With China's economy slowing down and mining boom on the way out, experts say it's crucial Australia finds a new engine for the economy.
Entrepreneurs say what's needed is an 'Australian Silicon Valley.' But while Australians rank among the best in the world in innovation - red-tape has the country's brightest choosing to take their business - and profit - elsewhere.
With an election just days away, both side of politics are courting Australian entrepreneurs with promises of regulatory reform, more support and a better broadband solution.
Sydney-based textbook rental company Zookal started in 2011 by offering cheaper textbooks.
Now the tech company helps thousands of students across the country with a staff of just 12, all in their twenties.
"We knew that we wanted to start a company, we didn't think it'd actually get this big," Zookal founder and CEO, Ahmed Haider says.
Experts predict businesses such as Zookal will soon be propping up the economy.
"It's great from a productivity perspective, great from an export perspective. It's a smart industry - great for bringing in investment, employment," tech start-up mentor Mick Liubinskas says.
There are about 1,500 tech startups in Australia and that number is rising.
A report commissioned by Google says in 20 years, the start-up sector could add more than 500,000 jobs and generate more than $100 billion to the economy - that's 4 percent of Australian GDP.
But like many, Zookal might have to take its business elsewhere.
It claims Australia punishes businesses for growing.
"There's a lot of fees and charges and government taxes that inhibit that early stage hyper growth that you get in the US," Mr Haider says.
"And that's why I feel as though the next Amazon or Facebook or Google or Apple that is trying to come out of Australia is almost got this ceiling over it."
But with this election, that could change.
The Liberal party says it will loosen red tape and provide entrepreneurs with better access to finance.
"It will free up those entrepreneurs to do what they do best - that's to innovate, to create opportunities," Opposition minister for small business Bruce Billson says.
"That's all too hard at the moment, and many talk about - under Labor in Canberra - a hostile and disinterested environment that doesn't give them the encouragement to have a go."
But Labor says its already making improvements by expanding an innovation fund and reviewing the employee share scheme.
Minister Assisting for Industry and Innovation, Kate Lundy says Labor's National Broadband Network (NBN) will expand the reach of Australian start-ups.
"The broadband network means our geographic characteristic - being so far from those big northern hemishpere markets - is no longer such a barrier."
Mick Liubinskas insists Australia can create its own Silicon Valley - as long as whoever wins the election makes it a priority.
"Right now is the opportunity for Australia to really carve a niche and be a real global competitor," he says.
Ahmed Haider would love for Zookal to stay in Australia.
"Having said that we have to do what's best for the business."
