When I read about another of Australia’s tech businesses moving to Silicon Valley or London, I often note a subtext in the article about the ‘nation’s loss’, yet for many companies seeking to grow, including my own, it simply had to be considered.
For most companies, including BankVault, location is rarely a zero-sum choice, where you simply leave Australian shores forever, and I think that for the long term, Australia would be wise to take a more strategic and holistic view.
With global uncertainty forming around the digitisation and automation of many industries, Australia’s capacity to be a good proposition for businesses will invariably need to consider itself in a more global and connected context. Bemoaning the loss of a company overseas overlooks a far bigger game. Australia can and does benefit from the traction that hundreds of Australian businesses gain in Silicon Valley and around the world. The networks, relationships and business activity that connects our industries and cities to the rest of the world are fundamental to the ongoing relevance of our cities, as digitisation takes hold.
BankVault spreading its activity between the US and Australia is one small part of that global connectivity. In 2016 when BankVault won the Word Cup Tech Challenge in San Francisco and embarked on our international journey, we just saw it initially as recognition of our technology by Silicon Valley.
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