business Analyst; and Business Development Manager.

§  ICT workers with specific technical skills are still in high demand – NET developer, Software Engineer, Solution Architect, Java Developer, Front End Developer.

 

LinkedIn data on the top 20 skills required by ICT workers in 2016 are technical and non-technical

§  6 out of top 10, and 9 out of top 20 are non-technical

ú  The top 9 being:

1.     Project & Process Management (number 1 skill)

2.     Management Consulting & Business Strategy (number 2)

3.     Business Development & Relationship Management (number 3)

4.     Customer Service (number 4)

5.     Strategic Planning (number 5)

6.     Sales (number 6)

7.     Purchasing and Contract Negotiation (number 7)

8.     Social Media Marketing (number 8)

9.     Employee Training & Development (number 9).


 

 

 

ICT Education

 

ICT student trends

§  Domestic undergraduate enrolments have risen from around 19,000 at the start of this decade to 25,700 in 2015.

§  Domestic undergraduate completions of ICT degrees increasing from around 3,000 to almost 4,000 over the same period.

§  Postgraduate enrolments and completions by domestic students have also increased marginally, but these also continue to remain below the peaks seen in the early 2000s.

 

Total qualifications held by ICT workers in 2016

§  Forecast to increase from 1,000,200 in 2016 to 1,148,100 in 2022, representing an average annual growth rate of 2.3%

 

Fields of study for ICT workers in 2016

§  The qualifications demanded of ICT workers are becoming increasingly broadened, beyond ICT-specific fields of study.

§  2016 LinkedIn data shows that whilst Computing Science and Information Science and Technology are the most common study areas, 5 of the top 10 study areas for ICT workers are non-ICT, suggesting business related degrees can be pathways into the ICT workforce

§  Accounting; Business; Business Management & Admin; Marketing; Project Management



[1] Australia’s 2017 Digital Pulse, page 2
[2] Australia’s 2017 Digital Pulse, page 29


12 Jul

ACS Supports Women in Cyber on International Women ’s Day 2017

by launch-admin Jul 12, 2017 0 News

 

Australia, 08 March 2017: To coincide with International Women’s Day (IWD), the ACS – the professional association for Australia’s ICT sector – will today participate in the Women in Cyber event in Melbourne, an initiative of the Office of the Cyber Security Special Adviser within the Department of the Prime Minister and Cabinet. Roundtable discussions will focus on the barriers to women choosing cyber careers, the reasons women leave the cyber industry and ways to address these problems.

 

The ACS has long been an advocate for advancing diversity in ICT to capture the full potential of the digital economy. Its 2015 Report, The Promise of Diversity, shows that Australia is a long way from filling the gender equality gap, particularly in ICT, where women comprise only 28 per cent of the ICT workforce compared to 43 per cent of the wider workforce.

 

The shortfall is particularly acute in technical roles in the cyber security area, which has risen to the top of the international agenda as high-profile security breaches raise concerns around the potential impact on the global economy. Data from SEEK Employment Trends Report suggest that the number of cyber security roles advertised in Australia grew by more than 57 per cent year-on-year in February 2016. The opportunities for women to forge a career in cyber are many.

 

Chair of ACS Victoria, Maria Markman said, “The ACS is pleased to support the Women in Cyber event and we congratulate the Office of the Cyber Policy Special Adviser on this important initiative.

 

Addressing the barriers for women in ICT requires short and long-term initiatives, supported by genuine commitment by employers, educators and governments to collaboratively tackle these barriers. This event is a significant step forward.”

 

ACS Vice President, Yohan Ramasundara said, “Through committed, outcome-focused leadership the ACS is working to address the ICT gender disparity at all stages of women’s education and careers towards a more gender balanced world.

 

“The ACS values the contribution of women and promote gender equality in the Australian ICT sector. On International Women’s Day we celebrate the social, economic, cultural and political achievement of our female colleagues around the world. The theme for this year #BeBoldForChange  is a call for everyone of us to stand up and do our bit to help achieve womens full potential for a more prosperous future for us all.”

 

-ENDS-

 

Further information

Sarah Jane Williams, Launch Group, 0409 362 675, sarahjane@launchgroup.com.au

Louise Proctor, Launch Group, 0452 574 244 louise@launchgroup.com.au

 

 

 

About the ACS

The ACS is the professional association for Australia’s Information and Communication Technology (ICT) sector. Over 22,000 ACS members work in business, education, government and the community. The ACS exists to create the environment and provide the opportunities for members and partners to succeed. The ACS strives for ICT professionals to be recognised as drivers of innovation in our society, relevant across all sectors, and to promote the formulation of effective policies on ICT and related matters. Visit www.acs.org.au for more information.

 

 

 

 

 


12 Jul

ACS Victoria welcomes the Andrews Government State Budget investment in the Connecting Regional Communities Program

by launch-admin Jul 12, 2017 0 News

 

Australia, 4 May 2017: The ACS Victoria welcomes the Andrews Government State Budget investment in the Connecting Regional Communities Program (CRCP). The program has been created to deliver improvements to digital infrastructure that will drive innovation and increase competitiveness in regional Victoria. 

 

ACS Victoria Chair Maria Markman said, “We see the investment in regional and rural Victoria as a necessary means of building the technology capability and ICT jobs in the state.

 

“Extending Victoria’s free Wi-Fi program, which we now see in Ballarat and Bendigo, will enable our ICT members in small businesses across regional Victoria, to grow and continue on the innovation path.

 

“We agree with Minister Dalidakis’ comments that this investment will ensure that ‘regional Victoria isn’t left behind in the digital economy.’

 

“By 2020, Australia will need an additional 68,000 ICT professionals to support Australia’s growing digital economy therefore it is important that our State government takes the lead and works with industry partners like the ACS to encourage some of the one million students going through the education system in Victoria to pursue a career as an ICT professional in our state.

 

“As the professional association for the ICT sector, ACS Victoria Branch encourages the Victoria Government to invest in local technology talent to foster innovation and create value for our state. We have made it our mission to work with governments, businesses and the broader community to stimulate real growth in Victoria through building relevant technology capacity and capability.

 

“Over the last two years we have seen global IT companies and start ups set up their operations in Victoria, which has led to new jobs and opportunities for growth.  In a rapidly digitised world we are always encouraged to see investments in technology that showcase Victoria as a technology hub.

 

“To this end, the $84.3 million for information technology upgrades across our schools, $12 million for projects to support the adaption of internet enabled on-farm technologies, and the commitment to Cybersecurity and network connectivity for the Victorian Health Service networks are much needed and greatly beneficial to Victoria.

 

-ENDS-

 

Further information

Sarah Jane Williams, Launch Group, 0409 362 679 sarahjane@launchgroup.com.au

Louise Proctor, Launch Group, 0452 574 244 louise@launchgroup.com.au

 

About the ACS

The ACS is the professional association for Australia’s Information and Communication Technology (ICT) sector. Over 22,000 ACS members work in business, education, government and the community. The ACS exists to create the environment and provide the opportunities for members and partners to succeed. The ACS strives for ICT professionals to be recognised as drivers of innovation in our society, relevant across all sectors, and to promote the formulation of effective policies on ICT and related matters. Visit www.acs.org.au for more information.


12 Jul

StartupAUS says startups have ‘dropped off the radar’ in 2017 Budget

by launch-admin Jul 12, 2017 0 News

  

Australia, 09 May 2017: StartupAUS, Australia’s peak advocacy group for startups, today acknowledged support for Fintech in the 2017-18 Budget, but noted that overall it had not focused on innovation or entrepreneurship.

 

CEO of StartupAUS Alex McCauley, said: “There clearly isn’t a focus on startups or innovation in this budget. That will certainly cause some frustration, because the Government has done a lot to build expectations that it is committed to making Australia one of the best countries in the world for innovators. It still has a lot of work to do to deliver on that commitment.

 

“We welcome this Budget’s support for certain segments of the innovation sector. It includes new measures to increase competition and access to data in the banking sphere, along with taxation reforms for digital currencies, which will help Australian Fintech companies. It also includes plans to introduce Crowd Sourced Equity Funding for proprietary companies, which is a step forward for startups looking to raise crowdfunding. It’s encouraging to see advanced manufacturing attracting additional support, too.

 

“Nevertheless, these measures are modest, both in terms of their budget impact and their overall effect. Innovation and entrepreneurship are not major focal points of this budget. In his budget speech last year, off the back of the launch of the Government’s laudable National Innovation and Science Agenda (NISA), Treasurer Scott Morrison, said that ‘harnessing the power of innovation and entrepreneurship, to create our own ideas boom, lies at the heart of our plan to support jobs and create growth’. In this year’s speech, entrepreneurs were not mentioned. Startups seem to have dropped off the radar.

 

“Tonight the Treasurer said that ‘the signs of an improving global economy are there to see’, and that he saw the ‘potential for better days ahead’. Technology will play a big role in delivering economic value around the world in coming years – in order for Australia to benefit we must maintain a strong commitment to supporting the development of young, high-growth, innovative Australian businesses,” Mr McCauley said.

 

-ENDS-

Media:

 

Louise Proctor louise@launchgroup.com.au 02 9492 1003 / 0452 574 244

 

About StartupAUS

 

StartupAUS is a not-for-profit entity with a mission to transform Australia through technology entrepreneurship. StartupAUS believes a strong home-grown tech sector is vital to future Australian jobs and wealth. But getting there will require a national imperative to create the right environment, with a supportive culture and more entrepreneurs with the right skills.

 

For more information visit: www.startupaus.org


12 Jul

StartupAUS response to NSW government announcement of supersized startup hub

by launch-admin Jul 12, 2017 0 News

Comments from StartupAUS CEO, Alex McCauley

 

“The NSW Government’s plan to establish a new supersized startup hub in Sydney is good news for NSW and the broader Australian startup economy as a powerful stimulus to create new high-growth businesses and jobs across the State. 

 

“One of StartupAUS’ key recommendations in its 2016 Crossroads Report is for governments at all levels to work with industry to establish a national network of innovation districts in major cities. It’s great to see this starting to happen.

 

“Startups are powering jobs growth here and overseas and it’s great to see the NSW Government getting behind the development of a high-growth tech ecosystem. Last year the Department of Industry, Innovation and Science released figures showing net job creation comes from early-stage and startup businesses – with young companies creating nearly all of the 1.6 million net new jobs in Australia from 2003 to 2014. 

 

“As Deputy Premier and Minister for Regional NSW, Skills and Small Business, John Barilaro identified, a flourishing startup community is essential for creating the jobs of the future and will ultimately encourage a pipeline for future growth. Startup hubs can act as a focal point for startup-related activities and events, address the current fragmentation of offerings, and provide valuable opportunities for collaboration between startups and larger technology companies. 

 

“This ambitious new proposal could provide the sort of world-class innovation district Australia needs to put itself on the international innovation map. It’s a courageous step in the right direction, and it’s critical we now work to realise the full potential of the project. StartupAUS is committed to working closely with relevant industry stakeholders to help make this one of the most dynamic and effective innovation precincts in the world.”


12 Jul

STARTUPAUS: UPDATE OF SKILLED VISA OCCUPATIONS LISTS JUNE 2017

by launch-admin Jul 12, 2017 0 News

30 June 2017

 

StartupAUS CEO, Alex McCauley

“StartupAUS is pleased to see that that CEOs and CIOs have been included in the Medium and Long‑term Strategic Skills List (MLTSSL) as part of The Turnbull Government’s updates to the occupations lists for a range of temporary and permanent skilled visas. These are key positions for emerging high-growth businesses and the ability to hire executives to fill these roles from a global pool of talent is critical to the success of the sector.

“There is still significant work to be done in bringing the skills list into line with the current needs of young tech companies in Australia, however. A range of cutting edge digital and technology skills are not included in the list despite extensive input by the sector to the Government’s consultation process.  

“Also unaddressed is the fact that salary minimums currently don’t take into account equity, limiting access by startups to the visa regime.

“We will continue working closely with the Government to ensure the lists reflect genuine skill needs for Australia’s high growth business sector,” Mr McCauley said.


12 Jul

Sydney leads the world in tech startup exit growth rate

by launch-admin Jul 12, 2017 0 News

Australia, 15 march 2017: A new report shows Sydney has the potential to punch significantly above its weight in technology.

 

The Startup Genome Global Startup Ecosystem Ranking Report 2017 shows Sydney achieved the highest Exit Growth rate in the world over the past two years at 370 per cent.

 

The city also ranks 10th in the world for funding, 12th for talent and 13th for global market reach.

 

“Sydney’s startup scene is booming now – we are poised with more venture capital and more energy than ever before,” said Dean McEvoy, CEO of TechSydney.

 

“It’s a critical time for our industry. This report proves Sydney has what it takes to be in the Top 10 ecosystems in the world. We just need to accelerate our growth and the size of the industry with a central hub for startups.

 

“If we provide space for the density our industry needs to grow and we all come together – in spirit and in one location – we will be an unstoppable force and create the next generation of jobs for Australia.”

 

Sydney ranked as the 17th overall tech ecosystem according to the report – largely because of its relative size and lack of density in comparison to tech behemoths like Silicon Valley.

 

However, a number of additional international powerhouse ecosystems were included in the Global Ecosystem Report this time around – and the criteria was significantly widened – meaning although Sydney was ranked 16 in the last report, being ranked 17 this year is actually a more impressive result.

 

CEO of StartupAUS, Alex McCauley, said: “Australia has moved quickly over the last 18 months and this report reflects our achievements.

 

“Sydney still ranks as one of the best startup ecosystems in the world, and there are only nine countries ahead of Australia on this list. Yet despite the clear progress we’ve made, the rankings remain largely static.

 

“There’s a very clear message here: this is a hugely competitive, global race – we need to run fast to even maintain our position. That’s why it’s so critical that we don’t lose focus.”

 

“It’s clear with a ranking of twelfth for talent, that Sydney universities are providing the talent pool to make an impact on the global stage,” said UTS Vice-Chancellor Professor Attila Brungs.

 

“Our students are tomorrow’s entrepreneurs and critical thinkers, and we will continue to provide innovative programs and opportunities for all our students which prepare them for the future of work.

 

“UTS, at the heart of Sydney’s start-up ecosystem, will continue to support the on-going growth of the ecosystem by collaborating with ecosystem partners on research and skills development initiatives to drive innovation”.

 

Tim Williams, CEO of the Committee for Sydney said, “The report demonstrates that the startup sector in Sydney is continuing to deliver a strong global performance, in an increasingly crowded field and against ever greater competition.

 

“Sydney remains the best performing city for startups in Australia, which again demonstrates the major contribution that the city makes to the Australian economy overall.

 

“However, it also highlights the crucial relationship between startups and liveable cities that connect entrepreneurial businesses with high-quality public transport, world-class educational establishments and dense, attractive places to live and socialise. Here, Sydney has further to progress.”

 

The report assessed 55 startup ecosystems across 28 countries (the last report assessed 40 ecosystems in 25 countries and did not include China, South Korea or Japan).

 

The Startup Genome Global Startup Ecosystem Ranking Report 2017 is available for download here

 

More information on Startup Genome is available on their website and the previous report is available to download here

 

Media contacts:

 

For media inquiries and interviews with Dean McEvoy of TechSydney, contact Liz Stephens, Head of Media & Communications at TechSydney on 0407 224469 or at liz@techsydney.com.au

 

For interviews with Alex McCauley of Startup AUS, please contact Louise Proctor at Launch Group on 0452 574 244. For interviews with Tim Williams, please contact James Hulme, Director of Advocacy at The Committee for Sydney on 0410 941 706. For interviews with UTS please contact Terry Clinton on 0419 293 261.


12 Jul

Payment protection data platform EFTsure secures $2 million Series A funding to scale

by launch-admin Jul 12, 2017 0 News

                           

Fintech tackles $700 million payment fraud gap ahead of NPP

  

Australia, 06 July 2017: Secure payments data platform EFTsure today announced Series A funding of $2 million from Australian venture capital firm, Our Innovation Fund, LP (OIF), founded by Geoff Levy AO, David Shein and Jerry Stesel.

 

The fast growing fintech is helping enterprises tackle the annual $700 million cost of payment fraud in Australia[1] with recent client wins including ASX200 businesses, councils, schools, SMEs and not-for-profits. The funding injection will be used to scale the business and to address new initiatives such as the rollout of the New Payments Platform (NPP) in October 2017.

 

Established in 2014 and founded by a team of banking technology and finance professionals Ian Mirels, Mike Kontorovich and Mark Chazan, EFTsure provides a specialised software solution to enterprises, validating the integrity of their payment data and ensuring the name of the payee matches the BSB and account number prior to making a payment.

 

Ian Mirels said the risk of payment fraud is high in Australia with many finance officers unaware that Australian banks don’t match payee names with account numbers when payments are processed – leaving enterprises vulnerable to fraud and error from internal and external threats.

 

“Payments fraud is a growing area of cyber crime in Australia, with fast payment methods significantly increasing the risk of fraudulent activity. It’s critical to ensure a focus on both fast and secure payments as the new NPP platform is introduced”, Mr Mirels said.

 

Our Innovation Fund’s Geoff Levy AO, said, “Payments protection is an essential need world wide. EFTsure is in a pivotal position to capitalise on the growing demand for this need given their deeply experienced team and their established client base. Our Innovation Fund is excited to partner with EFTsure to accelerate their growth. EFTsure are already seeing a large value proposition in what they’re doing to reduce the incidence and opportunity for fraud and error.”

 

“We understand the average cost of a cybercrime attack to an Australian business is in the order of $276,000[2]. As a current and former director of several ASX companies, having EFTsure’s payment protection in place – especially in the challenging environment of increasing internal and external payment fraud risk – gives me more comfort. EFTsure is a necessary tool in a company’s toolbox in the fight against cybercrime”, Mr Levy said.

 

EFTsure’s unique cloud-based, ‘crowd-sourced’ supplier database provides real-time matching of payee names to bank account numbers at the point of payment. Additional compliance checks for ABN, GST status and numerous other alerts provide a best practice ‘Know Your Payee’ solution for businesses of all sizes. EFTsure has begun signing up specialist partners to extend and accelerate its market reach.

 

Mirels continued: “Industry studies show that the average anomaly rate in vendor master files where payee details reside is around 20 per cent, which can lead to payment errors of around one per cent. This is an issue that will have even greater exposure as NPP rolls out and funds are transferred in near real-time.”

 

ENDS

 

Media Contact: Louise Proctor, louise@launchgroup.com.au, 02 9492 1003

 

About EFTsure

EFTsure is dedicated to helping organisations identify and protect themselves against risk and error that occur in the payment process. Our Best Practice Know Your Payee solutions provide real-time alerts and messaging against broad and accurate payee relationship data. We also assist businesses with verifying supplier data, streamlining their supplier onboarding process and ensuring payee compliance.

 

EFTsure’s Know Your Payee (KYP) crowd sourced, cloud based, independently verified database of payee information delivers unprecedented insight into your external payee relationships built on the principle that if the depth and accuracy of your payee data is maintained then your organization is better informed and is capable of protecting itself against fraud, error and non compliance as well as ensuring Best Practice payee relationship management.

 

About Our Innovation Fund, LP:

Our Innovation Fund (OIF) is an Australian based venture capital firm that is focussed on partnering with exceptional entrepreneurs building world-class innovative and scalable early stage technology businesses. With $50 million under management OIF is building a portfolio of up to 20 investments. OIF invests in early stage businesses with innovative, high growth or disruptive technologies or business models with demonstrated market demand. The firm’s Founders, Geoff Levy AO, David Shein and Jerry Stesel, its Partners, Investment Committee members and Investors are made up of some Australia’s leading entrepreneurs and business builders. The team has significant investment, funds management, operational, and strategic experience across multiple companies, sectors, stages of development and geographies. OIF is sector agnostic and invests at the seed stage ($250k – $1m) through to Series A ($2m – $5m) where a product/market fit has been proven. The team at OIF has a long track record and the privilege of partnering with some of Australia’s leading entrepreneurs. In addition to EFTsure, OIF has invested in Instaclustr, Enboarder, Recomazing, Assignar, Stream Lending and Advanced Navigation. OIF also co-invests with other leading domestic and offshore VCs and strategic investors.

12 Jul

Our Innovation Fund, LP leads $3 million Series A growth funding round for construction tech start-up Assignar

by launch-admin Jul 12, 2017 0 News



Sydney, 06 July 2017:
Australian venture capital firm Our Innovation Fund, LP (OIF), has led a $3 million Series A funding round in cloud based Australian construction technology business Assignar. OIF is a $50 million, early stage investment fund backed by some of Australia’s leading entrepreneurs and business builders including Geoff Levy AO, David Shein and Jerry Stesel and other high net worth strategic investors across Australia, US, Asia and the UK.

Assignar is a cloud based SaaS platform built to help construction contractors improve efficiency and safety by providing end-to-end real-time management of a company’s workforce, assets and compliance. Whilst sub-contractors today rely on paper, excel spreadsheets and many point solutions to track people, assets, certifications, inductions and forms, Assignar allows contractors to use digital and mobile forms enabling scheduling, compliance, communication and real-time tracking.

Assignar was founded by serial entrepreneurs Sean McCreanor and Marko Tomic and it now counts companies like UGL, Lendlease, Sydney Trains and Liebherr among their significant and fast growing client list in both Australia and the United States.

The capital raising was undertaken to accelerate growth through direct sales and channel partners, before expanding the footprint in the US market, where the company already has a presence through in-bound leads as well as the ongoing development of the platform.

David Shein, a Founding Partner of OIF, said: “We’re incredibly excited about the opportunity ahead for Assignar and we’re grateful to be partnering with such an exceptional team led by Sean and Marko. Assignar has a great product which is generating real traction in the market and that’s being demonstrated by the increasing list of customers and its fast growing annual recurring revenues.

“We’re looking forward to working with the team to build on this success and to grow Assignar into a global leader in the construction software market. We believe Assignar has the potential to be a great Australian technology company, exporting its product to the world and one that we can all be immensely proud of,” said Shein.

Sean McCreanor, Founder and CEO of Assignar said: “construction technology services will boom in the next few years, off the back of the Federal Government’s $75 billion investment in Australian infrastructure projects and an existing $16 billion construction pipeline”.

“We couldn’t be more excited about the next phase of Assignar’s business growth. Partnering with OIF provides us with not only the capital we need to continue to grow and expand, but, more importantly, they’re a true partner that will help guide the strategic direction of the company, open doors and help us take this business to the next level,” he said.

The investment in Assignar is OIF’s eighth investment since establishing in late 2016.

OIF is sector and industry agnostic and is investing in innovative and scalable early stage technology businesses led by exceptional founders and a proven product-market fit. The team at OIF has a long track record and the privilege of partnering with some of Australia’s leading entrepreneurs. In addition to Assignar, OIFVC has invested in Instaclustr, Enboarder, Recomazing, EFTsure, Stream Lending and Advanced Navigation.

 

-Ends-

Media Contact: Louise Proctor louise@launchgroup.com.au 02 9492 1003

 

About Our Innovation Fund, LP:

Our Innovation Fund (OIF) is an Australian based venture capital firm that is focussed on partnering with exceptional entrepreneurs building world-class businesses. With $50 million under management OIF is building a portfolio of up to 20 investments. OIF invests in early stage businesses with innovative, high growth or disruptive technologies or business models with demonstrated market demand. The firm’s Founders, Geoff Levy AO, David Shein and Jerry Stesel, its Partners, Investment Committee members and Investors are made up of some Australia’s leading entrepreneurs and business builders. The team has significant investment, funds management, operational, and strategic experience across multiple companies, sectors, stages of development and geographies. OIF is sector agnostic and invests at the seed stage ($250k – $1m) through to Series A ($2m – $5m) where a product/market fit has been proven. OIF also co-invests with other leading domestic and offshore VCs and strategic investors.

12 Jul

Finkel to address ‘Energy trilemma’; but more focus needed on home technologies to improve energy security and reliability

by launch-admin Jul 12, 2017 0 News

  

Home battery storage the cornerstone of energy affordability, security and low emissions

 

New research  shows renewable energy use at a tipping point – with 62 per cent of Australians using or interested in introducing renewable energy in the home.

 

 

Australia, June 9 2017: Australia’s Chief Scientist, Dr Alan Finkel, will today release a report into the nation’s energy market, which addresses the dilemmas of price hikes, stabilising the grid from blackouts and the integration of renewable technology. However, the focus on traditional strategies to meet the emissions targets set out by the Paris accord overlooks the critical role home power solutions such as batteries and smart meters will play in stabilising Australia’s power supply and reducing costs for consumers renewable energy startup Evergen said.

 

Evergen CEO, Emlyn Keane, said: “We are concerned the Finkel Report underplays the growing impact of consumer technologies and services, such as intelligently managed solar and battery storage.  These technologies will become a core part of the energy mix, especially as networks of homes start to operate as ‘virtual power stations and contribute significantly quantities of energy to the grid’. The recommendations around home energy generation seemingly fail to account for the sheer interest in these solutions among Australians, and the opportunity that government has to assist consumers in deploying these solutions to reduce their power bills.”

 

New nationally representative research conducted last week by Pureprofile reveals a significant 62 per cent of adult Australians are either currently using some form of renewable energy in their home or are interested in introducing renewables into their home.

 

“Our research shows we have reached a tipping point around the use of renewables in the home, with most Australians keen to ‘do their bit’ and sign up for renewable energy now or in the near future. This demonstrates that there is the real potential to transition Australia’s grid to a more decentralised model with high penetrations of distributed energy resources (DERs) such as solar PV, batteries, EVs and smart appliances also creates a range of diverse opportunities for innovative products and services. These include home energy management systems, energy trading platforms and home automation solutions. Australia’s leading position in this transition also creates opportunities to export technologies and services in this area.

 

“Australia has a rapidly expanding, highly innovative local renewable energy market that holds great potential to deliver economic opportunities, as our reliance on traditional energy reduces.  In partnership with the CSIRO, we have locally-developed, market leading smart technology that helps consumers manage their energy consumption to make it even more efficient,” Mr Keane said.

 

“The ability for this technology to apply deflationary forces on the cost of power is something we cannot afford to overlook. At the moment, home-generated power is considered to be separate to grid energy solutions.  We believe it would be far more effective to have the two working in concert,” Mr Keane said.

 

“Australia has the potential to be seen as a global innovator in renewable energy, as recognised by the Finkel report, and demonstrated by the breakthroughs that the CSIRO has made into clean power innovation. While we do have incumbent industries that employ a lot of people and are a critical part of Australia’s economy at the moment, the government also needs to recognise that as renewables become as lucrative as coal and gas mining, Australia’s economy will suffer if we don’t start the transition process now and invest in developing exportable, innovative technology around renewables now,” Mr Keane said.

 

ENDS

 

Media Contact:

Louise Proctor louise@launchgroup.com.au | 02 9492 1003 | 0452 574 244

Matthew Sainsbury matthew@launchgroup.com.au | 0423 393 300

 

About Evergen:

Evergen is a new energy services company that sells and manages intelligent home energy systems comprising solar power and batteries. The ’intelligence’ technology is provided by the CSIRO, which periodically analyses and remotely updates the system to improve over time. AMP Capital is a major investor in the company alongside CSIRO.

 

Evergen is run by energy scientists and advocates of change for clean solar and battery storage technologies for the home. The Evergen team includes the former CEO of AMP Capital and Evergen Chairman Stephen Dunne.

 

 

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