1 00:00:03,870 --> 00:00:06,960 Jennifer Duke: Welcome to the Fear and Greed Business Interview. I'm Jennifer 2 00:00:06,960 --> 00:00:12,000 Jennifer Duke: Duke, every year professional networking platform LinkedIn assesses the startup 3 00:00:12,000 --> 00:00:16,018 Jennifer Duke: scene in Australia to produce its Top Startups list. It's 4 00:00:16,020 --> 00:00:18,780 Jennifer Duke: a guide to which startups are attracting the most attention 5 00:00:18,989 --> 00:00:21,690 Jennifer Duke: and luring top talent to work with them. And this 6 00:00:21,690 --> 00:00:25,590 Jennifer Duke: year's study contains some really interesting findings, suggesting that despite, 7 00:00:25,829 --> 00:00:28,679 Jennifer Duke: or perhaps even because of the economic downturn, there's a 8 00:00:28,679 --> 00:00:32,848 Jennifer Duke: vibrant startup ecosystem in Australia. Cayla Dengate is LinkedIn Australia's 9 00:00:32,848 --> 00:00:35,070 Jennifer Duke: career expert. Cayla, welcome to Fear and Greed. 10 00:00:35,639 --> 00:00:37,020 Cayla Dengate: It's wonderful to be here. 11 00:00:37,710 --> 00:00:41,010 Jennifer Duke: So firstly, great list, great startups on it. How do 12 00:00:41,010 --> 00:00:42,780 Jennifer Duke: you go about putting a list like that together? 13 00:00:43,920 --> 00:00:47,159 Cayla Dengate: Luckily, it's data-driven, which means that we're not making any 14 00:00:47,159 --> 00:00:50,400 Cayla Dengate: judgment calls about these startups. So we get to use 15 00:00:50,400 --> 00:00:54,149 Cayla Dengate: all of LinkedIn's data to see the startups that really 16 00:00:54,150 --> 00:00:57,570 Cayla Dengate: are attracting the top talent that people are interested in 17 00:00:57,570 --> 00:01:02,099 Cayla Dengate: working for, that are experiencing growth. And putting the list 18 00:01:02,099 --> 00:01:04,920 Cayla Dengate: together every year is always so exciting for us because 19 00:01:04,920 --> 00:01:07,139 Cayla Dengate: we don't know who's going to top the list until 20 00:01:07,139 --> 00:01:10,199 Cayla Dengate: we see the data. And looking at this year's list, 21 00:01:10,650 --> 00:01:13,650 Cayla Dengate: it's an especially exciting list because the majority of the 22 00:01:13,650 --> 00:01:17,459 Cayla Dengate: top startups featured this year are new entrants, which we 23 00:01:17,459 --> 00:01:18,509 Cayla Dengate: find really interesting. 24 00:01:18,959 --> 00:01:21,089 Jennifer Duke: I find that really interesting too. Why do you think 25 00:01:21,090 --> 00:01:22,739 Jennifer Duke: that is and what does that tell us about the 26 00:01:22,740 --> 00:01:24,420 Jennifer Duke: startup scene in Australia right now? 27 00:01:25,139 --> 00:01:28,830 Cayla Dengate: Well, we have this cutoff of what we consider a startup. 28 00:01:28,830 --> 00:01:31,650 Cayla Dengate: So if a company is over five years old, they 29 00:01:31,650 --> 00:01:34,140 Cayla Dengate: kind of graduate out of what we consider to be 30 00:01:34,140 --> 00:01:37,770 Cayla Dengate: a startup. And the wonderful thing about this year's data 31 00:01:38,069 --> 00:01:40,440 Cayla Dengate: is we saw that a lot of our top startups 32 00:01:40,440 --> 00:01:44,640 Cayla Dengate: from previous years have actually graduated. They've either gotten too big, 33 00:01:44,700 --> 00:01:47,789 Cayla Dengate: in that they have more than 50 staff, or they 34 00:01:47,789 --> 00:01:50,280 Cayla Dengate: have existed for more than five years. So there's this 35 00:01:50,280 --> 00:01:53,910 Cayla Dengate: really nice idea of graduation and that there's new startups 36 00:01:53,910 --> 00:01:56,550 Cayla Dengate: coming to take the place, take that niche in the 37 00:01:56,550 --> 00:02:00,119 Cayla Dengate: ecosystem is really nice. I think from a broad scale, 38 00:02:00,360 --> 00:02:05,249 Cayla Dengate: we're seeing that after COVID-19, and I guess that sense of 39 00:02:05,250 --> 00:02:08,970 Cayla Dengate: getting back to normal and businesses looking to grow and 40 00:02:08,970 --> 00:02:12,630 Cayla Dengate: thrive in this changing environment, these are the success stories. 41 00:02:12,660 --> 00:02:16,169 Cayla Dengate: These are the startups that really are growing and putting 42 00:02:16,169 --> 00:02:19,828 Cayla Dengate: on more staff and really finding success here in Australia. 43 00:02:20,639 --> 00:02:22,169 Jennifer Duke: And I want to talk a little bit about those 44 00:02:22,169 --> 00:02:26,070 Jennifer Duke: changes right now because obviously, the economy has been tricky 45 00:02:26,070 --> 00:02:29,280 Jennifer Duke: this year, we've had high inflation, higher interest rates. What 46 00:02:29,280 --> 00:02:31,740 Jennifer Duke: is it about these startups that's enabled them to weather 47 00:02:31,740 --> 00:02:32,760 Jennifer Duke: through those changes? 48 00:02:33,750 --> 00:02:38,549 Cayla Dengate: Great question. So we're definitely seeing some trends across Australia 49 00:02:38,549 --> 00:02:41,850 Cayla Dengate: in the startups that are really finding that VC funding 50 00:02:41,850 --> 00:02:47,010 Cayla Dengate: and finding their feet despite difficult circumstances. And we're certainly 51 00:02:47,010 --> 00:02:53,340 Cayla Dengate: seeing that sustainability, AI, and healthcare are three industries that 52 00:02:53,340 --> 00:02:57,000 Cayla Dengate: really are bucking those trends and finding that VC funding 53 00:02:57,000 --> 00:02:59,429 Cayla Dengate: to grow early on in that startup phase. 54 00:02:59,969 --> 00:03:02,430 Jennifer Duke: Definitely. Let's get into this list, because I was going 55 00:03:02,430 --> 00:03:03,720 Jennifer Duke: to leave it to a little bit later, but I 56 00:03:03,720 --> 00:03:05,520 Jennifer Duke: really want to get to some of the companies that 57 00:03:05,520 --> 00:03:08,760 Jennifer Duke: are on there. Any surprises that you were particularly excited about? 58 00:03:09,630 --> 00:03:12,690 Cayla Dengate: I really was interested in some of the healthcare startups. 59 00:03:12,690 --> 00:03:15,690 Cayla Dengate: That was an area that really interested me. So in 60 00:03:15,690 --> 00:03:19,679 Cayla Dengate: the number two spot, we've got Harrison.ai that uses AI 61 00:03:19,680 --> 00:03:24,930 Cayla Dengate: in diagnostics. Also, in the healthcare space we've got Montu, 62 00:03:24,960 --> 00:03:28,620 Cayla Dengate: which does cannabis prescription, and also a few other health-related 63 00:03:28,950 --> 00:03:33,480 Cayla Dengate: startups that work with the NDIS providers. And while we're 64 00:03:33,480 --> 00:03:36,119 Cayla Dengate: talking about healthcare, here's a quirky one, one of the 65 00:03:36,120 --> 00:03:39,150 Cayla Dengate: startups that made the list this year is Lyka, which 66 00:03:39,150 --> 00:03:44,520 Cayla Dengate: is prescription pet food, so healthcare, but for your loved pets, yeah. 67 00:03:44,790 --> 00:03:47,969 Jennifer Duke: I love it. That's amazing. I did also like the 68 00:03:47,969 --> 00:03:49,799 Jennifer Duke: one, I think this one called Carma on there. Can 69 00:03:49,799 --> 00:03:51,269 Jennifer Duke: you tell us about that business a little bit? 70 00:03:51,870 --> 00:03:54,360 Cayla Dengate: Yeah, Carma is a really interesting one for me because 71 00:03:54,360 --> 00:03:58,050 Cayla Dengate: it's a digital used car dealership. So that might not 72 00:03:58,050 --> 00:04:00,090 Cayla Dengate: be what you think about when you think of startups, 73 00:04:00,180 --> 00:04:04,109 Cayla Dengate: but it is experiencing great growth. It's putting on new 74 00:04:04,110 --> 00:04:07,349 Cayla Dengate: staff members. LinkedIn members have a lot of interest in 75 00:04:07,349 --> 00:04:11,219 Cayla Dengate: Carma, and what it does is you can buy pre- 76 00:04:11,219 --> 00:04:14,220 Cayla Dengate: owned vehicles at fixed prices. So that's the difference, it's 77 00:04:14,220 --> 00:04:16,800 Cayla Dengate: fixed prices. And the thing about it that I find 78 00:04:16,800 --> 00:04:20,460 Cayla Dengate: really interesting is the way Carma uses really interesting technology 79 00:04:20,730 --> 00:04:25,169 Cayla Dengate: so that buyers can inspect cars online, digitally, and also 80 00:04:25,170 --> 00:04:28,500 Cayla Dengate: get your finance sorted. So yeah, it's something that we're 81 00:04:28,500 --> 00:04:31,650 Cayla Dengate: all familiar with buying a secondhand car, but doing it 82 00:04:31,650 --> 00:04:32,609 Cayla Dengate: in a really different way. 83 00:04:33,000 --> 00:04:35,070 Jennifer Duke: I love that. If I could do everything online, then 84 00:04:35,070 --> 00:04:38,610 Jennifer Duke: I would. Look, a lot of the businesses on the 85 00:04:38,610 --> 00:04:41,879 Jennifer Duke: list are Sydney and Melbourne-based, there's some Brisbane and there is one 86 00:04:41,880 --> 00:04:44,100 Jennifer Duke: in Darwin. Can you tell us a bit about Dabble? 87 00:04:44,730 --> 00:04:48,329 Cayla Dengate: Yeah. Dabble is an online sports and racing bookmaker. And 88 00:04:48,360 --> 00:04:52,229 Cayla Dengate: interestingly there's two startups this year that kind of fit 89 00:04:52,230 --> 00:04:57,960 Cayla Dengate: in that online bookmaking field. So it certainly shows the 90 00:04:57,960 --> 00:05:00,960 Cayla Dengate: interest in online betting here in Australia with Dabble and 91 00:05:00,960 --> 00:05:04,769 Cayla Dengate: Amused Group making the list. As you say, Dabble is 92 00:05:04,770 --> 00:05:07,740 Cayla Dengate: based out of Darwin. And we love to see startups 93 00:05:07,800 --> 00:05:11,760 Cayla Dengate: that are based somewhere other than Sydney and Melbourne. And 94 00:05:12,089 --> 00:05:13,859 Cayla Dengate: I think that we're going to see more of it. 95 00:05:14,099 --> 00:05:19,919 Cayla Dengate: Increasingly, startups are hiring with a remote first sense, and 96 00:05:19,920 --> 00:05:22,409 Cayla Dengate: there is that idea that good ideas bring up anywhere, 97 00:05:22,469 --> 00:05:25,049 Cayla Dengate: and you've got the skills you need to create an 98 00:05:25,050 --> 00:05:28,860 Cayla Dengate: amazing startup from anywhere in Australia. So I hope that 99 00:05:28,860 --> 00:05:31,770 Cayla Dengate: in the future we will see more startups coming from 100 00:05:31,770 --> 00:05:34,950 Cayla Dengate: cities like Darwin, maybe Perth, all over the place. That'd 101 00:05:34,950 --> 00:05:35,700 Cayla Dengate: be great to see. 102 00:05:36,089 --> 00:05:37,770 Jennifer Duke: Stay with me, Cayla. We'll be back in a minute. 103 00:05:44,100 --> 00:05:47,760 Jennifer Duke: I'm speaking to Cayla Dengate from LinkedIn Australia. One thing 104 00:05:47,760 --> 00:05:50,220 Jennifer Duke: that's very interesting is that there is this element of, 105 00:05:50,580 --> 00:05:52,620 Jennifer Duke: I guess, risk for job seekers that are going to 106 00:05:52,620 --> 00:05:55,290 Jennifer Duke: startups, particularly when they clearly don't have those runs on 107 00:05:55,290 --> 00:05:57,059 Jennifer Duke: the board. You don't know how successful they're going to 108 00:05:57,059 --> 00:05:59,940 Jennifer Duke: be, but clearly, people are still doing it, so what 109 00:05:59,940 --> 00:06:01,830 Jennifer Duke: are employees looking for from a startup? 110 00:06:02,730 --> 00:06:05,100 Cayla Dengate: So one of the things that we actually look at 111 00:06:05,160 --> 00:06:08,220 Cayla Dengate: in this Top Startups list is the data of how 112 00:06:08,220 --> 00:06:12,059 Cayla Dengate: much talent are these startups pulling from the best big 113 00:06:12,059 --> 00:06:15,269 Cayla Dengate: companies in Australia. So we look at our top companies list, 114 00:06:15,270 --> 00:06:17,580 Cayla Dengate: which is similar to this, but we are looking at 115 00:06:17,580 --> 00:06:20,820 Cayla Dengate: the big end of town. And all of these startups 116 00:06:21,029 --> 00:06:25,080 Cayla Dengate: are drawing talent from these big household names that we 117 00:06:25,080 --> 00:06:27,988 Cayla Dengate: know of. So they're doing something right in terms of 118 00:06:27,990 --> 00:06:32,639 Cayla Dengate: attracting top talent. And we actually asked the startups that 119 00:06:32,639 --> 00:06:35,250 Cayla Dengate: are featured on this list, what are you doing to attract 120 00:06:35,250 --> 00:06:39,479 Cayla Dengate: talent and why are people coming here? And the responses 121 00:06:39,480 --> 00:06:41,609 Cayla Dengate: are really interesting, and if we just look at it 122 00:06:41,610 --> 00:06:44,639 Cayla Dengate: from a young person's point of view, why would a 123 00:06:44,639 --> 00:06:48,120 Cayla Dengate: young person join a startup? What we found is that 124 00:06:48,120 --> 00:06:52,799 Cayla Dengate: a lot of these companies are really offering something that 125 00:06:52,799 --> 00:06:54,899 Cayla Dengate: you may not be able to get with a bigger company, 126 00:06:55,200 --> 00:06:59,339 Cayla Dengate: which is that sense of career development and a leader 127 00:06:59,520 --> 00:07:01,320 Cayla Dengate: who you walk past in the hallway in you can 128 00:07:01,320 --> 00:07:05,279 Cayla Dengate: talk to. So one of the startups, me&u holds what 129 00:07:05,279 --> 00:07:07,710 Cayla Dengate: it calls Lunch with a Leader, which gives employees the 130 00:07:07,710 --> 00:07:10,859 Cayla Dengate: opportunity to sit down with a respected business leader and 131 00:07:10,859 --> 00:07:13,980 Cayla Dengate: discuss work progression in their career. So there's that real 132 00:07:13,980 --> 00:07:17,550 Cayla Dengate: sense of being able to talk about your career and 133 00:07:17,610 --> 00:07:21,570 Cayla Dengate: what you want in the future. What Ability, which is 134 00:07:21,570 --> 00:07:25,589 Cayla Dengate: an NDIS- related startup, it also does this as does 135 00:07:25,590 --> 00:07:29,490 Cayla Dengate: the freight startup Ofload. So a really common theme across 136 00:07:29,490 --> 00:07:32,610 Cayla Dengate: all of our startups is that providing learning opportunities and 137 00:07:32,610 --> 00:07:36,930 Cayla Dengate: pathways helps to keep young staff members interested and hooked. 138 00:07:36,930 --> 00:07:40,139 Cayla Dengate: So that could be mentorship, that could be tailored development 139 00:07:40,139 --> 00:07:43,679 Cayla Dengate: programs or frequent skills' assessment. And you know what you 140 00:07:43,679 --> 00:07:46,320 Cayla Dengate: say about joining a startup can feel a little bit risky. 141 00:07:46,320 --> 00:07:50,700 Cayla Dengate: It can feel like you might be hedging your bets almost. 142 00:07:51,150 --> 00:07:53,610 Cayla Dengate: I think that what this shows is that your time 143 00:07:53,610 --> 00:07:55,920 Cayla Dengate: at a startup is going to be a time of 144 00:07:55,920 --> 00:07:57,960 Cayla Dengate: immense growth. It's going to be a time where you 145 00:07:57,960 --> 00:08:00,630 Cayla Dengate: learn new skills, where you jump into the deep end, 146 00:08:00,990 --> 00:08:03,599 Cayla Dengate: where you might find yourself developing skills that you didn't 147 00:08:03,599 --> 00:08:06,599 Cayla Dengate: even know you had or you never would have uncovered 148 00:08:06,600 --> 00:08:09,750 Cayla Dengate: in a larger company. And that time you spend in a 149 00:08:09,750 --> 00:08:11,730 Cayla Dengate: startup will be valuable no matter what. 150 00:08:12,360 --> 00:08:14,610 Jennifer Duke: I think that's really good for people to remember that 151 00:08:14,610 --> 00:08:16,890 Jennifer Duke: there's so much they can learn from being with a startup. 152 00:08:17,219 --> 00:08:19,469 Jennifer Duke: I'm curious as well, because I know on the list 153 00:08:19,469 --> 00:08:22,139 Jennifer Duke: there's job titles and things that those startups are actually 154 00:08:22,139 --> 00:08:24,509 Jennifer Duke: looking for. What are some of the trends around what 155 00:08:24,510 --> 00:08:26,520 Jennifer Duke: startups are keen to get from applicants? 156 00:08:27,180 --> 00:08:30,150 Cayla Dengate: Yeah, that's a great question. One thing we do when 157 00:08:30,150 --> 00:08:32,730 Cayla Dengate: we put together top startups is we want to provide 158 00:08:32,730 --> 00:08:36,270 Cayla Dengate: the information that job seekers need so they can apply 159 00:08:36,270 --> 00:08:39,328 Cayla Dengate: for jobs at these companies or at least start their 160 00:08:39,330 --> 00:08:41,399 Cayla Dengate: journey in terms of what they want out of their 161 00:08:41,400 --> 00:08:43,890 Cayla Dengate: career and what they want in terms of how they 162 00:08:43,890 --> 00:08:46,350 Cayla Dengate: work with a startup. So if we look at the 163 00:08:46,350 --> 00:08:50,910 Cayla Dengate: number one company on the list, Immutable, which is software development, 164 00:08:51,420 --> 00:08:55,200 Cayla Dengate: in-game purchasing, it's a really interesting company. The most common 165 00:08:55,200 --> 00:08:59,760 Cayla Dengate: skills among the people who already work there is development tools, 166 00:08:59,760 --> 00:09:05,069 Cayla Dengate: web development, and leadership. So if you want a job there, that's a 167 00:09:05,070 --> 00:09:07,830 Cayla Dengate: really good idea of the type of skills you might 168 00:09:07,830 --> 00:09:10,439 Cayla Dengate: be looking for. And the most common job titles at 169 00:09:10,440 --> 00:09:16,348 Cayla Dengate: Immutable are software engineer, product manager, engineering manager. So you 170 00:09:16,350 --> 00:09:18,750 Cayla Dengate: can go through every single one of these startups lists 171 00:09:18,809 --> 00:09:21,840 Cayla Dengate: and get that information, which is really helpful when you're 172 00:09:21,840 --> 00:09:24,330 Cayla Dengate: thinking about going for a job at one of these companies. 173 00:09:24,840 --> 00:09:27,570 Jennifer Duke: Definitely. And I'm really curious your thoughts on the halo 174 00:09:27,570 --> 00:09:29,670 Jennifer Duke: effect of lots of startups because often we find that 175 00:09:29,670 --> 00:09:31,770 Jennifer Duke: people who go and work at a startup end up 176 00:09:31,770 --> 00:09:34,199 Jennifer Duke: launching their own. Do you think that that's being shown 177 00:09:34,199 --> 00:09:35,189 Jennifer Duke: through this list as well? 178 00:09:35,820 --> 00:09:39,000 Cayla Dengate: Yeah, absolutely. So if you look at the founders of 179 00:09:39,000 --> 00:09:42,000 Cayla Dengate: a lot of these startups, they're people who have previously 180 00:09:42,000 --> 00:09:44,520 Cayla Dengate: worked at startups and gone out on their own or 181 00:09:44,849 --> 00:09:48,630 Cayla Dengate: who have previously worked in really successful firms and made 182 00:09:48,630 --> 00:09:50,940 Cayla Dengate: that jump to open their own business. So one that 183 00:09:50,940 --> 00:09:52,949 Cayla Dengate: springs to mind is number 10 on the list, Howatson+ 184 00:09:54,179 --> 00:10:00,420 Cayla Dengate: Company. We all know the story of Mr. Howatson who's been someone who's worked 185 00:10:00,420 --> 00:10:04,230 Cayla Dengate: in media and advertising for a long time, and this 186 00:10:04,230 --> 00:10:08,009 Cayla Dengate: is that standout company. It's also a really nice example 187 00:10:08,009 --> 00:10:10,440 Cayla Dengate: that when you look at the common skills that these 188 00:10:10,440 --> 00:10:13,650 Cayla Dengate: startups are looking for, leadership comes up time and time 189 00:10:13,650 --> 00:10:16,679 Cayla Dengate: again. So it's often people who have proven themselves as 190 00:10:16,679 --> 00:10:20,010 Cayla Dengate: leaders at other companies who find themselves coming to a startup. 191 00:10:20,550 --> 00:10:23,639 Jennifer Duke: Lastly, any tips for someone who's going to apply for 192 00:10:23,639 --> 00:10:26,608 Jennifer Duke: a startup tomorrow? What would you tell them to do 193 00:10:26,610 --> 00:10:27,480 Jennifer Duke: and to put on their resume? 194 00:10:28,379 --> 00:10:31,380 Cayla Dengate: That is a great question. If you're applying for a 195 00:10:31,380 --> 00:10:33,689 Cayla Dengate: job at a startup tomorrow, first of all, check out 196 00:10:33,690 --> 00:10:36,600 Cayla Dengate: this list on LinkedIn because there's so much information for 197 00:10:36,600 --> 00:10:40,139 Cayla Dengate: you. And there's also LinkedIn learning courses attached to these 198 00:10:40,139 --> 00:10:42,420 Cayla Dengate: common skills. So if you feel like you need to 199 00:10:42,420 --> 00:10:46,619 Cayla Dengate: brush up in digital literacy, in business management, in leadership, 200 00:10:46,619 --> 00:10:49,920 Cayla Dengate: you can just click straight through and start learning. I 201 00:10:49,920 --> 00:10:54,390 Cayla Dengate: would say what you want on your resume is evidence 202 00:10:54,390 --> 00:10:58,468 Cayla Dengate: that you're someone who's agile, who can jump into anything, 203 00:10:58,830 --> 00:11:02,700 Cayla Dengate: who's interested in what the company does. I think you 204 00:11:02,700 --> 00:11:04,770 Cayla Dengate: want to show your passion and your ability to be 205 00:11:04,770 --> 00:11:08,010 Cayla Dengate: flexible. That's probably the two most important things if you're 206 00:11:08,010 --> 00:11:09,450 Cayla Dengate: applying for a job at a startup. 207 00:11:09,900 --> 00:11:12,450 Jennifer Duke: Very good tips. Cayla, thank you so much for talking 208 00:11:12,450 --> 00:11:13,108 Jennifer Duke: to Fear and Greed. 209 00:11:13,650 --> 00:11:15,090 Cayla Dengate: Oh, wonderful to be here. Thank you. 210 00:11:15,510 --> 00:11:18,270 Jennifer Duke: Now, it's Cayla Dengate from LinkedIn Australia. This is the 211 00:11:18,270 --> 00:11:21,120 Jennifer Duke: Fear and Greed Business interview. Join us every morning for 212 00:11:21,120 --> 00:11:23,760 Jennifer Duke: the full episode of Fear and Greed, Australia's best business 213 00:11:23,760 --> 00:11:27,600 Jennifer Duke: podcast. I'm Jennifer Duke, economics correspondent at Capital Brief and 214 00:11:27,600 --> 00:11:29,550 Jennifer Duke: filling in for Sean Aylmer. Have a great day.