What is the main challenge facing Australia's deep tech industry?

According to Cicada Innovations' 2023 Insights report, the greatest impediment to Australia shifting from a services-based industry to one built on science and engineering is a longstanding deep tech scaleup problem. The report suggests that a systems approach is the solution to address this challenge.

Where do most deep tech founders come from in Australia?

Contrary to popular belief, 76 percent of the 128 deep tech startups that applied to Cicada x Tech23 were founded independently rather than being spun out of universities or research institutes, which only accounted for 11 percent. This demonstrates that Australia's greatest talent is originating from diverse and unexpected places beyond academia.

How important are partnerships for deep tech startups?

Partnerships were cited as one of the most important growth tools for deep tech startups, with 62 percent of respondents ranking them as crucial; only funding at 67 percent ranked higher. On average, startups were engaging in 2.8 active partnerships to validate and build their solutions with partner support.

Cicada x Tech23 Unveils Solutions for Deep Tech Scaleups