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Melbournes startup scene has been growing rapidly in recent years fueled by a combination of a supportive community a thriving tech industry and a bustling creative culture located in the southeastern part of australia melbourne has a population of over 5 million people making it the secondlargest city in the country the city has a rich history of entrepreneurship with pioneers like sidney myer who founded the myer department store chain and nellie melba the renowned opera singer who established her own music school and foundation today melbourne is home to a vibrant startup community with innovative companies ranging from fintech and healthtech to ai and ecommerce some of the most notable startups to come out of melbourne include afterpay culture amp and canva all of which have achieved global success and recognition the city is also home to several prominent universities including the university of melbourne monash university and rmit university which are known for their contributions to research and development these universities have played a crucial role in fostering the entrepreneurial spirit of the city providing a fertile ground for the creation and incubation of new startups melbourne is known for its living wage which currently stands at 2033 per hour the unemployment rate in the city is relatively low currently hovering around 35 which is a positive sign for the startup ecosystem the citys gdp is estimated at 110 billion making it one of the largest contributors to australias economy despite the challenges posed by the covid19 pandemic melbournes startup scene has continued to thrive with a growing number of new companies starting up and established companies expanding their operations the city has a robust ecosystem of support for startups including accelerators coworking spaces and venture capital firms however melbournes startup scene is not without its struggles one of the biggest challenges facing startups in the city is the high cost of living which can make it difficult for entrepreneurs to attract and retain talent the city also faces competition from other startup hubs around the world such as silicon valley and singapore which can make it difficult to attract investment and attention from international investors overall melbournes startup scene is a dynamic and innovative ecosystem that is poised for continued growth in the years to come with a supportive community a thriving tech industry and a rich history of entrepreneurship melbourne is wellpositioned to be a leader in the global startup landscape
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