LinkedIn reveals Australia’s top startups for 2024

LinkedIn has released the 2024 LinkedIn Top Startups Australia list, an annual ranking highlighting emerging companies where professionals aspire to work. This year's top startups are making significant strides in various fields, including medicinal cannabis, lab-grown meat production, and hypersonic rocket design. These companies are witnessing rapid growth and attracting interest from investors and job seekers but are also driving innovation within their respective industries.

LinkedIn's Top Startups list is derived from data reflecting the actions of over one billion LinkedIn members globally. This data encompasses four main metrics: employee growth, jobseeker interest, member engagement within the company and its employees, and the extent to which these startups have attracted talent from LinkedIn's Top Companies list. To qualify for the list, companies must be headquartered in Australia, independent and privately held, have 30 or more full-time employees, and be five years old or younger.

The leading startup on this year's list is Montu, based in Melbourne. Founded in 2019, Montu is an Australian medical cannabis company that facilitates access to medicinal cannabis through a telehealth platform connecting patients with qualified doctors. Following Montu is Eucalyptus, a Sydney-based telehealth platform catering to various health segments, including contraception, fertility, skincare, men's health, and sexual wellness, founded in 2019.

ProcurePro, headquartered in Brisbane, ranked third. Established in 2020, the company develops software aimed at helping construction firms manage and consolidate their procurement processes digitally. Another Melbourne-based startup, Heidi Health, founded in 2021, placed fourth with its AI tool designed to automate administrative tasks for medical practitioners. Sydney's Constantinople, an all-in-one software and operational platform that aids banks in managing everything from customer service to compliance, took the fifth position.

In the food biotech sector, Vow, based in Sydney and founded in 2019, placed sixth. Vow uses animal cells to recreate meat-like products in labs and factories. Seventh place went to Ofload, another Sydney-based company founded in 2019, which aims to digitise Australian trucking fleets to create a more centralised and sustainable supply chain. Howatson+Company, a full-service advertising agency based in Sydney and established in 2021, ranked eighth. Zeller, a Melbourne-based startup providing payment and financial services to small- and medium-sized businesses, founded in 2020, secured the ninth position. Rounding out the top ten was Safewill, a Sydney-end-of-life planning platform founded in 2019, enabling users to create digital wills more easily.

Cayla Dengate, a career expert at LinkedIn Australia, stated, "LinkedIn's 2024 Top Startups list showcases Australia's vibrant entrepreneurial ecosystem and features dynamic companies across a wide variety of industries. Based on unique LinkedIn data, the list can help Aussie professionals discover emerging companies across multiple sectors and provide valuable insights for those looking to grow their career."

To help individuals aiming to secure jobs at startups, Dengate offered several tips, including adopting a growth mindset, highlighting how one will fit into the company culture, demonstrating critical thinking skills, and showcasing one's passion for the startup's mission. "Startups evolve quickly, and they value people who are adaptable, eager to learn and grow with the organisation," she added.

The methodology for the LinkedIn Top Startups list is based on four pillars: employment growth, engagement, job interest, and attraction of top talent. Employment growth is assessed as the percentage headcount increases over the methodology timeframe, which must be at least 10%. Engagement considers non-employee views and follows the company's LinkedIn page, as well as how many non-employees view employees at that startup. Job interest measures the rate people view and apply for jobs at the company. Attraction of top talent gauges how many employees the startup has recruited from any global LinkedIn Top Company relative to the startup's total workforce.

To be eligible, companies must be independent and privately held, have 50 or more country-based employees, be five years old or younger, and be headquartered in the country where they appear on the list. The methodology timeframe covered from 1 July 2023 to 30 June 2024.