Business Archives

Why Nobel laureate Brian Schmidt is worried about Australia’s lack of investment in R&D – and what it means for startups

Brendan Walker-Munro - May 29, 2025 3 MIN READ

On Wednesday, Nobel laureate Brian Schmidt and economics professor Richard Holden gave a joint address to the National Press Club in Canberra. Their key message? Australia isn’t spending enough money on university research. Schmidt wants to ensure Australia can undertake research vital to our national interests. “I look around and I am scared,” Schmidt said.… Read more »

Business

Ozharvest and chef Matt Moran step in to revive subscription produce startup Good & Fugly as the founders depart

Simon Thomsen - May 28, 2025 3 MIN READ

The founders of social enterprise Good & Fugly have departed the business suddenly after five years, with OzHarvest Ventures and chef Matt Moran looking to give the “ugly” fruit and vegetables subscription service a second life. Cofounders Richard Tourino and Jonathan Englert announced that the Sydney startup had “ceased trading under our leadership, effective immediately”… Read more »

Business

The future of StrongRoom AI remains up in the air as legal action, its administration and a potential sale all drag on

Simon Thomsen - May 27, 2025 4 MIN READ

Ongoing legal action over the assets of failed medications management startup StrongRoom AI have led the company’s voluntary administrators to extend their control to the absolute limit. A case management hearing due today has been moved to June 4, extending Federal Court-imposed asset freeze on four StrongRoom directors and the administrator, initiated by VC investor… Read more »

AI/Machine Learning

Tech companies are now busy rehiring as the promise of AI doesn’t live up to the hype

Denham Sadler, Information Age - May 27, 2025 3 MIN READ

A number of large tech firms are backtracking after going all-in on AI and rehiring staff that were let go to save money. The recent rise of generative artificial intelligence tools such as ChatGPT led to many tech firms adopting an AI-first approach and either implementing hiring freezes or cutting staff and replacing them with… Read more »

Accelerator

Macquarie Uni fintech takes on Australia’s ETF players in US markets

Simon Thomsen - May 27, 2025 2 MIN READ

A fintech startup developed through the Macquarie University Incubator program is hoping to carve out a slice of Australia’s Exchange Traded Fund (ETF) market offering lower fees and access to US markets. ETF Shares is the first new player in the local ETF market in more than a decade, launching this month after just six… Read more »

ASX

WiseTech Global drops $3.2 billion on US rival’s takeover

Simon Thomsen - May 26, 2025 2 MIN READ

ASX-listed logistics software giant WiseTech Global is betting more than 10% of the company’s current value on buying NYSE-listed US rival E2open for $2.1 billion (A$3.2bn). WiseTech shares rose 4.7% today to close at A$104.75 on the news. The 25-year-old Texas cloud-based SaaS platform reportedly connects more than 500,000 manufacturing, logistics, channel, and distribution partners… Read more »

Business

Hybrids are the new EVs as Tesla sales plunge 60%

Simon Thomsen - May 26, 2025 3 MIN READ

Sales of new battery electric vehicles (BEVs) in the first quarter of 2025 have fallen to 2023 levels, while demand for hybrid cars as nearly doubled over the past two years. New figures from the peak motoring body Australia Automobile Association’s (AAA) quarterly EV Index reveal 17,914 BEVs were sold in the three months to… Read more »

Business

‘With good fortune comes great responsibility’: Canva’s Cameron Adams pledges to give away billions

Startup Daily - May 20, 2025 2 MIN READ

Co-founder of Australian tech darling Canva Cameron Adams and his wife Lisa Miller have pledged to donate at least half of their estimated $7 billion wealth to environmental causes. The pair have signed the Giving Pledge, a public commitment started by Bill and Melinda Gates and Warren Buffet that sees billionaires promise give a majority… Read more »

AI/Machine Learning

Embracing AI offers Australia 150,000 jobs and a $200 billion annual economic boost

Alezeia Brown - May 15, 2025 3 MIN READ

Artificial intelligence (AI) will contribute more than $15 trillion to the global economy by 2030. According to the University of Adelaide, greater use of AI in key Australian industries will lead to a short-term boost in GDP of more than $200 billion per year and the creation of an additional 150,000 jobs from 2023 to… Read more »

Business

StrongRoom AI’s administrators recommend liquidation

Simon Thomsen - May 12, 2025 5 MIN READ

The administrators of medication management startup StrongRoom AI have recommended putting the business in liquidation ahead of a 2nd creditor’s meeting on Tuesday. The decision comes a fortnight before the Federal Court is due to hold another hearing in the legal action by VC firm EVP to recover $10.4 million it invested in the business… Read more »

Business

Theranos redux: Elizabeth Holmes-linked startup seeks funding for blood scanning tech

Startup Daily - May 12, 2025 2 MIN READ

Billy Evans, the partner of convicted Theranos founder Elizabeth Holmes, is seeking to raise at least US$50 million for a new diagnostics startup called Haemanthus, which claims to offer a “radically new approach to health testing.” The company reportedly claims its prototype device can analyse small samples of blood, saliva, urine, or sweat for early… Read more »

Business

Finder is getting out of crypto, shutting down its Wallet

Simon Thomsen - May 8, 2025 2 MIN READ

Comparison site Finder is closing down its crypto trading platform, Wallet Ventures, after four years, signing a deal with Swyftx to transfer users to the digital assets exchange. Wallet Ventures (formerly Finder Wallet) offered customers access to 18 cryptocurrencies through the Finder App. It launched in 2021 Finder notified customers on Wednesday, saying it will… Read more »

AI/Machine Learning

Zucking the customer: Meta’s new AI chatbot is just another way for the company to harvest your personal data for advertisers

Uri Gal - May 8, 2025 4 MIN READ

Last week, Meta – the parent company of Facebook, Instagram, Threads and WhatsApp – unveiled a new “personal artificial intelligence (AI)”. Powered by the Llama 4 language model, Meta AI is designed to assist, chat and engage in natural conversation. With its polished interface and fluid interactions, Meta AI might seem like just another entrant… Read more »

Business

Atlassian cofounder Scott Farquhar takes on chair role at charity group Pledge 1% as the movement he cofounded turns 10

Simon Thomsen - May 7, 2025 2 MIN READ

Tech Council of Australia chair Scott Farquhar has another board to run since stepping down as Atlassian co-CEO, taking on a role close to his heart as chair of the global social impact movement Pledge 1%. Farquhar was one of the founding members of Pledge 1% started in 2015 via the Atlassian Foundation. Pledge 1%… Read more »

AI/Machine Learning

Workplace culture platform Hoogly takes the world by storm, winning UK and US awards as it closes $1 million raise

Simon Thomsen - May 6, 2025 2 MIN READ

Mohit Midha, cofounder and CEO of Hoogly was at Blackbird’s Sunrise last week, tired but unable to stop smiling after global recognition for his employee engagement startup in California and London. The fact that he set out to also raise $500,000 and now has $1 million with 10 days left before he closes his latest… Read more »