The fourth industrial revolution is going strong, and most of the countries may see a serious downfall. Developed countries believe that start-up communities could be the best solution. The fourth industrial revolution means that technology will play a massive role in any industry. It will decrease the number of jobs that are available now. If you don’t know, some of the professions are already replaced with technologies and computers. Most businesses want to increase their revenue and profit. When a company invests money for a one-time payment and don’t have to pay someone monthly, then its productive investment. People will keep improving technologies, while computers continue replacing human labor.
What will happen in the future? Large companies around the world believe that the start-up community can help people in maintaining their work. It’s not only about saving millions of jobs across the globe, but it’s crucial to grow the economy of a particular country. When it comes to India, it’s one of the biggest countries when it comes to population. As of now, we know that India’s population is up to 1.4 billion people.
Indian economy has not as strong as the economy US, but they have very smart people in government. Back in 2012, the country’s government decided to create a very warm community of start-ups. All the start-up companies have a chance to get office and access to millionaires quickly. We see that the government has built thousands of buildings, offices, and hubs where start-up companies and tech-navy people could meet and exchange thoughts or even create a workable plan.
Fintech success is critical in the fourth industrial revolution
As we have mentioned above, the fourth industrial revolution leads to the massive development of technologies. One of the first countries that decided to use financial technologies as their advantage is Australia.
Almost every technological development is praised and approved by the government of the country. Even the parliament of Australia is very fast when it comes to approving the bills related to fin-tech industries. What can Indian start-up communities learn from the Australian model? Well, there are plenty of tips and tricks Indian companies can copy from Australians, but we should follow the timeline correctly.
Gaming was the first fin-tech industry for Australia
As in general, Gaming was the first step in the fin-tech revolution. The Australian government gave a chance to video gaming, and at the same time, we saw the rise of gambling. Keep in mind that gambling was very popular not because of offline buildings of Casino or Slot machines? Gambling was popular because those platforms were accessible through the World Wide Web. It was impressive how fast the Australian government has reacted to the development of the internet and technologies. We saw that not only betting but also slots for real money became accessible on online platforms.
Australian casino and Gaming platforms got online domination globally, and it was an example of success. That was the first “a-ha” moment when Australian officials decided to realistically use fourth industrial revolution as their advantage. The country has adopted almost every significant fin-tech achievement, including the crypto revolution. As you know, Cryptocurrencies have seen a considerable rise since the 2010s. We noticed that Bitcoin’s price went up by 1000% by the end of 2017. Even though people loved Bitcoin, Australian government used that as an advantage and enabled local, Australian business operators to use Bitcoin as payment option. That’s how Australian online Gaming (casino, betting, horse racing, slots, etc.) platforms got a chance to add a new feature called Bitcoin. Although people loved to play slots for real money, it was possible to attract more attention to the usage of Bitcoin.
What are significant take-away factors from Australia’s success?
First of all, India should be very liberal when it comes to Gaming. It’s the best industry where you can test new technological achievements and find a reaction from people. Gaming is the most popular industry around the world, and no country should lose the chance of that cake. Secondly, technological development is unavoidable. Australian government decided to use the inevitable revolution as their advantage. That’s how Indian start-up companies should look at every perspective. Technological progress could be an issue if you overlook it. From the live example of Australia, we see that timely reaction to every technological achievement will lead to success sooner or later.