Scott Farquhar and Mike Cannon-Brookes, founders of software company Atlassian were recently recognised as admired Australian entrepreneurs in the Business Review Weekly. Farquhar has mentored through the Australian Businesswomen’s Network.
Although these men encountered massive success with their start-up, the article notes that “things are different now, not just for Farquhar and Cannon-Brookes, but for the technology industry and Australian entrepreneurs in general.”
Farquhar told the BRW that “Back in 2001, there was no venture capital industry, no meet-ups, no start-up groups, no one to look to for mentoring or advice”. He says there is plenty of opportunity and support in these areas now.
Yet, it is also noted that there are still barriers for start-ups succeeding in Australia. Communications Minister Malcolm Turnbull was quoted as affirming that there is “room for improvement.” As such, Atlassian has recently decided that any public offering would be listed on the US stock exchange. They have also moved their legal headquarters to in-corporate in London as it would provide “global investors with a familiar jurisdiction.”
In particular, BRW describes, Farquhar and Cannon-Brookes are outspoken about the issue of employee share options. Although tax is now payable when options are issued rather than when they are cashed in, solving the issue of fattened executive pay packages, start-ups dace the issue of how to attract talent in lieu of a salary. They also see the need to alleviate restrictions on 457 visas, explaining that “importing skilled workers is essential for the growth of companies” and for the country. Their concern on access to capital through equity investments in crowd funding platforms is under review by the Corporate and Markets Advisory Committee. The article concludes, acknowledging the role of the men as mentors, “passionate about seeing Australia succeed on this worldwide stage.” Farquhar comments, “I get enjoyment from seeing people succeed.” Read the full article, here. Read more about mentoring services, here.
