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July 2021
Startup employment in
Victoria, Australia
Page / 2
About this report.
The purpose of this report is to provide a detailed picture of the jobs being created by the Victorian startup
sector in Australia. While we recognise LaunchVic has commissioned other reports into the impact of startup
jobs on the Victorian economy, to the best of our knowledge, this report is the first attempt to capture the role of
Victorian startups through the lens of employment, using both curated data and human expertise.
In this report you will find fascinating new insights with a spotlight specifically on Victorian startups.
Find out how Victorian startup jobsЀ growth measures up against the Victorian economy; the impact on jobs
growth during COVID-19; where the most jobs are being created in the startup lifecycle; which startups are
creating jobs vs employing people; the sectors with most startup growth; how startup job creation stacks up
against traditional industry; and the growth of VC-backed vs non-VC backed startups.
While it is widely accepted that innovation drives the creation of high-skill quality jobs, it is difficult to
quantify where startups sit in this mix. Startups are often seen as investments instead of job creators –
when in fact they are both. It is also difficult tracking employment data for startups on a fast growth
trajectory where this ever-changing metric requires constant monitoring and careful analysis. Startups, as
private companies, are also largely exempt from reporting requirements otherwise imposed on public
companies, Universities and research facilities.
As a result, the social dimension of startups is often overlooked. Startups not only help create value to
economies, but they are also job multipliers, creating high-skill, high quality jobs in their own communities
and beyond. In the US, the National Venture Capital Association estimates that VC-backed companies
generated as many as 2.27 million jobs in 2019. In the Netherlands, Dealroom research found that the
Startup sector has been the fastest growing in terms of job creation since 2017.
This report highlights the role of Victorian startups, scaleups and Unicorns in creating jobs and value
domestically.
As a result, it focuses solely on local jobs created by Victorian startups. We include startups founded in or
after 2000, so long as the company is currently active and maintains its main presence in Victoria.
Since this report focuses on the Victorian startup sector, we do not count jobs created by foreign
startups in Victoria.
Think of foreign startups which chose Melbourne as their regional headquarters, such as Slack, Zendesk,
GermanyЀs Signavio or SwitzerlandЀs Tradeplus24. We also exclude (Australian) startups with their main
center of business outside Victoria.
We only consider startups with at least one employee, i.e. a headcount of at least two.
Founder-only startups and startups lacking employment data fall in the Ͽmicro-startupsЀ category, which is
excluded from the scope of this study. According to our count, there are more than 350 micro-startups in
Victoria. A comprehensive list of further criterion used to determine which jobs are counted is provided in
the methodology section.
Unicorns receive special treatment: we include all homegrown unicorns, so long as they achieved
their main growth in Victoria.
Some were founded outside Victoria (Afterpay). Others are registered outside Victoria, but maintain a
significant domestic presence (Airwallex, Catch, eNett). Older companies founded in the information age
(since 1990), which achieved Unicorn status since 2000 are also included: MYOB, REA, SEEK, Carsales and
PolyNovo. Together with Aconex, PEXA, Envato, Judo Bank, Culture Amp, Mesoblast, Clinuvel, Redbubble
and VictoriaЀs latest Unicorns A Cloud Guru and MessageMedia, Victoria is home to 19 Unicorns.
Scope of the study.
Page / 4
Key findings.
In Victoria, startups create jobs faster than conventional industries.
The startup sector is growing: it creates jobs faster than the Victorian economy.
p.6
Startup sectors grow faster than their conventional industries.
p.7
Startups have a lot (of jobs) to offer.
Ages of firms impact level of job creation.
p.9
Smaller startups employ the most people. Scaleups create more new jobs.
p.10
Every startup sector has been growing over the past two years, albeit at various speeds
Unicorns boost employment but new jobs emerge elsewhere
p.12
Just three sectors provide half of the new jobs...
p.13
...but many more are growing at record speed
p.14
Overview of growth trends by startup sector
p.15
A deep-dive into the determinants of startup employment in Victoria
Valuation and employment are inversely proportional
p.17
Venture capital backing boosts job creation
p.18
See also...
Methodology and definitions
p. 22 - 25
The Jobs Board, a new tool for job seekers and startups to meet
p.19
Put your startup on the map: findingstartups.launchvic.org
p.20
5.9K new jobs
in just two years
10.75% annual growth
(2018-2020), local jobs
40K+
total jobs
created by homegrown
startups globally
In Victoria, startup employment grows
faster than in conventional industries.
Page / 6
Year-on-year startup job growth is reaching record levels, at 10.75%
between 2018 and 2020. This translates to over 5,900 new local jobs being
created by homegrown startups since 2018. Looking more closely at the data,
annual growth between 2018-2019 reaches 13.4%. This is significantly higher
than job growth in VictoriaЀs economy, which was set to reach 3.1% annual
growth between 2018 and 2020, according to the Australian Bureau of
Statistics (pre-Covid).
A ϿCovid-19 effectЀ is visible, but appears limited. Year-on-year job growth
between 2019 and 2020 fell to 8.1%. Still, this is far higher than ABSЀs pre-Covid
estimates for the Victorian economy. With Covid striking many industries,
ABSЀs figures for December 2020 suggest that overall job growth might be even
lower, although trends currently observed could help recover some of the lost
jobs. Meanwhile, the Victorian Startup sector had already created 25.7k jobs by
2018, it has now grown to provide 31.6k local jobs.
Startup creation and job growth trends look promising. At the current pace,
there will be 3,000+ active Victorian startups by 2023, out of which over 2,000
will be creating jobs. Fuelled by the growth of existing companies and boosted
by an expanding startup base, which could double by 2025, VictoriaЀs startup
sector could employ at least twice as many people in 2025 as it did in 2018. Not
to mention the multiplier effect, which according to previous research
commissioned by LaunchVic, could help boost both value and job creation
further, by as much as five times the current pace.
Victoria’s startup sector is growing:
creating jobs at a faster rate than the Victorian
economy.
31.6K
2018
2019
2020
2025
29.1K
25.7K
+10.75%
Pre-Covid (Feb. 2020)
Post-Covid (Dec. 2020)
+8.1%
+13.4%
+3.1%
Employment figures in Victoria’s Startup sector
and Victoria’s economy, 2018-2020
▉ Employment in Victoria, 2018-2020
▉ Local jobs at homegrown startups, scaleups and unicorns, 2018-2020
3.46M
3.45M
3.38M
3.36M
Startups add jobs
faster than their
conventional
industries.
Page / 7
Annual job growth (2018-2020) across startup sectors and conventional industries.
Professional, Scientific,
Technical Services
Over the past two years, startups recorded a
stronger growth rate than the Victorian
average in their respective industries, in all
but two sectors. Even in booming industries,
startups grew faster: healthtech companies
added new jobs 55% faster than the
already-over performing healthcare sector
(+9.7% growth). Fintech and Energy startups
also outpaced their respective industries,
despite an annual growth rate more than two
times higher than the Victorian average.
Although startups still only provide a fraction of
total jobs, the speed at which startups grow
their ranks confirms that job-seekers can
confidently turn to startups across all
industries, to look for opportunities.
Education,
Training
Information,
Media, Telco
-6.2%
Agriculture,
Forestry, Fishing
Healthcare,
Social Assistance
Finance, Insurance
+6.3%
Security
+16%
Media
+14%
Telecom
+5.4%
Edtech
+19%
Legaltech
+20%
Marketing
+12%
Enterprise Software
+9.4%
Healthtech
+15%
Kids
+15%
Retail
-4.3%
Ecommerce
+10%
Transport
Transport tech
+8.6%
Foodtech
+15%
+6.5%
Energy
Energy tech
+8%
+6%
Administrative and
support services
HR tech
+8%
Travel tech
+9%
Real Estate +2.5%
Fintech
+13.7%
Real Estate tech
+4.5%
Manufacturing
+1.4%
Semiconductors
+10%
Robotics
+13%
+4.4%
Arts and Recreation
Event tech
+9.3%
Gaming
+10%
Sport
+13%
Startup sectors: see Glossary p.23. Source: Dealroom.co. Annualized job growth, 2018-2020. Conventional industries: ANZSIC classification, Source: ABS. Annualized job growth february 2018 to february 2020.
+3.2%
+7%
+4%
+9.7%
+1.6%
▉ Conventional Industries, annual growth 2018-2020 ▉ Startup sectors, annual growth 2018-2020
Startups have a lot (of jobs) to offer.
Startups by their very nature are job multipliers, led by founders
that catalyse job creation through their unyielding ambition to build
innovative technology companies with global reach.”
Leigh Jasper
LaunchVic Chair
“
6.4K
employees at
629 companies
10.9K
employees at
557 companies
14.3K
employees at
283 companies
10+ years old
Founded 1990-2010 (Unicorns)
Founded 2000-2010 (all companies)
5+ years old
Founded
2011-2015
< 5 years old
Founded
2016-now
Now
Growth
2018
2019
2020
2018
2019
2020
2018
2019
2020
6.4K
5.5k
4.1K
+2.3K jobs
+2.2K jobs
+1.5K jobs
31.6K
10.9K
10K
8.7K
14.3K
13.6K
12.8K
Older startups employ more people : the average
team size at companies aged 10+ years is 30 employees.
This compares to 19 employees at companies aged 5-10
years and nine employees at companies founded since
2016.
What is more, older startups still create jobs 10+
years on: each company founded more than 10 years
ago created an average of 3.6 jobs since 2018.
Companies launched since 2016 created just 0.2 more
jobs on average.
But there are far fewer older companies than
younger startups: owing to companiesЀ life cycles and
a sign of a growing startup ecosystem in Victoria, just
283 active startups are 11 years old or more (as well as
another 5 Unicorns founded before 2000). This
compares to 629 companies founded in the past four
years, which already created over 6,400 jobs.
The newer the startup, the more new jobs. Startups
founded since 2016 generated 39% of all jobs created
since 2018, or 2,300 new jobs, while startups aged 5-10
years contributed another 35% (2,100) new jobs. Older
startups (10+ years old), created the remaining 26%
(1,500) new jobs.
Startup ecosystem employment and job
creation by company age.
Page / 9
Page / 10
The majority of startup employees work for
early-stage startups, but a maturing ecosystem
means growing job creation at mid-sized scaleups.
2-50
employees
51-500
employees
500+
employees
31.6K
total
+1k
14.1K jobs
(45%)
12.1K jobs
(38%)
5.4K jobs
(17%)
Local startup jobs distribution by company size
+2.8k
Just five big employers - those with a local headcount of
500+ employees, all of which are unicorns - have created
17% of all startup jobs. These are REA Group, MYOB,
SEEK, Afterpay and Carsales.
Looking at the bigger picture, however, smaller startups
- those with fewer than 50 employees - employ most
people, as they account for 45% of all startup jobs.
Smaller startups also tend to be younger: companies
with fewer than 50 employees have an average age of
10. Scaleups (50 to 500 employees) are 14 years old on
average, while ⅘ of the 500+ employers are at least 20
years old.
As startups grow and become scaleups, job growth
accelerates. Just 115 scaleups have created 2,800 jobs
since 2018. This is 700 more jobs than those created by
the 1,300+ smaller companies (2,100 new jobs).
Critically, this indicates that 23% of all scaleup jobs were
created in the past two years alone, and that maturing
scaleups are playing a central role in creating jobs in the
ecosystem.
+2.1k
Jobs
created
since 2018
Home-grown heroes such as Afterpay, Culture Amp or Judo Bank
are proof that there's immense potential in startups to revitalise
the economy by creating new jobs and sectors. It might also
surprise some people that they employ twice as many Australians
as the jobs we have imported from Facebook, Twitter and Slack.”
Leigh Jasper
LaunchVic Chair
“
Victoria is home to a host of fast-growing
startup sectors.
Unicorn contribution to new jobs
since 2018 per industry
Enterprise Software
4 Unicorns 26%
Transportation
1 Unicorn
Ecommerce
2 Unicorns
Real Estate
2 Unicorns
HR Tech
2 Unicorns
Fintech
4 Unicorns
Healthtech
3 Unicorns 6%
42%
53%
9%
5%
25%
Local startup jobs (2020) in sectors with at least
one Unicorn, incl. jobs at Unicorns
Transportation
1 Unicorn
Ecommerce
2 Unicorns
Real Estate
2 Unicorns
HR Tech
2 Unicorns
Enterprise Software
4 Unicorns
Fintech
4 Unicorns
0.2k
Healthtech
3 Unicorns
4.5k
1.2k
4.4k
2.2k
4.8K
1.4k
2.4K
0.5k
1.3K
2k
3.7K
0.5k
1.3K
Even in sectors with unicorn startups, job creation is not limited to
unicorns. Most new jobs are created by smaller startups and scaleups.
Page / 12
Edtech
1 Unicorn
1.5K
0.1k
Edtech
1 Unicorn 12%
Half of all new jobs have been created in just three sectors.
Other
2.95K jobs
Healthtech
1.1K jobs
Fintech
1K jobs
Enterprise
Software
0.85k jobs
Distribution of new jobs by sector.
5.9k jobs created since 2018
50%
50%
Page / 13
In 10+ startup sectors, more than 20% of all jobs didn’t exist just two
years ago.
There are 11 sectors where at least 2
out of 10 jobs were created in the past
two years alone.
More than 130 jobs were created by
Legaltech startups since 2018: this is 30% of
now 430+ jobs in this sector. Edtech is also
growing fast: over a quarter of the 1,400
Edtech jobs didnЀt exist two years ago. These
fast-growth sectors collectively make up a
powerful jobs growth engine, in high-paid,
high-productivity roles.
Security
Foodtech
Education
Legaltech
Healthtech
Fintech
Kids
Sports
Robotics
Media
Marketing
30%
26%
25%
25%
25%
24%
22%
20%
Percentage of new jobs added since 2018 per sector.
21%
22%
22%
Page / 14
4.5K
1.3K
0.9K
0.8K
3.4K
3.5K
3.4K
Startup job creation
momentum continued
in almost every startup
sector during the
pandemic.
By breaking out job growth from 2018-2019
and job growth between 2019 and 2020,
we can see the impact of the pandemic on
startup
job
creation
in
Victoria.
While job creation may have slowed in
some sectors, startups continued to hire at
pace during Covid-19, with the exception of
VictoriaЀs Event Tech startups most acutely
affected by lockdowns. This is virtually
offset by growth recorded a year prior,
however. Reversely, Real Estate and Sports
startups created more jobs between 2019
and 2020 than a year before.
Page / 15
Local job growth per sector, 2018-2020
▉ Jobs in 2018 ▉ Change 2018-2019 ▉ Change 2019-2020 ▉ Jobs in 2020
Enterprise Software
Health
Fintech
Real estate
Education
Marketing
Ecommerce
Transportation
Media
Sports
Food
Security
Travel
Energy
Robotics
Legal
Events
Gaming
Semiconductors
Kids
1.2K
0.9K
0.75K
1.2K
0.7K
1.2K
0.35K
0.5K
0.7K
0.4K
0.2K
0.25K
3.7K
4.4K
4.9K
Telecom
HR Tech
2K
2.4K
0.2K
1.5K
1.1K
1K
1.3K
0.5K
0.35K
0.6K
0.45k
0.3K
0.45k
0.25K
0.15K
0.05K
...
0.3K
0.15K
0.2K
Other 0.5K
4.1K
Deep-dive into the determinants of
Startup employment in Victoria
$4.5B
6%
Combined valuation of
homegrown Unicorns
Local jobs at
Homegrown Unicorns
All other 1400+
companies
$66B
91%
$2.2B
3%
8K
jobs
25%
6.3K
jobs
20%
17.3K
jobs
55%
Local jobs
at the Next 50
(50 largest scaleups)
All other 1400+
companies
Jobs and valuation are inversely proportional (Power Law): while startups provide
the majority of jobs, valuation is concentrated at the top.
Combined valuation
of the Next 50
(50 largest scaleups)
Page / 17
Page / 18
XXX
Venture Capital backing
boosts job creation
<$1M
Funding
>$1M
Funding
(seed+)
Year 1
Year 10
Startup growth trajectories by level of
VC backing
Year 5
11 people after
10 years (avg.)
45 people after
10 years (avg.)
>$4M
Funding
(Series A+)
60 people after
10 years (avg.)
Venture backing has become the norm for many startups. Today,
82% of unicorns are VC-backed, compared with 20% a decade
ago. And itЀs no surprise that VC-backed startups scale faster.
On average, startups receiving seed funding scale four times
faster than those that didnЀt. Series A+ funded startups scale 6
times faster.
Funding rounds can be tracked on findingstartups.launchvic.org
Transaction values are realized from exit or implied unrealized
valuation from the latest VC round, which is either announced or
estimated by Dealroom based on market-based assumptions for
dilution. Reporting or even tracking funding rounds takes time:
there may be reporting lags resulting in temporarily
under-reported newer rounds.
Explore funding rounds
Growth trajectory valuations exclude outlier unicorns.
Page / 19
Introducing the Jobs Board
on findingstartups.launchvic.org
Research undertaken by LaunchVic found many job applicants didnЀt
know where to find a startup job; or were simply unaware of the
potential opportunities. The Jobs Board on
findingstartups.launchvic.org has been created to counteract this.
This is a dedicated place to find startup jobs in Victoria, aggregating data
from different job websites including the jobs pages of those startups
already listed on Dealroom. Jobseekers are able to search with
unprecedented levels of precision (see example on the right), while
startups have a free platform to advertise available roles within their
company - without having to do anything.
Combining job openings data with Dealroom data
enables more detailed job searches than ever before:
“I am a back-end developer looking to work for an impact
startup that raised a series A, is growing fast and uses
Kubernetes as a technology.”
“The LaunchVic Jobs Board is a dedicated
place to find startup jobs in Victoria using
data collected from job websites, startup,
scaleup and unicorn’s job pages and
dealroom.” - Kate Cornick, LaunchVic CEO
Put your startup on
the map.
Page / 20
Let the best Investors find you
Claim your profile!
Attract top talent
Get access to business discounts
through Proven.
Methodology & definitions
LOCAL APIs & PARTNERSHIPS
Local data, knowledge &
sources in Victoria
Dataset in this report
Source: Dealroom.co.
Page / 22
AGGREGATING PUBLIC DATA
Machine learning, research
Where the data comes from.
COMMUNITY SOURCED
Data submitted by startups,
angels, VC, accelerators,
universities, regional
development banks, etc
Initial dataset
4,048 entries
Removed
non-startup entries, unverified
startups, and companies
founded before 2000
1,469 companies
Removed:
675 micro-startups
& missing data
All entries captured by LaunchVicЀs
Finding Startups database, powered
by Dealroom, with HQ in Victoria.
Removed 675 startups that appear to
have 1 employee (founder) or less, or
where employment data is missing.
468 service providers, 110
workspaces, 479 investors, including
47 accelerators, non-profits,
government entities and universities.
201 startups founded before 2000
and 204 unverified startups.
1,469 homegrown startups,
scaleups and unicorns. Dataset
utilized for employment analysis.
Where possible, counting or
estimating local employees only
(Australia headcount).
2,126 startups &
scaleups
18 Unicorns
Startups & scaleups dataset utilized
for general ecosystem overview (excl.
unverified startups) and 82
corporate-type tech companies with
HQ in Victoria, founded since 2000.
The term startup is often used and seldom understood. “A startup is a
company designed to grow fast” wrote Paul Graham, the legendary startup
builder, investor and Co-founder of Y Combinator. Notice the absence of the
word “tech”. This is deliberate.
“Being newly founded does not in itself make a company a startup.
Nor is it necessary for a startup to work on technology, or take
venture funding, or have some sort of "exit." The only essential thing
is growth. Everything else we associate with startups follows from
growth.”
At Dealroom, weЀve found this the most useful explanation of the term
startup.
Why? Indeed, most startups are tech enabled. But so are lots of companies.
Many traditional companies work more deeply on technology than the
majority of startups. When talking about “technology” in the context of
startups, we mean information-age technologies (internet, software, AI,
algorithms) that enables companies to decouple output from costs and
achieve non-linear growth. The common denominator is not tech, but the
intention to scale very rapidly.
For the purpose of this report, we further distinguish between three
sub-types of entities, as shown on the right.
Startups?
Startups
A company founded in or after 2000 that is
designed to grow fast. This typically involves
either developing tech or using tech to operate
its business. In other words, these are
venture-backable companies.
In this report, we include over 1,330 active
and job-creating startups, out of over 2,000
startups mapped on LaunchVicЀs Finding
Startups Database powered by Dealroom.co.
Scaleups
A former startup in its growing phase: a growing
revenue and 51 employees globally.
By our count, there are 115 scaleups in
Victoria.
Unicorns
Unicorns are companies founded since 1990 that
reached US$ 1B / € 800M / AU$ 1.3B valuation.
This includes companies that reached this
valuation when or after being acquired, and
companies which valuation have since dropped
below the $1B mark.
According to Dealroom data, there are 19
Homegrown Unicorns in Victoria.
Employment data is sourced from publicly available data including company statements and
professional social media. User-submitted contributions on the Victoria Startup Database and
manual research is also used.
This report counts jobs created directly by Victorian startups on the domestic job market.
However, we do not distinguish between ϿHQЀ jobs and Australian jobs. Therefore, jobs at
secondary locations in other Australian States may be included. International jobs are excluded
from the count, unless otherwise mentioned. Contractors and outsourced jobs, whether in
Australia or abroad, are also discarded. We do not include jobs created by non-Victorian startups.
Foreign startups and Australian startups with a secondary location in Victoria do not fall within
the scope of the report.
No distinction is made between job types: from data engineers to business development, from
operations to receptionists, concierges and helpdesk, all jobs are counted. Likewise, all contract
types are counted, whether it be full-time, part-time, contract or casual jobs, or even internships.
We do however exclude gig workers (e.g. riders, drivers, couriers, ...), self-employed individuals
offering their services on online platforms, as well as independent contributors (e.g. artists on
Redbubble and 99designs, …), where applicable.
The words “jobs” and “employees” are used interchangeably. Number of jobs represent the total
estimated number of employees at Victoria-founded startups. Jobs at companies not referenced
on the Victorian Startup Database are not included.
Conventional industry data is sourced from the Australian Bureau of Statistics quarterly reports.
Startup employment is included in conventional industry figures. Vertical comparisons between
conventional industries and startup sectors may overlap or contain inconsistencies. For instance,
while we consider animal health startups as part of healthtech, veterinary services fall under
ANZSICЀs “professional, scientific and technical services”.
Which jobs?
Startup sectors glossary
➔ Ecommerce Online retail, connecting buyers to sellers and products on shopping sites and digital
marketplaces.
➔ Gaming Startups involved in the development, marketing, and monetisation of games (video games,
online games, board games…)
➔ Foodtech Startups addressing agrifood (from production to distribution), innovating on the
products, distribution, marketing or business model.
➔ Education Startups developing solutions, software and tools designed to enhance teacher-led
learning in classrooms and improve students' education outcomes
➔ Energy Startups working towards transitioning to sustainable energy, making our energy
consumption more green and more efficient, solutions for recycling and handling waste.
➔ Fintech Computer programs and other technology used to support or enable banking and financial
services. Technology and innovation that aims to compete with traditional financial methods in the
delivery of financial services.
➔ Security Cyber security or information technology security are the techniques of protecting
computers, networks, programs and data from unauthorised access or attacks that are aimed for
exploitation.
➔ Semiconductors Startups developing innovative semiconductors (chips), working on processors,
chips for sensors, chips for the automotive sector, AI chips, IoT chips, data centre chips…
➔ Enterprise software Startups developing computer software designed to satisfy the needs of an
organisation rather than individual users.
➔ Transportation Startups developing solutions, software, tools and machines used to solve problems
or improve conditions in respect to the movement of people and goods
➔ Real estate Real Estate tech or PropTech (property technology) is the use of information technology to
help individuals and companies research, buy, sell and manage real estate
➔ Travel Startups developing services and products focused on travel and tourism, including booking
services, search and planning platforms, on-demand travel, and recommendation sites.
➔ HR Tech Startups developing solutions, services & software designed to improve the recruitment
process within a business or for individuals seeking a job.
➔ Robotics Startups dealing with the design, construction, operation, and use of robots, as well as
computer systems for their control, sensory feedback, and information processing
➔ Marketing Marketing technology (also known as MarTech) describes any number of systems and tools
that help marketers better engage with potential and existing customers.
➔ Event Tech Startups developing solutions and technologies helping you plan, manage, and organise
data when putting on an event (conference, wedding, party, etc)
➔ Legal Legal technology, also known as Legal Tech, refers to the use of technology and software to
provide legal services.
➔ Telecom Startups developing solutions aiming at disrupting the telecommunications industry: startups
offering mobile plans, internet subscriptions, better communication services…
➔ Kids Startups developing products, solutions and tech for children or to help parents with their
children
➔ Sports Startups developing tech products and services designed to improve sporting performance,
provide sporting activities and engage sports fans.
➔ Media Media technology is any hardware, software, or tool that is used to compose, create, produce,
deliver and manage media including audio, video, images, information, interactive media, video
games, virtual reality, and augmented reality environments.
Page / 25
Startup employment in
Victoria, Australia
Page / 2
About this report.
The purpose of this report is to provide a detailed picture of the jobs being created by the Victorian startup
sector in Australia. While we recognise LaunchVic has commissioned other reports into the impact of startup
jobs on the Victorian economy, to the best of our knowledge, this report is the first attempt to capture the role of
Victorian startups through the lens of employment, using both curated data and human expertise.
In this report you will find fascinating new insights with a spotlight specifically on Victorian startups.
Find out how Victorian startup jobsЀ growth measures up against the Victorian economy; the impact on jobs
growth during COVID-19; where the most jobs are being created in the startup lifecycle; which startups are
creating jobs vs employing people; the sectors with most startup growth; how startup job creation stacks up
against traditional industry; and the growth of VC-backed vs non-VC backed startups.
While it is widely accepted that innovation drives the creation of high-skill quality jobs, it is difficult to
quantify where startups sit in this mix. Startups are often seen as investments instead of job creators –
when in fact they are both. It is also difficult tracking employment data for startups on a fast growth
trajectory where this ever-changing metric requires constant monitoring and careful analysis. Startups, as
private companies, are also largely exempt from reporting requirements otherwise imposed on public
companies, Universities and research facilities.
As a result, the social dimension of startups is often overlooked. Startups not only help create value to
economies, but they are also job multipliers, creating high-skill, high quality jobs in their own communities
and beyond. In the US, the National Venture Capital Association estimates that VC-backed companies
generated as many as 2.27 million jobs in 2019. In the Netherlands, Dealroom research found that the
Startup sector has been the fastest growing in terms of job creation since 2017.
This report highlights the role of Victorian startups, scaleups and Unicorns in creating jobs and value
domestically.
As a result, it focuses solely on local jobs created by Victorian startups. We include startups founded in or
after 2000, so long as the company is currently active and maintains its main presence in Victoria.
Since this report focuses on the Victorian startup sector, we do not count jobs created by foreign
startups in Victoria.
Think of foreign startups which chose Melbourne as their regional headquarters, such as Slack, Zendesk,
GermanyЀs Signavio or SwitzerlandЀs Tradeplus24. We also exclude (Australian) startups with their main
center of business outside Victoria.
We only consider startups with at least one employee, i.e. a headcount of at least two.
Founder-only startups and startups lacking employment data fall in the Ͽmicro-startupsЀ category, which is
excluded from the scope of this study. According to our count, there are more than 350 micro-startups in
Victoria. A comprehensive list of further criterion used to determine which jobs are counted is provided in
the methodology section.
Unicorns receive special treatment: we include all homegrown unicorns, so long as they achieved
their main growth in Victoria.
Some were founded outside Victoria (Afterpay). Others are registered outside Victoria, but maintain a
significant domestic presence (Airwallex, Catch, eNett). Older companies founded in the information age
(since 1990), which achieved Unicorn status since 2000 are also included: MYOB, REA, SEEK, Carsales and
PolyNovo. Together with Aconex, PEXA, Envato, Judo Bank, Culture Amp, Mesoblast, Clinuvel, Redbubble
and VictoriaЀs latest Unicorns A Cloud Guru and MessageMedia, Victoria is home to 19 Unicorns.
Scope of the study.
Page / 4
Key findings.
In Victoria, startups create jobs faster than conventional industries.
The startup sector is growing: it creates jobs faster than the Victorian economy.
p.6
Startup sectors grow faster than their conventional industries.
p.7
Startups have a lot (of jobs) to offer.
Ages of firms impact level of job creation.
p.9
Smaller startups employ the most people. Scaleups create more new jobs.
p.10
Every startup sector has been growing over the past two years, albeit at various speeds
Unicorns boost employment but new jobs emerge elsewhere
p.12
Just three sectors provide half of the new jobs...
p.13
...but many more are growing at record speed
p.14
Overview of growth trends by startup sector
p.15
A deep-dive into the determinants of startup employment in Victoria
Valuation and employment are inversely proportional
p.17
Venture capital backing boosts job creation
p.18
See also...
Methodology and definitions
p. 22 - 25
The Jobs Board, a new tool for job seekers and startups to meet
p.19
Put your startup on the map: findingstartups.launchvic.org
p.20
5.9K new jobs
in just two years
10.75% annual growth
(2018-2020), local jobs
40K+
total jobs
created by homegrown
startups globally
In Victoria, startup employment grows
faster than in conventional industries.
Page / 6
Year-on-year startup job growth is reaching record levels, at 10.75%
between 2018 and 2020. This translates to over 5,900 new local jobs being
created by homegrown startups since 2018. Looking more closely at the data,
annual growth between 2018-2019 reaches 13.4%. This is significantly higher
than job growth in VictoriaЀs economy, which was set to reach 3.1% annual
growth between 2018 and 2020, according to the Australian Bureau of
Statistics (pre-Covid).
A ϿCovid-19 effectЀ is visible, but appears limited. Year-on-year job growth
between 2019 and 2020 fell to 8.1%. Still, this is far higher than ABSЀs pre-Covid
estimates for the Victorian economy. With Covid striking many industries,
ABSЀs figures for December 2020 suggest that overall job growth might be even
lower, although trends currently observed could help recover some of the lost
jobs. Meanwhile, the Victorian Startup sector had already created 25.7k jobs by
2018, it has now grown to provide 31.6k local jobs.
Startup creation and job growth trends look promising. At the current pace,
there will be 3,000+ active Victorian startups by 2023, out of which over 2,000
will be creating jobs. Fuelled by the growth of existing companies and boosted
by an expanding startup base, which could double by 2025, VictoriaЀs startup
sector could employ at least twice as many people in 2025 as it did in 2018. Not
to mention the multiplier effect, which according to previous research
commissioned by LaunchVic, could help boost both value and job creation
further, by as much as five times the current pace.
Victoria’s startup sector is growing:
creating jobs at a faster rate than the Victorian
economy.
31.6K
2018
2019
2020
2025
29.1K
25.7K
+10.75%
Pre-Covid (Feb. 2020)
Post-Covid (Dec. 2020)
+8.1%
+13.4%
+3.1%
Employment figures in Victoria’s Startup sector
and Victoria’s economy, 2018-2020
▉ Employment in Victoria, 2018-2020
▉ Local jobs at homegrown startups, scaleups and unicorns, 2018-2020
3.46M
3.45M
3.38M
3.36M
Startups add jobs
faster than their
conventional
industries.
Page / 7
Annual job growth (2018-2020) across startup sectors and conventional industries.
Professional, Scientific,
Technical Services
Over the past two years, startups recorded a
stronger growth rate than the Victorian
average in their respective industries, in all
but two sectors. Even in booming industries,
startups grew faster: healthtech companies
added new jobs 55% faster than the
already-over performing healthcare sector
(+9.7% growth). Fintech and Energy startups
also outpaced their respective industries,
despite an annual growth rate more than two
times higher than the Victorian average.
Although startups still only provide a fraction of
total jobs, the speed at which startups grow
their ranks confirms that job-seekers can
confidently turn to startups across all
industries, to look for opportunities.
Education,
Training
Information,
Media, Telco
-6.2%
Agriculture,
Forestry, Fishing
Healthcare,
Social Assistance
Finance, Insurance
+6.3%
Security
+16%
Media
+14%
Telecom
+5.4%
Edtech
+19%
Legaltech
+20%
Marketing
+12%
Enterprise Software
+9.4%
Healthtech
+15%
Kids
+15%
Retail
-4.3%
Ecommerce
+10%
Transport
Transport tech
+8.6%
Foodtech
+15%
+6.5%
Energy
Energy tech
+8%
+6%
Administrative and
support services
HR tech
+8%
Travel tech
+9%
Real Estate +2.5%
Fintech
+13.7%
Real Estate tech
+4.5%
Manufacturing
+1.4%
Semiconductors
+10%
Robotics
+13%
+4.4%
Arts and Recreation
Event tech
+9.3%
Gaming
+10%
Sport
+13%
Startup sectors: see Glossary p.23. Source: Dealroom.co. Annualized job growth, 2018-2020. Conventional industries: ANZSIC classification, Source: ABS. Annualized job growth february 2018 to february 2020.
+3.2%
+7%
+4%
+9.7%
+1.6%
▉ Conventional Industries, annual growth 2018-2020 ▉ Startup sectors, annual growth 2018-2020
Startups have a lot (of jobs) to offer.
Startups by their very nature are job multipliers, led by founders
that catalyse job creation through their unyielding ambition to build
innovative technology companies with global reach.”
Leigh Jasper
LaunchVic Chair
“
6.4K
employees at
629 companies
10.9K
employees at
557 companies
14.3K
employees at
283 companies
10+ years old
Founded 1990-2010 (Unicorns)
Founded 2000-2010 (all companies)
5+ years old
Founded
2011-2015
< 5 years old
Founded
2016-now
Now
Growth
2018
2019
2020
2018
2019
2020
2018
2019
2020
6.4K
5.5k
4.1K
+2.3K jobs
+2.2K jobs
+1.5K jobs
31.6K
10.9K
10K
8.7K
14.3K
13.6K
12.8K
Older startups employ more people : the average
team size at companies aged 10+ years is 30 employees.
This compares to 19 employees at companies aged 5-10
years and nine employees at companies founded since
2016.
What is more, older startups still create jobs 10+
years on: each company founded more than 10 years
ago created an average of 3.6 jobs since 2018.
Companies launched since 2016 created just 0.2 more
jobs on average.
But there are far fewer older companies than
younger startups: owing to companiesЀ life cycles and
a sign of a growing startup ecosystem in Victoria, just
283 active startups are 11 years old or more (as well as
another 5 Unicorns founded before 2000). This
compares to 629 companies founded in the past four
years, which already created over 6,400 jobs.
The newer the startup, the more new jobs. Startups
founded since 2016 generated 39% of all jobs created
since 2018, or 2,300 new jobs, while startups aged 5-10
years contributed another 35% (2,100) new jobs. Older
startups (10+ years old), created the remaining 26%
(1,500) new jobs.
Startup ecosystem employment and job
creation by company age.
Page / 9
Page / 10
The majority of startup employees work for
early-stage startups, but a maturing ecosystem
means growing job creation at mid-sized scaleups.
2-50
employees
51-500
employees
500+
employees
31.6K
total
+1k
14.1K jobs
(45%)
12.1K jobs
(38%)
5.4K jobs
(17%)
Local startup jobs distribution by company size
+2.8k
Just five big employers - those with a local headcount of
500+ employees, all of which are unicorns - have created
17% of all startup jobs. These are REA Group, MYOB,
SEEK, Afterpay and Carsales.
Looking at the bigger picture, however, smaller startups
- those with fewer than 50 employees - employ most
people, as they account for 45% of all startup jobs.
Smaller startups also tend to be younger: companies
with fewer than 50 employees have an average age of
10. Scaleups (50 to 500 employees) are 14 years old on
average, while ⅘ of the 500+ employers are at least 20
years old.
As startups grow and become scaleups, job growth
accelerates. Just 115 scaleups have created 2,800 jobs
since 2018. This is 700 more jobs than those created by
the 1,300+ smaller companies (2,100 new jobs).
Critically, this indicates that 23% of all scaleup jobs were
created in the past two years alone, and that maturing
scaleups are playing a central role in creating jobs in the
ecosystem.
+2.1k
Jobs
created
since 2018
Home-grown heroes such as Afterpay, Culture Amp or Judo Bank
are proof that there's immense potential in startups to revitalise
the economy by creating new jobs and sectors. It might also
surprise some people that they employ twice as many Australians
as the jobs we have imported from Facebook, Twitter and Slack.”
Leigh Jasper
LaunchVic Chair
“
Victoria is home to a host of fast-growing
startup sectors.
Unicorn contribution to new jobs
since 2018 per industry
Enterprise Software
4 Unicorns 26%
Transportation
1 Unicorn
Ecommerce
2 Unicorns
Real Estate
2 Unicorns
HR Tech
2 Unicorns
Fintech
4 Unicorns
Healthtech
3 Unicorns 6%
42%
53%
9%
5%
25%
Local startup jobs (2020) in sectors with at least
one Unicorn, incl. jobs at Unicorns
Transportation
1 Unicorn
Ecommerce
2 Unicorns
Real Estate
2 Unicorns
HR Tech
2 Unicorns
Enterprise Software
4 Unicorns
Fintech
4 Unicorns
0.2k
Healthtech
3 Unicorns
4.5k
1.2k
4.4k
2.2k
4.8K
1.4k
2.4K
0.5k
1.3K
2k
3.7K
0.5k
1.3K
Even in sectors with unicorn startups, job creation is not limited to
unicorns. Most new jobs are created by smaller startups and scaleups.
Page / 12
Edtech
1 Unicorn
1.5K
0.1k
Edtech
1 Unicorn 12%
Half of all new jobs have been created in just three sectors.
Other
2.95K jobs
Healthtech
1.1K jobs
Fintech
1K jobs
Enterprise
Software
0.85k jobs
Distribution of new jobs by sector.
5.9k jobs created since 2018
50%
50%
Page / 13
In 10+ startup sectors, more than 20% of all jobs didn’t exist just two
years ago.
There are 11 sectors where at least 2
out of 10 jobs were created in the past
two years alone.
More than 130 jobs were created by
Legaltech startups since 2018: this is 30% of
now 430+ jobs in this sector. Edtech is also
growing fast: over a quarter of the 1,400
Edtech jobs didnЀt exist two years ago. These
fast-growth sectors collectively make up a
powerful jobs growth engine, in high-paid,
high-productivity roles.
Security
Foodtech
Education
Legaltech
Healthtech
Fintech
Kids
Sports
Robotics
Media
Marketing
30%
26%
25%
25%
25%
24%
22%
20%
Percentage of new jobs added since 2018 per sector.
21%
22%
22%
Page / 14
4.5K
1.3K
0.9K
0.8K
3.4K
3.5K
3.4K
Startup job creation
momentum continued
in almost every startup
sector during the
pandemic.
By breaking out job growth from 2018-2019
and job growth between 2019 and 2020,
we can see the impact of the pandemic on
startup
job
creation
in
Victoria.
While job creation may have slowed in
some sectors, startups continued to hire at
pace during Covid-19, with the exception of
VictoriaЀs Event Tech startups most acutely
affected by lockdowns. This is virtually
offset by growth recorded a year prior,
however. Reversely, Real Estate and Sports
startups created more jobs between 2019
and 2020 than a year before.
Page / 15
Local job growth per sector, 2018-2020
▉ Jobs in 2018 ▉ Change 2018-2019 ▉ Change 2019-2020 ▉ Jobs in 2020
Enterprise Software
Health
Fintech
Real estate
Education
Marketing
Ecommerce
Transportation
Media
Sports
Food
Security
Travel
Energy
Robotics
Legal
Events
Gaming
Semiconductors
Kids
1.2K
0.9K
0.75K
1.2K
0.7K
1.2K
0.35K
0.5K
0.7K
0.4K
0.2K
0.25K
3.7K
4.4K
4.9K
Telecom
HR Tech
2K
2.4K
0.2K
1.5K
1.1K
1K
1.3K
0.5K
0.35K
0.6K
0.45k
0.3K
0.45k
0.25K
0.15K
0.05K
...
0.3K
0.15K
0.2K
Other 0.5K
4.1K
Deep-dive into the determinants of
Startup employment in Victoria
$4.5B
6%
Combined valuation of
homegrown Unicorns
Local jobs at
Homegrown Unicorns
All other 1400+
companies
$66B
91%
$2.2B
3%
8K
jobs
25%
6.3K
jobs
20%
17.3K
jobs
55%
Local jobs
at the Next 50
(50 largest scaleups)
All other 1400+
companies
Jobs and valuation are inversely proportional (Power Law): while startups provide
the majority of jobs, valuation is concentrated at the top.
Combined valuation
of the Next 50
(50 largest scaleups)
Page / 17
Page / 18
XXX
Venture Capital backing
boosts job creation
<$1M
Funding
>$1M
Funding
(seed+)
Year 1
Year 10
Startup growth trajectories by level of
VC backing
Year 5
11 people after
10 years (avg.)
45 people after
10 years (avg.)
>$4M
Funding
(Series A+)
60 people after
10 years (avg.)
Venture backing has become the norm for many startups. Today,
82% of unicorns are VC-backed, compared with 20% a decade
ago. And itЀs no surprise that VC-backed startups scale faster.
On average, startups receiving seed funding scale four times
faster than those that didnЀt. Series A+ funded startups scale 6
times faster.
Funding rounds can be tracked on findingstartups.launchvic.org
Transaction values are realized from exit or implied unrealized
valuation from the latest VC round, which is either announced or
estimated by Dealroom based on market-based assumptions for
dilution. Reporting or even tracking funding rounds takes time:
there may be reporting lags resulting in temporarily
under-reported newer rounds.
Explore funding rounds
Growth trajectory valuations exclude outlier unicorns.
Page / 19
Introducing the Jobs Board
on findingstartups.launchvic.org
Research undertaken by LaunchVic found many job applicants didnЀt
know where to find a startup job; or were simply unaware of the
potential opportunities. The Jobs Board on
findingstartups.launchvic.org has been created to counteract this.
This is a dedicated place to find startup jobs in Victoria, aggregating data
from different job websites including the jobs pages of those startups
already listed on Dealroom. Jobseekers are able to search with
unprecedented levels of precision (see example on the right), while
startups have a free platform to advertise available roles within their
company - without having to do anything.
Combining job openings data with Dealroom data
enables more detailed job searches than ever before:
“I am a back-end developer looking to work for an impact
startup that raised a series A, is growing fast and uses
Kubernetes as a technology.”
“The LaunchVic Jobs Board is a dedicated
place to find startup jobs in Victoria using
data collected from job websites, startup,
scaleup and unicorn’s job pages and
dealroom.” - Kate Cornick, LaunchVic CEO
Put your startup on
the map.
Page / 20
Let the best Investors find you
Claim your profile!
Attract top talent
Get access to business discounts
through Proven.
Methodology & definitions
LOCAL APIs & PARTNERSHIPS
Local data, knowledge &
sources in Victoria
Dataset in this report
Source: Dealroom.co.
Page / 22
AGGREGATING PUBLIC DATA
Machine learning, research
Where the data comes from.
COMMUNITY SOURCED
Data submitted by startups,
angels, VC, accelerators,
universities, regional
development banks, etc
Initial dataset
4,048 entries
Removed
non-startup entries, unverified
startups, and companies
founded before 2000
1,469 companies
Removed:
675 micro-startups
& missing data
All entries captured by LaunchVicЀs
Finding Startups database, powered
by Dealroom, with HQ in Victoria.
Removed 675 startups that appear to
have 1 employee (founder) or less, or
where employment data is missing.
468 service providers, 110
workspaces, 479 investors, including
47 accelerators, non-profits,
government entities and universities.
201 startups founded before 2000
and 204 unverified startups.
1,469 homegrown startups,
scaleups and unicorns. Dataset
utilized for employment analysis.
Where possible, counting or
estimating local employees only
(Australia headcount).
2,126 startups &
scaleups
18 Unicorns
Startups & scaleups dataset utilized
for general ecosystem overview (excl.
unverified startups) and 82
corporate-type tech companies with
HQ in Victoria, founded since 2000.
The term startup is often used and seldom understood. “A startup is a
company designed to grow fast” wrote Paul Graham, the legendary startup
builder, investor and Co-founder of Y Combinator. Notice the absence of the
word “tech”. This is deliberate.
“Being newly founded does not in itself make a company a startup.
Nor is it necessary for a startup to work on technology, or take
venture funding, or have some sort of "exit." The only essential thing
is growth. Everything else we associate with startups follows from
growth.”
At Dealroom, weЀve found this the most useful explanation of the term
startup.
Why? Indeed, most startups are tech enabled. But so are lots of companies.
Many traditional companies work more deeply on technology than the
majority of startups. When talking about “technology” in the context of
startups, we mean information-age technologies (internet, software, AI,
algorithms) that enables companies to decouple output from costs and
achieve non-linear growth. The common denominator is not tech, but the
intention to scale very rapidly.
For the purpose of this report, we further distinguish between three
sub-types of entities, as shown on the right.
Startups?
Startups
A company founded in or after 2000 that is
designed to grow fast. This typically involves
either developing tech or using tech to operate
its business. In other words, these are
venture-backable companies.
In this report, we include over 1,330 active
and job-creating startups, out of over 2,000
startups mapped on LaunchVicЀs Finding
Startups Database powered by Dealroom.co.
Scaleups
A former startup in its growing phase: a growing
revenue and 51 employees globally.
By our count, there are 115 scaleups in
Victoria.
Unicorns
Unicorns are companies founded since 1990 that
reached US$ 1B / € 800M / AU$ 1.3B valuation.
This includes companies that reached this
valuation when or after being acquired, and
companies which valuation have since dropped
below the $1B mark.
According to Dealroom data, there are 19
Homegrown Unicorns in Victoria.
Employment data is sourced from publicly available data including company statements and
professional social media. User-submitted contributions on the Victoria Startup Database and
manual research is also used.
This report counts jobs created directly by Victorian startups on the domestic job market.
However, we do not distinguish between ϿHQЀ jobs and Australian jobs. Therefore, jobs at
secondary locations in other Australian States may be included. International jobs are excluded
from the count, unless otherwise mentioned. Contractors and outsourced jobs, whether in
Australia or abroad, are also discarded. We do not include jobs created by non-Victorian startups.
Foreign startups and Australian startups with a secondary location in Victoria do not fall within
the scope of the report.
No distinction is made between job types: from data engineers to business development, from
operations to receptionists, concierges and helpdesk, all jobs are counted. Likewise, all contract
types are counted, whether it be full-time, part-time, contract or casual jobs, or even internships.
We do however exclude gig workers (e.g. riders, drivers, couriers, ...), self-employed individuals
offering their services on online platforms, as well as independent contributors (e.g. artists on
Redbubble and 99designs, …), where applicable.
The words “jobs” and “employees” are used interchangeably. Number of jobs represent the total
estimated number of employees at Victoria-founded startups. Jobs at companies not referenced
on the Victorian Startup Database are not included.
Conventional industry data is sourced from the Australian Bureau of Statistics quarterly reports.
Startup employment is included in conventional industry figures. Vertical comparisons between
conventional industries and startup sectors may overlap or contain inconsistencies. For instance,
while we consider animal health startups as part of healthtech, veterinary services fall under
ANZSICЀs “professional, scientific and technical services”.
Which jobs?
Startup sectors glossary
➔ Ecommerce Online retail, connecting buyers to sellers and products on shopping sites and digital
marketplaces.
➔ Gaming Startups involved in the development, marketing, and monetisation of games (video games,
online games, board games…)
➔ Foodtech Startups addressing agrifood (from production to distribution), innovating on the
products, distribution, marketing or business model.
➔ Education Startups developing solutions, software and tools designed to enhance teacher-led
learning in classrooms and improve students' education outcomes
➔ Energy Startups working towards transitioning to sustainable energy, making our energy
consumption more green and more efficient, solutions for recycling and handling waste.
➔ Fintech Computer programs and other technology used to support or enable banking and financial
services. Technology and innovation that aims to compete with traditional financial methods in the
delivery of financial services.
➔ Security Cyber security or information technology security are the techniques of protecting
computers, networks, programs and data from unauthorised access or attacks that are aimed for
exploitation.
➔ Semiconductors Startups developing innovative semiconductors (chips), working on processors,
chips for sensors, chips for the automotive sector, AI chips, IoT chips, data centre chips…
➔ Enterprise software Startups developing computer software designed to satisfy the needs of an
organisation rather than individual users.
➔ Transportation Startups developing solutions, software, tools and machines used to solve problems
or improve conditions in respect to the movement of people and goods
➔ Real estate Real Estate tech or PropTech (property technology) is the use of information technology to
help individuals and companies research, buy, sell and manage real estate
➔ Travel Startups developing services and products focused on travel and tourism, including booking
services, search and planning platforms, on-demand travel, and recommendation sites.
➔ HR Tech Startups developing solutions, services & software designed to improve the recruitment
process within a business or for individuals seeking a job.
➔ Robotics Startups dealing with the design, construction, operation, and use of robots, as well as
computer systems for their control, sensory feedback, and information processing
➔ Marketing Marketing technology (also known as MarTech) describes any number of systems and tools
that help marketers better engage with potential and existing customers.
➔ Event Tech Startups developing solutions and technologies helping you plan, manage, and organise
data when putting on an event (conference, wedding, party, etc)
➔ Legal Legal technology, also known as Legal Tech, refers to the use of technology and software to
provide legal services.
➔ Telecom Startups developing solutions aiming at disrupting the telecommunications industry: startups
offering mobile plans, internet subscriptions, better communication services…
➔ Kids Startups developing products, solutions and tech for children or to help parents with their
children
➔ Sports Startups developing tech products and services designed to improve sporting performance,
provide sporting activities and engage sports fans.
➔ Media Media technology is any hardware, software, or tool that is used to compose, create, produce,
deliver and manage media including audio, video, images, information, interactive media, video
games, virtual reality, and augmented reality environments.
Page / 25