Cicada X Tech23 2024 Insights Report

Deep Tech is Australia's critical technology

The 2024 Cicada x Tech23 Insights Report examines the state of Australia’s deep tech ecosystem, drawing on data from 141 startups and Cicada’s 25 years of experience. It highlights key trends, challenges, and urgent actions needed to secure Australia’s technological future.

• The Deep Tech Surge – 72% of Tech23 applicants were founded in the last five years, reflecting rapid growth in critical technologies.
• The Investment Bottleneck – While early-stage startups rely on grants, venture capital accounts for just 17% of deep tech funding, making scaling difficult.
• Adoption and Procurement – Without government procurement and corporate partnerships, deep tech startups struggle to secure first customers, validate technology, and scale.
• Deep tech thrives on partnerships. 72% of startups collaborate with Australian universities, and 65% with Australian SMEs, highlighting the critical role of research-industry connections in advancing breakthrough technologies.

Cicada x Tech23 2024 showcased ventures tackling energy, security, climate resilience, and manufacturing. But without stronger support, their potential remains untapped. Deep tech is the foundation of Australia’s future economy. This report lays out what is needed to unlock its full potential.

Cicada x Tech23 2025

Global Innovations. Made In Australia

10th September 2025 | Sydney

Cicada x Tech23 is Australia's biggest deep tech festival celebrating the leaders shaping the future. It’s a gathering of bold innovators, big thinkers, and those who back them—bringing together startups, investors, industry leaders, and policymakers to explore groundbreaking ideas and transformative technologies.

Expect thought-provoking discussions, inspiring stories, and the chance to connect with the people driving real impact in deep tech. Whether you’re a founder, investor, or ecosystem leader, Tech23 is where innovation meets opportunity.

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