Saudi Arabia’s government is no stranger to technology or entrepreneurship. In fact, the country’s sovereign wealth fund, the Public Investment Fund (PIF), is one of the most prolific investors in startups outside of the Middle East and North Africa (Mena) region.
While the media has a role to play in uniting the continent’s fragmented tech startup scene, it also has a duty to perform the role of a watchdog, argues Burn Media founder and publisher of Ventureburn, Matthew Buckland.
The primary role of any incubator is to help nascent companies - by providing resources, access to industry mentors, interactions with other entrepreneurs and perhaps most importantly, patient capital, to get through the survival stage.
The Australian startup ecosystem is flourishing. Last year, 712 new startups started operating in the country, and venture capital investment into Australian startups jumped 36 per cent, to reach a record high of $1.25 billion. But that’s not the full story. A report by the government department of industry, innovation and science has shown a decline in growth rates of new investments made by venture capital funds across the country.