Private blockchain incubators are on the rise around the world, yet it is Down Under where real progress is being made.
When global events and summits are held to network between these innovators of the new financial world, Australian entrepreneurs are making greater strides in this industry per capita than any other.
Blockchain developers and analysts are gravitating to this part of the world to establish their own model as a result.
But why is this the case?
What is so unique about Australia and why do other private enterprises around the world fall short?
Here we will explore the factors that are at play.
Thriving Economic Climate
Australia would be one of the few locations around the world to come away from the 2008 Global Financial Crisis relatively unscathed. The thriving economic climate in this part of the world makes for an enticing prospect for those working with private blockchain incubators. There is no great depression that has been experienced to depress the workforce at large and the subsequent stability has led to startups and business entities emerge to compete in the global marketplace.
Commercial Property Purchasing
To have a team onboard that are motivated to come to work everyday and innovate through private blockchain incubators, you need a location to make that happen. The Australian government have made tangible change in this department to offer incentives to enterprises that want to access loans and property agreements to make their dream happen. Whilst other countries place barriers and restrictions on public and private commercial endeavours, the shackles are freed up Down Under.
Leading Educational Institutions
From the University of New South Wales to Wollongong, Western Sydney, Queensland, Adelaide, Western Australia, Melbourne and Monash, young innovators are given a creative platform and thorough education before venturing into the world of private blockchain incubators. Students from around the globe are gravitating to these institutions to receive their education. This climate to understand finances and to challenge conventional theories allows young professionals to enter into incubators empowered, making their own mark on the industry.
Variety in Demographics
For private blockchain incubators to succeed, there needs to be a diversity of thought to provoke new ideas and to push boundaries. The greater the inclusion of foreign influence, the greater the likelihood for traditional barriers to be broken down. The Australian Bureau of Statistics outlined in 2011 that approximately 1 in 4 citizens were born outside of the country with 1 in 5 having at least one parent born overseas. That trend is only rising as multiracial communities interconnect to help challenge the traditional financial framework that has spawned the blockchain revolution.
Attraction of Aussie Lifestyle
Putting aside for one moment the pure facts and figures revolving around data analysis and statistics, there is an attraction to the Australian lifestyle that makes private blockchain incubators a more engaging exercise. In other climates based around the world with extreme heat or cold, communist regimes, poverty or cultural norms that are not conducive to digital creativity and expression to undermine traditional institutions, there is a struggle to maintain enthusiasm for a project of this nature.
Outside of the 9am-5pm business hour setup, participants can kick back and relax with an array of beaches, nightclubs, restaurants, sports and music events, parks and more. For adrenaline junkies and private explorers alike, there is always something to do that can help to compliment the incubator environment.
The reality is that many business enterprises like to follow trends. This is true for the startup community and it applies to private blockchain incubators as well. Once there is momentum behind shared activities and behaviours, they happen to multiply in quick succession. If you wish to make gains in this industry, look to Australia to make your model a world leader.