If you can’t play Table Tennis, are you even a startup?

mitchellake on February 20, 2017

Well folks, it’s happened. The Inaugural MitchelLake Table Tennis Doubles Championship™ launched just over one week ago, and what a Championship it was!

MitchelLake invited startups from all over Melbourne (well, St. Kilda Rd) to compete in this high-stakes event aimed at bringing together our awesome ecosystem. A Friday arvo (afternoon for my non-Australian readers) was named, beers were put on ice, and a fierce (albeit healthy) competition was the name of the game. What a better way to round out the work week than a game that is synonymous with working in a startup!

Sidenote

If you’re having trouble convincing your Founder or Manager to invest in a Table Tennis table, I’d recommend nonchalantly forwarding them this link.

The Playoffs

We ping’d off the Championship with eight doubles teams going head-to-head to qualify for the semi-final rounds. Tipple made a gallant effort, but unfortunately were knocked out in the first stages, as were the MitchelLake B team (aptly nicknamed Gangs of New York to represent the Irish & American players joining forces. We’re a diverse and creative bunch here at MLG).

Things really started to heat up as Influx and Zendesk fought it out for their spot in the final; Zendesk managed to take a 2-0 set win but not before a last-ditch, heroic attempt by the losing team, who we’ll rename Outflux (boom!).

The Semis

The semi-final was intense. The 2015 winners of the Brews ‘n’ Bats competition, Plattar were up against EthNic, (Ethan and myself – a duo from Old Blighty and representing MitchelLake). One half of EthNic also carries the title of Base Hostel Table Tennis Champion Auckland 2009 winner (though I’m not sure if that counts for much). With a gruelling match that consisted of three full sets, a ball square to the face of yours truly and no more than a four-point lead at any time; EthNic limped over the line to qualify for the Finals.

The Championship

After a much-needed water break (there’s water in beer, right?), the first Championship final hit off between Zendesk and MitchelLake (EthNic). The battle lasted an exhausting fifteen minutes with the table taking the brunt of the attack by being splattered with sweat and determination by both teams. But after two sets, we had our first Championship winner of 2017…EthNic.

Some say the results were rigged with the home team walking home victorious, while others say they just had more time on their hands to practice instead of work. But either way, you’ll never know unless you see it for yourself…

We Want You

We’re currently talking to startups who want to host the next Championship at their place as we look to cycle the event around the Melbourne community. Get in touch (nickk@mitchellake.com) if you’d be interested in getting a team together for the next one or if you fancy your luck at an exhibition match outside of the sanctioned tournament with the current trophy holders!

Author

Nick Krekis is fresh off the boat from London after working three years in a marketing specialist recruitment agency for the tech sector. He has a strong passion for digital marketing and a real geeky love for all things tech. With an accent and looks to that of Will from The Inbetweeners, he thought he could escape the ridicule he faced in the UK by moving to the other side of the world, sadly he was mistaken.

In his spare time you can find Nick cycling, training in Martial Arts or trying a new whiskey while convincing someone why Sony is a far more superior mobile than Apple or Samsung (HTC aren’t worth mentioning).

NickKrekis

nickk@mitchellake.com

Shaken, not Sourced

mitchellake on February 14, 2017

Regardless of our age, we’ve all been exposed to a James Bond. Whether it was Daniel Craig, Sean Connery or my personal favorite Pierce Brosnan (yes there are plenty of others, but these are my top 3) we all know they each carry a certain swagger, as well as an ability to fully immerse themselves in the character they’re playing in their respective mission (IF they chose to accept it!).

But, to my point: working as an embedded consultant on the client’s site is not too dissimilar to being a secret agent. We are approached by M (Bond’s Boss, aka our Boss) with our assignment. They give us a top-level overview of expectations, and of course, our main objectives. We are provided a timeline of how long we have to accomplish certain milestones and reach certain objectives before we are to be extracted from the site. Failure is not option…we, the recruiter, are always judged on effort.

Similar to Bonds before us, we are all complex individuals, with different traits and special skills that we must apply, as necessary, in order to be successful on our assignment. In my opinion, the most successful agent – errrr, I mean consultant – is the one that dives so deep into their character that they must become the client. Integrity and quality must never be compromised, and one must remain composed and be aware always.

Granted I’m of the assumption that you have seen at least one 007 movie, as well as understanding that it doesn’t always go according to plan. With that being said, one must always be ready for the unexpected. Be prepared to call on reinforcements, and always be aware of the tools that Q (Quartermaster, another famous Bond character) has offered you. It’s imperative to always have a backup plan based on your tools.

In our field as a recruiter or client manager, our client might not always see eye-to-eye on our approach. They might not entirely recognise you as a non-employee, but again we must never lose sight of our goal or mission. You must become at one with your role, just like 007 does, with the client recognising you as one of them.

Just like Bonds (James Bonds), always carry yourself with style and class amongst the client, and remember that even if the sky is falling, the people around you will never know unless you let them.

This blog will self destruct in 5…4…3…2…

We work just like 007 across our embedded operations in North America. If you’re looking to source the best team for your startup, or are scaling up and need to grow fast, MitchelLake does this on a daily basis and would love to work with you. We’re a global company, so wherever you are contact us here to chat about your next mission.

FinTech Retrospective: Tyro, RateSetter, Stockspot and Westpac on 2016 and the year ahead

mitchellake on January 30, 2017

>>“If we don’t get our act together and open up banking, the next-gen banking will not be here.”
Jost Stollmann, Tyro

Over the past six months, I have been fortunate to work with many of the businesses and thought leaders that are shaping the future of FinTech in Australia. I recently stated my perspective of the FinTech ecosystem in Australia drawing contrasts to the growth I witnessed back home in the UK. This week, instead of spouting my own opinion, I was able to sit down with the leaders that I look up to; those that are pioneering FinTech in this country. Here, we are able to look back at the industry over the last 12 months in Australia and reflect on the year that was and what we can expect from the year ahead.

Those in the FinTech hot seat were:

Cathy Kovacs – Head of Business Development at Westpac Group, Australia’s first bank and provider of financial services.

Daniel Foggo – CEO of RateSetter, Australia’s largest peer-to-peer lender, connecting investors with creditworthy borrowers.

Jost Stollmann – Executive Director of Tyro Payments, committed to building Australia’s next-gen bank to help SMEs grow by providing them with frictionless banking and access to growth funding.

Chris Brycki – Founder & CEO of Stockspot, Australia’s first online investment adviser and fund manager.

Matthew Parker [MP]: What were the big wins for FinTech in 2016?

Daniel Foggo [DF]: 2016 was a successful year for FinTech in getting in the ear of government. The Parliamentary committee inquiry into the Big Four headed by David Coleman focused on levelling the playing field, especially in regards to data, and endorsed the FinTech sector’s view that customers should have greater control of their banking data to make it easier to switch to FinTech alternatives..

Cathy Kovacs [CK]: For me, it was the amount of money flowing into the sector and because of this we saw good ideas get funded.

Jost Stollmann [JS]: There’s momentum! FinTech hubs such as Stone & Chalk and Tyro are humming and there’s even momentum politically, with ASIC moving forward with the sandbox.

Chris Brycki [CB]: There’s an explosion in consumer adoption in P2P lending such as Daniel’s RateSetter, our own Stockspot providing robo-advice and low cost currency remittance through TransferWise.

MP: Can you see any emerging trends in the Australian FinTech scene?

JS: Banks have started to put significant effort into partnering and investing into FinTechs. This could prove useful for FinTechs that provide innovative user experiences and smaller optimisations and for those who are looking for an exit via banks. For REAL disruptors, this is toxic. Succumbing to the charms of the establishment means selling short one’s potential. It’s not a time to sell out early; this is the time to build REAL champions.

CK: The transferability of information is huge with a growing number of middleware, SaaS applications and APIs. Sharing data and improving collaboration in the market is continually on the improve, benefiting the customer.

CB: A continued increase in consumer trust in FinTech services will continue to strengthen; customer referrals will be the strongest growth driver.

MP: What were some of the losses / pain points / difficulties in 2016 for the sector?

CK: With the constant change of governments, regulation that was tabled was never approved. The pace of regulatory change is a pain point, in particular that around equity crowdfunding.

CB: The Big Four continue to push back against open data policies to stifle competition and protect their oligopoly.
DF: Investors are much more discerning in the businesses they back. This will be better in the medium term, but it’s been difficult for some businesses locally.

MP: What were your personal highlights?

CB: We had a fantastic year… This year Stockspot became the first robo-adviser in the world to give clients the flexibility to personalise their portfolio with the launch of Stockspot Themes. We’ve already managed to generate some fantastic net returns for early adopters (6.2% and 9.2% per year) while charging clients less. All are great examples of technology improving financial products for the end user. We also notched up over half a million views for our Fat Cat Fund Awards video and made it onto the Today Show!

CK: Being a judge at the startup weekend was a highlight for me. It’s great to see such passion and commitment to new ideas, in particular people who were new to financial services but also from long-stay finance individuals. It’s encouraging for future ideas.

DF: For RateSetter, expanding our offering from consumer lending to business lending was a significant development. In Australia there’s been a real lack of business financing options outside residential property-secured bank finance and expensive short-term working capital finance, so we’re excited that RateSetter now offers Australian businesses a low-rate funding alternative to help them grow and prosper.

JS: My biggest highlight has been Tyro receiving a bank license. We are the only tech company to have achieved this so far. This was such a massive win for us and the sector. Following this, we were then able to deliver next-gen banking, a cloud-based, totally mobile & totally integrated banking solution for SMEs and growth companies. Another highlight has been hiring Gerd Schenkel, my CEO successor.

MP: What would you like to see more of in 2017?

CK: The industry could still do better in terms of collaborating, and I’d like to see large and small companies working together across the ecosystem. It’s such a small market here in Australia and we should be working together.

CB: I’d like to see more collaboration between consumer FinTech businesses and other non-competing industries.

DF: I’m hoping to see more FinTech businesses working to build independent, sustainable alternatives to incumbent and traditional players. If we want FinTech to fulfill its potential to deliver better outcomes for Australian consumers and businesses, it’s important that innovative new businesses hold their ground and not become just an extension of traditional financial institutions. With the aim of building an alternative to banks and other traditional lenders, RateSetter is focused on building an alternative lending and borrowing channel, creating genuine alternatives for consumers.

JS: We now have a thriving test bed of FinTech startups at Stone & Chalk and Tyro that is growing, but we need to see them seriously scale-up, ideally in competition with the banks.

MP: What regulation would you like to see changed in 2017?

JS: The FinTech community has limited potential if banking is not opened up. In a way, Australia is cursed by the entrenched bank oligopoly. However, momentum is building around the demand for open data & open API. Tyro is providing support to resolve the digital identity issue through a shared KYC framework, which is a huge opportunity for Australia to leapfrog global competition.

The European Commission (EUC) has mandated, through its Directive on Payment Services (PSD2), open banking by the beginning of 2018. That is only a year from now. Banks across Europe have said it’s not doable, but now that they only have a year left there’s a huge momentum being generated for talent and investment to be applied to develop open banking and APIs.

If we don’t get our act together and open up banking, the next-gen banking providers will not be Australian. We can shamelessly copy EUC as they are ahead. In 2018, there could be an explosion in Australian FinTech if Australia can deliver open data, open API, and shared digital identity.

CB: There are two things the Government could do to improve fairness for consumers when it comes to investing and superannuation. One is to require all superannuation and managed funds to provide fee and performance data to comparison websites so consumers can easily compare fund options. The second is to implement a public tender for the right to manage default super funds as outlined by the Grattan Institute. Chile established public tenders for the right to manage default super funds and it has reduced average annual super fees by 50%.

CK: I touched on it before, but I’d like to see a change in equity crowdfunding. We came close this year, but the government dragged their heels. It will genuinely help small companies access cash.

MP: What are your top 3 predictions for FinTech in 2017?

CK: It’s all about data. We will find a way to share personal data for customer benefit. In regards to regulatory technology, there are new tools available to drive change in regtech to get cost savings out of the industry. There’s a massive opportunity that needs a local approach, and with such a big cost and huge inefficiency, I’m hoping to see growth here. We will also see a few companies looking towards a partnership approach; small companies banding together and going where customers are. It doesn’t have to be banks, it could be loyalties, superannuation, anything where there are large companies with strong customer bases looking to collaborate with smaller companies who can get things done faster.

DF: P2P lending is sound and of gold standard globally, and I think the regulatory sandbox will have a good impact. Here’s hoping that ASIC is given a mandate to encourage competition in financial services.

CB: Consumer adoption of P2P lending and robo-advice will accelerate as more satisfied customers refer their family and friends. There will be more collaboration between traditional industries and FinTech where services are complimentary and not competing. The banks will start shutting down their struggling innovation hubs and internal FinTech venture.

MP: Finally, what can we expect from you in 2017?

CK: Westpac will continue to support the FinTech ecosystem, and keep investing in businesses that will give more product and services for their customers. We’re making it easier for individuals to work with us.

DF: Continued growth. 2016 saw us grow more than 200%, and we expect this strong growth to continue. Our focus will remain on providing everyday Australian investors access to the established asset class of consumer and business credit, helping them earn strong and stable returns while giving creditworthy borrowers a much better deal.

JS: We want to eliminate inefficiencies in banking and provide SMEs with growth funding. The average SME wastes 20 days per year with frictions in banking (equates to $7 billion) and the SME community suffers a dramatic shortfall in unsecured working (estimated at $60 billion). Imagine giving SMEs their time back and funding them adequately; how much faster could they grow, and how many jobs could they create.

SOURCES
Matt Parker on Fintech in UK vs AUS

Parliamentary Inquiry into the Big Four by David Coleman

Scott Morrison on the regulatory fintech sandbox

Stockspot Themes

Stockspot’s Fat Cat Fund Awards

Startup Smart – Sydney Startup Weekend

Tyro receives bank license

AFR on Tyro hiring Gerd Schenkel

The European Commission on Directive on Payment Services

The Grattan Institute on superannuation

5 Things I learned in 2016

mitchellake on January 16, 2017

So, 2016 is well and truly over. And what an absolutely crazy year it was. BREXIT actually happened. Donald Trump actually got elected to lead the United States of America. Andy Murray won Wimbledon again, and became the world number one tennis player (Tennis is a common theme of my posts. If you haven’t read me compare tennis with recruitment, take a look here. We said tearful goodbyes to a whole host of stars, including David Bowie, Prince, Carrie Fisher, Alan Rickman and George Michael.

2016 was also probably the busiest and most full on year I’ve ever had in sales/recruitment, since I first dipped my toe into these waters back in 2010 (gulp), and there’s been a lot of learning. So without further ado, here are 5 things I learned about my industry over the past 12 months. A few of these points you’ve probably heard before, but a little reminder can’t hurt as long as it’s not an overplayed Ariana Grande track on Spotify.

Embrace the silence
This is easily one of the biggest things I learned last year. As a self-confessed chatterbox, I would constantly counter awkward silences with nervous, useless chatter…anything to avoid the dreaded silence that would occur whilst discussing commercial structures with a client that wasn’t buying it (pun intended). Remember it takes two to tango; if they don’t budge, then why should you? After you’ve made your point in a straightforward and clinical fashion, sit back and simply say nothing. You’d be surprised how often it’s not you who eventually gives in.

You may lose in the short term, but win in the long term
Anyone who has worked in recruitment or sales would have encountered this situation plenty of times previously. Should you place the client’s preferred candidate in a role even if you’re not so sure of their credentials? Should you take that retainer for a role that you’re unsure you can actually fill? The answers should be fairly obvious, but it’s incredible what copious amounts of stress and pressure can do a person’s rationale. Stay grounded – if you feel a candidate is unsuitable for a role, or if you genuinely don’t feel you can fulfil a search, be honest and say so. The level of credibility given to you will be invaluable.

Attend networking events, but only if they interest you!
We at MitchelLake Group regularly attend events within our industries, as I’m sure many of you do too. Often, I’ll attend 1-2 events per week. Since most people today don’t answer their phones, we’ve had to find alternative methods to make new connections and build relationships, and networking events is certainly one of them. However, there have been many times I’ve attended an event, interacted with hardly anybody, and spend most of the presentation/talk on my phone surfing Buzzfeed. But I’m at the event, so I’ve made myself feeling better for just attending, right?? Wrong! It’s of no value to me as I’ll learn nothing. Be selective about the events you attend, it goes back to the old rule of quality over quantity. Give yourself a goal before you attend – whether it be to meet 3 new connections, write a short blog based on the event you attend or simply 2 or 3 key learnings you have taken away from the content presented/event itself.

Read, read, read…
I am definitely guilty of intending to further my learning through reading articles and books yet never follow through. They end up sitting in my inbox or in my bookmarks, never to be glanced upon again. While attending events or courses in real time can lead to greater engagement for some, never underestimate the power of a good book. You’ll be amazed how easily you can retain this information, and utilize/call upon these learnings in conversations with colleagues, clients, candidates or senior management. I’ve set myself a target of one book a month within my specialist areas across digital & growth marketing, and UX/design. Any articles I come across – I file them away in a weekly folder, allowing myself 30 – 90 mins a week to read and go through them all, so once again I can re-use this information as a starting block when meeting a client or candidate for the first time, or simply re-connecting with an existing one.

And finally, when work gets overwhelming, remember nothing lasts forever
Ever remember that episode of the Simpsons where Homer Simpson quits the nuclear plant to work at the bowling alley, only for him to sheepishly return when Marge becomes pregnant with Maggie? Mr Burns infamously had a sign made in Homer’s office, stating “Don’t Forget, You’re Here Forever”. Obviously, this is not true. There will be plenty of occasions whereby your role will become highly stressful, all-consuming, so increasingly full on that you barely feel that you’re holding onto your last remaining marble. But remember this – life is finite. Nothing lasts forever. It goes back to the old statement of “control what you can control”, do your best and try to enjoy it. A quote that resonates very much with me is “the good old days…are today”.

Happy 2017, everyone. Hope it’s a killer one for all of you!

Check out our current job opportunities, contact us for a chat, or follow us on LinkedIn to stay across news, jobs and talent trends from startup to digital transformation around the planet.

My Remote Year Series // Growing Industries in Croatia Post Independence

mitchellake on January 14, 2017

After a whirlwind 3 months in Southeast Asia (revisit Gemma’s time in Phnom Penh here, it was time to embrace winter in Europe. Luckily the transition was relatively smooth as we were based in the coastal town of Split where our workspace overlooked the Adriatic Sea and temperatures were mild enough for morning bike rides or hikes and beautiful sunsets in the evening.

Croatia, with its starring role in Game of Thrones, beautiful Roman ruins and stunning landscapes that stretch across multiple national parks and beautiful coastlines, has recently become a huge global tourist hub. However, prior to Croatian Independence in 1995, tourism mostly existed for other Yugoslav countries Serbia, Slovenia for middle and eastern European tourists.

Before the 1990s, Croatia was ruled by the Communist party as part of Yugoslavia and the economy was organised as a mixture of planned socialist economy and a market socialist economy. During this time, production was particularly strong for the Croatian economy. Unfortunately, Croatia’s production industry has suffered during the transition from nationalised, state-run factories, to a free market and capitalism system where factories became privatised. Today there is a much smaller percentage of production and trade and tourism are gaining momentum.

One of the biggest problems for Croatia’s youth is unemployment and many look for options overseas. However, the startup scene is growing and have been gaining popularity, particularly with the younger population. Over the past couple years, several high-growth companies have started in Croatia with some raising seven-figure rounds. The central point for startup activities is in the capital, Zagreb.

Who are the established and up and coming tech companies in Croatia?

Bellabeat – products for that help women learn the science behind their bodies. They are Croatia’s first Y-Combinator alumni.
Axilis – Design and development agency.
Croteam – Video game developer.
IN2– Largest Croatian IT company.
Repsly – Mobile CRM Software solution for field teams.
Farmeron– SaaS solution helping dairy farmers manage their cows.
Oradian – financial services solutions.

Co-working spaces
HUB385– Biggest co-working space in Croatia. Located in Zagreb.
WIP – Remote Year co-working space in Split.
Impact Hub – Space and a community of entrepreneurs and social innovators in Zagreb.
Amosfera – Open Plan shared workspace in Split.
COIN Zadar– Space in Zadar that also offers resources for networking events.
CoCreative Co-working – Space in Split with an emphasis on creative professionals.

Startup Incubators/Accelerators
ZIP – The first incubator in Croatia. 4 month program with 24 educational workshops.
Founder Institute – Early stage startup accelerator. 4-month curriculum of weekly training courses and business-building assignments.
Core Incubator  – offer angel funding and mentorship to startups in Southeastern Europe.
Impact Incubator – Focus on social innovation, ecology innovation, creative industries, high and new technologies.

Sources
Wikipedia – Economy of Croatia
Wikipedia – Split, Croatia
Tech.eu

My Remote Year Series // Phnom Penh Reinspired

mitchellake on January 13, 2017

Cambodia has a very dark recent history, but during my month in Phnom Penh I was truly inspired by the locals who generally had a positive demeanor with a lot of hope for the future. From 1975 – 1979, the Khmer Rouge Regime resulted in the deaths of up to 25% of population. During this time the educated and elderly were particularly targeted, causing 50% of today’s Cambodian population to be under 25 years old.

This past month I discovered many of these young adults are passionate about empowering Cambodians and striving for a better future for their country. Learning about the emerging tech scene and various NGOs and social empowerment projects was very uplifting.

Because so much of the Khmer history was lost during the Pol Pot Regime, it was very inspiring to see The Khmer Magic Music Bus which brings back traditional music performance and education to the people of rural Cambodia. I was also introduced to This Life Cambodia, an organisation working on community empowerment at the grassroots level. Their goal is to help communities develop the essential infrastructure, skills and programs needed to make positive change in their lives and break free from poverty. We also got to experience a special performance by Tiny Toones, a group focused on getting kids off the streets through breakdancing. They start the kids in dance classes before introducing them to other academic lessons. They have had a lot of success in building self-confidence amongst the at risk though, through helping them achieve better employment possibilities. One of my fellow Remotes organised a group trip to spend time with the children supported by Shanty Town Spirit, an NGO focused on keeping children in school and helping their parents find employment.

Much of Cambodia’s development aid funds have gone into NGOs since the 1990s but in recent years there has been additional emphasis on tech incubators and development programs. There is a growing start-up community across Cambodia, with a number of co-working spaces in Phnom Penh and Siem Reap. Phnom Penh is where more of the local entrepreneurs are while you will find more digital nomads in Siem Reap. We spent our month working out of a bustling shared co-working space, Emerald Hub, in Phnom Penh. We worked alongside entrepreneurs, startups, growing small business, service providers, freelancers, investors, social activists, and NGO’s. One notable business I was introduced to was SHE Investments, a business focused on female entrepreneurs in Cambodia and helping them scale their micro-business through their incubator and newly launched accelerator program.

One of the challenges for Cambodian entrepreneurs is the relatively small local population, with just over 15 million people. This means that to be successful, it’s often necessary to think on a global scale. This is particularly challenging when it comes to creating an online presence that is effective for both local and international customers. Language is definitely one obstacle, as it is important to have content in both Khmer and English. Another is the need for separate online destinations. Over the past few years there has been a dramatic surge in social media in Cambodia, so most businesses prefer to have their online presence on Facebook, whereas the global community would typically be searching for an actual website to land on.

For foreigners interested in starting a business entity abroad, Cambodia is arguably one of the easiest places to do so compared to other popular expat destinations in Southeast Asia. Setting up a business entity is a relatively quick process, it can take as little as a month (compared to 6 months in other countries), even for non-citizens. It is also important to factor in things like the low cost of living and relatively minimal competition for talent.

Below is some more information regarding the tech scene in Cambodia and stay tuned for my next post about Split, Croatia!

Interesting Cambodia founded companies:
Sabay Osja – Cambodia’s first game development studio.
CheckInTonight – Last minute hotel booking.
Chibi – dating site that brings people together via SMS.
Codingate – focus on developing interactive web applications, design services, and social media marketing. They also have a project where they partner with students to develop technical solutions and in return provide them laptops.
Sabay – One of Cambodia’s biggest tech companies and Cambodia’s biggest online portal.
Sompom – Mobile app development in Phnom Penh.
Goldengekko – Mobile development.

Co Working Spaces
coLAB – 1st co-working space in Phnom Penh.
Emerald Hub – huge workspace that Remote Year subscribed to during out month in Phnom Penh.
Angkor Hub – Co-working and co-living space in Siem Reap targeting digital nomads.
SmallWorld Cambodia – Community of business startups founded by Cambodian entrepreneurs.
Impact Hub– co-working space, a business incubator, and a social enterprise builder.

Incubators/Accelerators
Startup Weekend – Weekend course in Phnom Penh founded in 2011.
SHE incubator – 6 month intensive business training program, specifically designed for and delivered by Cambodian women.
Development Innovations – roots more in aid work, a five-year project funded by the United States Agency for International Development (USAID) that helps civil society organisations (CSOs), technology companies and social enterprises to design and use information and communication technology (ICT) solutions that address Cambodia’s development challenges.

Resources
Tech In Asia

Australian Digital Health Agency – Positions Vacant

mitchellake on January 12, 2017

The Australian Digital Health Agency – History

In November 2013, the Australian Government commissioned a review of the Personally Controlled eHealth Record (PCEHR) (the Review) to assess the status of the PCEHR implementation and to work with health professionals and industry to prioritise further implementation. The Review was released on 19 May 2014.

The 2015-16 Budget announcement My Health Record – A New Direction for Electronic Health Records in Australia provided funding to strengthen eHealth governance arrangements consistent with the Review. This led to the transition of relevant activities and resources from the National E-Health Transition Authority (NEHTA), and also from the My Health Record system operation activities managed by the Department of Health, to the Australian Digital Health Agency from July 2016.

The Agency was established as a statutory authority in the form of a corporate Commonwealth entity, and is governed by a skills-based Board supported by technical advisory committees.

Current Vacancies – Innovation & Development Division
GM Innovation – Applications Close: Friday 13th January, 2017

GM Design – Applications Close: Friday 13th January, 2017

The MitchelLake Group has been engaged by the Australian Digital Health Agency in order to secure the highest calibre available talent for a number of senior leadership positions within this newly formed statutory authority. Three of these available roles are listed above.

About the Australian Digital Health Agency
Better use of data and technology can help people live healthier, happier and more productive lives. Digital health can make a real difference to people’s health by giving them greater control and better access to information.

Tasked with improving health outcomes for Australians through the delivery of digital healthcare systems and the national digital health strategy for Australia, the Australian Digital Health Agency (the Agency) commenced operations on 1 July 2016.

The Agency is responsible for national digital health services and systems, with a focus on engagement, innovation and clinical quality and safety. Our focus is on putting data and technology safely to work for patients, consumers and the healthcare professionals who look after them.

Division: Innovation & Development
The innovation and Development division is the “engine” of the national digital health agency. It is responsible for:

Developing and managing the strategy and supporting benefits and policy activity,

Managing the innovation programs,

Providing a service design capability to ensure user centered design is at the heart of everything we do,

Service delivery to translate identified user needs into service roadmaps, releases and detailed technical specifications.

The Division will work closely with the other divisions across the organisation to encourage the development of innovative digital design initiatives from the broader innovation and digital health industry, and develop design concepts for progression to production.

The Division will continually evolve and develop the national digital health strategy and will also provide overall design integration for all of the services developed to ensure that the national digital health systems and services provide the best user experience and deliver measurable improvements that are derived from evidence of user needs and deliver tangible benefits across the health ecosystem.

To Apply for the roles below

Prepare a cover letter of 1-2 pages which outlines your motivation for the role, and the key elements of your experience which you would bring to the role.

Provide a comprehensive Curriculum Vitae outlining your work experience and your achievements.
Ensure that all documents are submitted in Word documents with minimal formatting.The Agency uses the [Integrated Leadership System ILS as defined by the Australian Public Service Commission for selection of employees. Your response should be framed with these capabilities in mind.

To apply, please read below links for an overview on Accountabilities, Qualifications and Experience required. Submit your Cover Letter & Curriculum Vitae electronically by clicking the below links. You can also email your Cover Letter and Candidate Profile directly to sydney@mitchellake.com

Roles (click below for full job ad)

General Manager, Innovation 

General Manager, Design

We will assume, unless other advised by you, that in submitting your application you grant The MitchelLake Group permission to share your application with the Selection Panel.

The MitchelLake Group will endeavour to acknowledge via email receipt of your application within 24 hours of its submission, to the email address which you have quoted in your application. Please contact The MitchelLake Group on +61 2 9114 8377 should you not receive our acknowledgement within 1 week.

Visit their website for further information on the Agency.

FinTech: UK vs Australia

mitchellake on January 12, 2017

> “We’re living in a transformational era for financial services. Our children will look back at these past
> Decades and laugh at how we banked” — Bradley Leimer Head of Innovations at Santander.

Having recently moved from the UK to Australia, I have been excited to observe and experience first-hand some of the differences between the UK FinTech ecosystem and that of its Antipodean cousin.

I do not, by any means, pretend to be an expert, but I have had the privilege of working with and alongside some of the most exciting FinTech businesses and individuals across multiple markets. Any observation I am able to draw comes from a place of passion and sincere enthusiasm as well as a helpful dose of experience. So without further ado, let’s compare and contrast.

The UK hit its stride at the perfect time, can Australia catch up?

The UK represented the perfect melting pot for FinTech to explode. For starters, London is a global financial hub filled with a population who have a growing distrust of banks. Paired with being a technology epicentre and an increased confidence in European investment and you have the perfect disruption climate.

In 2013, UK & Ireland’s FinTech sector was at the start of an exponential growth curve, accounting for over half of all European VC Investment, at roughly USD $700 million. The following two years represented enormous growth, and the UK enjoyed the peak in global FinTech investment, which has since subsided through 2016 (KPMG, Pulse of FinTech report). All of this enabled the UK to thrive as a leader in FinTech globally with Funding Circle, a peer-to-peer small business platform, and TransferWise, a money transfer service, emerging as the UK’s first technology Unicorns.

Conversely, Australia has struggled in many of the aspects that have allowed the UK to thrive. Australia’s banks have a strong foothold and are nimbler than their UK counterparts. The investment market is more cautious than it was in 2013, and their global financial presence is not as strong as other hubs around the world. Furthermore, the FinTech ecosystem here is younger. To put the timeframe into context, the Tyro FinTech Hub (Australia’s first FinTech hub) opened in December 2014, and Stone and Chalk, an independent non-profit FinTech hub in Sydney, only opened its doors in August 2015. In comparison to Level 39 (the UK equivalent) who opened in March 2013.

That being said, Australasia is punching well above its weight, and there is a lot of promise here. Companies like Prospa (recently secured a $60million Series B), AfterPay (listed on the ASX), Tyro (Australia’s newest bank) and Xero (New Zealand’s technology darling) were all listed in KPMG’s FinTech 100 in 2016.

Australia’s banks hold all the cards

“The Big Four” banks in Australia are some of the most profitable globally, representing 2.9% of the country’s GDP, more than any other in the world. They hold a 90% market share and vitally, they maintained profitability during the GFC. Furthermore, their combination of retail focus and being technologically forward thinking has meant they continue to provide a largely positive (or at least progressive) consumer experience. All of this combined means they have an extremely strong grip on the customer.

This was a really stunning difference for me having come from the UK, where the banks suffered enormously during the GFC losing billions of pounds of consumers’ money. Unsurprisingly, the rhetoric around banks in the UK is sincerely negative. As a result, it is easier for new entrants in the UK market to attract customers, as there is already an interest to disassociate from the banks where possible. This also in a sector where the cost of acquisition is extremely high and the emotional commitment you are asking customers to make is more than a typical transaction.

Conversely, FinTech businesses in Australia face a less interested consumer, significantly more dominant and more technologically advanced banks, and a regulatory environment that is more stringent. At the launch of Tyro’s bank, which I had the privilege of attending, Atlassian’s Mike Cannon-Brookes commented on the current climate amongst Australia’s FinTech. Quoting Jeff Bezos, Cannon-Brooks said “Your margin is my opportunity”, showing great confidence in the FinTech space down under. He is absolutely right; the profitability of banks in Australia represent an opportunity for new entrants who can identify very specific profit margins for the banks and attack those particular lines. We have already seen this across lending, broking, and credit cards and below I have outlined some exciting areas to watch.

Regulation should focus around innovation

Since 2010, the UK has had a superb regulatory environment for new financial services, one that has proactively encouraged innovation and disruption, allowing new sectors to emerge. As such we have seen the rise of peer-to-peer lending (including P2B), P2P FX, equity, crowdfunding, digital banks, social stock trading and robo-advising. While the regulation is more stringent now, it has been more malleable, allowing the sector to thrive.

Australia still has some catching up to do here. Ultimately the success of the big banks through the GFC did not force the hand of the government as it did in the UK, which pushed diversification of the banking sector. The barrier for entry for new financial services companies in Australia is extremely high (in comparison to the UK in 2013). A great example of this is the P2P sector, which at its height, had more than 35 companies competing in the same space. Conversely in Australia, I currently count 8.

That all being said, we have seen some great progress, with the creation of a regulatory sandbox for financial services entrants to allow better testing without the need for regulatory approval. A great step in lowering that barrier to entry.

Areas to watch

Ultimately, I feel that Australia is a bit behind the UK in regards to FinTech. While the UK was an early adopter, Australia seems to be reactionary. Having said this, Australia is producing some really exciting businesses.

Focusing further on Jeff Bezos’s “your margin is my opportunity”, I believe there are several sectors where companies are already making phenomenal ground that will have a significant impact on both the Australian and global FinTech sector:

Buy Now Pay Later

Sitting in the perfect melting pot of extremely high profit margins from bank credit cards, and a rise in Australian eCommerce, the potential for this sector is enormous. Only a few businesses have managed to get this right globally (namely Klarna in Sweden), but both AfterPay and ZipMoney have listed on the ASX and look really promising.

Loan Broking
Many businesses in Australia are making an extremely strong play to disrupt mortgage broking, notably Uno Home Loans and LoanDolphin, which have seen great success so far. I imagine the next step will be for these businesses to lend directly off their own book, but we will have to wait and see.

SME lending
Like most countries around the world, banks are not good at servicing this sector of economy, typically a difficult sector to give financial advice too and not deemed profitable enough. Enter Xero and Tyro, who have made a big play for this sector, giving them access to money through the new banking license Tyro acquired in 2016. In addition to this, invoice financing businesses such as Invoice2Go and P2SME lending companies such as ThinCats  have also had a strong 12 months.

It’s been a phenomenal few years for what is still a very young FinTech sector. There are some really exciting battlegrounds in FinTech in Australia, and still plenty of opportunities for new entrants. I look forward to doing everything I can to support these businesses in making FinTech in Australia a huge success.

Mathew Parker recently made the journey from the UK to Australia, where he works to drive MitchelLake’s already great work in the growing FinTech ecosystem. If you can’t already tell, he’s a FinTech fan boy, and has busied himself in the sector by producing events, pitching ideas, and winning Australia’s first FinTech Start-up weekend at Stone and Chalk. If you want to chat FinTech, or anything else that is interesting you in 2017, get in touch now.