The collapses keep coming at the small end of Australia’s business community – companies from a range of sectors (including advertising, transport, construction and clean tech) that limped through the worst of the downturn in 2009, only to find the cash has finally dried up.
That’s a trend that will continue for at least the next six months, and possibly longer, as fed up banks move into to sell off assets they wouldn’t have had a hope of shifting nine months ago.
But let’s forget about that for a second and celebrate two spectacular success stories from the last week that show Australian companies really can make a big impression on the global stage.
The first is biotechnology company Acrux, which earlier this week signed an agreement to license its underarm male testosterone treatment, Axion. The deal could deliver Acrux, based in Melbourne, up to $US335 million as Axion achieves certain approvals and milestones.
But this agreement means much more than that – for Australia’s struggling biotech sector, this deal is a huge confidence boost. It proves that with the right support, the right management and the right strategy (and plenty of patience from investors) then Australian biotechs can take a product right through the development phase to commercialisation.
Another winner was clean tech company Dyesol, which was named as one of Bloomberg’s five New Energy Pioneers.
The company, which can produce solar power using a special dye sandwiched between glass, is rapidly become one of Australia’s most exciting clean tech companies and a global leader in the solar sector.
Again, more proof that Australian technology companies can succeed on the world stage if given the right support and time to properly mature.
Tonight I am off to India to attend a conference being held by computer giant Dell. I’ll be accompanying an innovative software company called QSR, which was the Australian winner of Dell’s Small Business Awards last year.
The conference includes a special meeting with Dell founder Michael Dell and it will be interesting to hear his thoughts on the rapidly changing IT landscape. I look forward to reporting back early next week!
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
