Despite inflation, skills shortages & supply chain issues impacting Australia, ITbudgets aren't driving these shifts and spending on digital business initiatives continues to increase, says Gartner_inc John-David Lovelock in FinancialReview GartnerIT
Few among Australia’s governing or business elite would disagree with the notion that a thriving technology and innovation sector is vital for the continual growth and evolution of the national economy, but it’s fair to say that the true believers are having a bit of a wobble.
Mega funding rounds have begun to dry up, and on the business pages, stories about tech companies laying off workers have frequently replaced heroic profiles of cashed up founders planning to take on the world.this month, it slotted perfectly into a narrative that the buoyant, strutting tech scene was getting its comeuppance.found there was $7.4 billion raised across 712 deals in 2022, down from more than $10 billion raised in 2021.
Rick Baker of Blackbird Ventures says, despite its recent troubles, the Australian tech scene is doing very well.Meanwhile, the organisations buying the technology products and services from the tech companies are not closing their wallets. The pandemic lockdown boost to corporate digital transformation has not receded and digitisation is getting more important, not less.
“Inflation, skills shortages and supply chain issues continue to have a significant impact across Australia, driving chief information officers to be more hesitant, delay decisions or reorder priorities,” Gartner analyst John-David Lovelock says. He says VCs raising new funds will find it more challenging than they have in the recent past, and start-ups could find funding rounds to take longer to close.
He said the tech sector was aiming to employ one million Australians by 2025, and that the compounding nature of innovation meant new types of job roles would be created naturally.
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