Locating a start-up business in the multinational hub that is Sydney, the creative stronghold of Melbourne or the spiralling population of Queensland may appear to provide the best opportunity for growth. And, in many cases, you’d be right.
However, in terms of business survival, the major economic hubs lag significantly behind. To find the leading state in terms of start-up longevity, you have to lower your gaze. To Tasmania, to be precise.
The Apple Isle has the lowest start-up failure rate of any Australian state or territory. According to a recent Australian Bureau of Statistics report, 75.7% of businesses that started in Tasmania in 2007 survived until June 2009.
Given the upheaval in the economy during this period, Tasmania’s start-up survival rate is impressive, particularly compared to the powerhouses of Victoria, New South Wales, Queensland and WA, all of which recorded at least 4% more closures during this time.
Tassie on top? Read on…
