Author: Dan Gunn - CEO, VIATEC
Getting Victoria's Tech Sector to $10billion by 2030
VIATEC's strategic goal is focused on getting Victoria's tech sector from $4 billion to $10 billion in revenues by 2030. We call it the 10/2030 plan. We believe that the biggest thing holding back the growth of our tech community (just like everywhere) is our ability to attract experienced, senior talent. We need people who have scaled big, know what it takes and how to do it.
That said, those people are rare and have lots of options. Our companies have appealing opportunities for them but, in the eyes of those desired candidates, we do not have enough breadth and depth. As such, great candidates often look to larger cities where they feel more confident that there are a long list of viable companies that can use and would want their talents. It's a safer bet.
To create more of the critical mass and awareness we need, the development of locally grown anchor companies are key. We call them Whales and are aiming to support the emergence of a $1b company with 1,000 staff. We would consider four new $250m or ten new $100m companies also a success. It's not so much about adding a $1b in revenue to the total as it is what companies like that can bring. The critical mass provided by bigger companies create attention, spinoffs and leadership that knows how to build great companies. This benefits every part of the ecosystem...big and small.
The emergence of more locally founded and built anchor companies is a long-term goal. So, what do we do in the meantime? We set out to identify the highest potential leaders and companies and we provide them with advanced skills training. We're not turning our back on medium size companies, lifestyle ventures or start-ups. We're focusing on building great leaders and every organization needs those. Programs that support our highest potential leaders and ventures will benefit the entire community.
Imagine our $4.06b tech sector and its 16,775 employees were one entity. That would make it a Fortune 500 company (or at least close). The vast majority of companies that size have programs designed to identify their top performers and their highest potential team members so that they can provide them with professional and personal development and training.
That's what we want to do at VIATEC. Offer a Top Talent program to our members so that we can build the leaders we need to take us to $10b.