Uber, Airbnb, Dropbox – there’s a vast range of successful startups out there, and they’re not just in Silicon Valley. At Talent, we’re proud to support Australia’s thriving tech startup scene.
With the potential to create around 540,000 jobs by 2033 and contribute 4 per cent of GDP to the Australian economy (statistics courtesy of PwC), tech startups are a hugely exciting prospect for many tech professionals.
It’s not all fun and games and mini golf courses in the office, however. It takes a lot of hard work to make a startup succeed. What are the pros and cons of working for a tech startup?
Pro 1: Innovation innovation innovation!
There’s no middle management in a startup; you work directly with the founders.
People who start their own business are innovators by nature. Startups need to grow fast, and that means you have a license to be creative. New ideas, new projects, different ways of looking at things – they’re all actively encouraged in a startup. You can really make your mark, and be able to show the tangible effects of the work you do in the business. You’ll have far more responsibility, and will be able to take up work outside your job description (often your job description is still being defined).
Con 1: Your job isn’t as secure
Nine in 10 startups fail, according to a study by Stanford University and UC Berkeley. This means you’ll be putting a lot of work into a business that may not make it past three or four years. Often startups don’t pay as well either. Sometimes, employees will take a low salary in return for equity when the business has found its feet. This relies on the startup succeeding, however, and that’s not always guaranteed.
Pro 2: You’ll learn lots
There’s no middle management in a startup; you work directly with the founders. This means you get to learn from the top. It won’t just be tech skills you’ll pick up either – you’ll get an overview of everything that it takes to make a business grow and succeed.
There’s no getting away from it – startups are a huge amount of work.
Con 2: You have to be dedicated, really dedicated!
There’s no getting away from it – startups are a huge amount of work. These businesses are still finding their feet, and there’s a thousand little things that go into setting up a company. Although there’s often flexible working perks, you’ll also need to be ready to take on a big workload – you really have to want to see the startup succeed.
But in the end, startups present a great opportunity
You’ll never have a boring day, and the scope to be creative is vast. There are certainly downsides, but as long as you’re prepared to dedicate the hard work, the rewards you reap can be huge.