As we bid farewell to 2023, it's not only a time for retrospection but also an opportunity to build intention for the future. The past year has seen an environment marked by high inflation, low liquidity, and non-existent IPOs, fostering a landscape of consistent sustainable growth.
Amidst these changes, we believe a positive long-term impact is in store, paving the way for the development of vastly superior businesses with substantial foundations.
Here are our top five predictions for the business landscape in 2024:
We expect the continuation of themes around sustainable growth and conservative capital allocation in the coming year. Demonstrating clear evidence of how and why your business grows will be crucial for post-Series A funding. Early-stage investments will likely remain fiercely competitive, but a shift towards deploying larger capital into companies founded in the last 2-3 years may be on the horizon.
While 2023 focused on stabilising businesses through marketing and sales, 2024 is poised to be about rediscovering the magic that makes start-ups unique. The X Factor, often harnessed through founding teams and executed through product and engineering, is expected to lead to innovative and superior product experiences. Anticipate a surge in product innovation, particularly in productivity tools for both B2B and consumer markets.
With the world striving for a zero-carbon future, investments in climate-related technology will surge. Technologies that have been in development for years will emerge, demonstrating their value. Expect a shift beyond traditional infrastructure investments, with new technologies surfacing in proof-of-concept environments and low-scale rollouts. Stay tuned for exciting developments as we actively participate in Cop 28.
Employee wellbeing has been a ‘hot topic’ since the pandemic. In our 23/24 Australian Tech Salary Guide, data revealed smaller companies are investing more in mental health. However, emerging data from The University of Melbourne Future of Work report in 2023 revealed that 1 in 2 workers are exhausted at work and 1 in 3 workers are considering quitting their job due to burnout and workload. Proving that more still needs to be done to truly improve in this department.
This year we partnered with wellness platform, MindFi, a tool we recognise to be truly impactful in small business teams to improve mental health, engagement, and productivity.
As the world experiences a degree of deglobalisation, expect investments in sovereign capabilities to come to fruition in 2024. Examples like Australia's investment in native space capability demonstrate a shift towards self-reliance. This trend is likely to extend into various fields, including government services, space exploration, data security, and defence, reflecting a growing emphasis on ownership and self-sufficiency.
These predictions outline the potential trends that may shape the business landscape in 2024. As we embark on the new year, let's remain agile and prepared for the exciting opportunities and challenges that lie ahead!
Are you ready to scale new heights in 2024? We invite businesses poised for growth to connect with us and explore the possibilities. Whether you're a start-up aiming for the stars or an established company ready to elevate your game, let's embark on this journey together.
Reach out to us today and let's turn your aspirations into achievements! 🚀
ARTICLE by Anthony Sochan, Co-Founder, 5 March 2024