Asian and Australian start-ups have strong global ties
The research was funded by Commonwealth Bank Australia and The University of Sydney Business School Industry Partnership Grants.
A nationwide online survey was conducted to learn about the characteristics of Asian-Australian businesses in Australia and understand how they expected to emerge from the COVID-19 pandemic.
For the survey, Asian-Australian businesses were defined as entities registered with ASIC and ARO, and founded or owned by persons of Asian descent (e.g., Chinese, Malaysian, Korean, Indian or Vietnamese).
The survey was promoted nationally with the help of local Asian-Australian Chambers of Commerce, industry associations, social media platforms and the ABC’s Commercial Banking Network. Seventy-two people responded and completed the survey.
In terms of business size, 37% had annual revenues below AUD 2 million, 31% between AUD 2 and 10 million and 32% above AUD 10 million. The majority of respondents (69%) employ less than 20 people and 19% employ between 20 and 49 people.
More than 46% of companies had existed for less than 10 years, 33% between 10 and 20 years and 21% for more than 20 years.