As one industry pundit in Australia puts it, gone are the days of walking in with a three-page business plan and walking out with a million dollars in funding.
The fact that Australia won't be represented at either of the globe's pre-eminent showcases for emerging tech companies should be considered a national disgrace.
Sydney-based casual computer gaming start-up 3RD sense is about to embark on capital raising to hire staff and management expertise to capitalise on its potential to captivate people's attention. And the odds are good it will succeed.
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