A highlight of Melbourne Games Week so far, the Creative Exchange panel discussion on Funding for Games was a gem, filled with insight, key learnings, and advice for development studios of all sizes, be they start-up or scaling-up.
Hosted by Film Victoria CEO Caroline Pitcher, the night kicked off with an introduction to the four panellists, each taking to the podium and introducing themselves, their business, and the journey they have been on to arrive on stage.
The panellists included Fellow Traveller’s Chris Wright, State Manager at Community Centre Banking Bruce Argyle, League of Geeks Co-Founder Blake Mizzi, and Pozible Operations Lead Gemma Bastiani.
Discussions between the group quickly identified just how different each of their journeys had been, and how similar opportunities had made vastly different impacts on their businesses.
One of the key takeaways was that of perspective, and the responsibility involved when receiving funding. Having the outlook of business investment instead of product investment, and how funding should enable the development and running of a business, not a project.
Taking on this change in perspective will make funding more adaptable and allow for more responsible budgeting. This is, of course, provided the company is seeking injection-based funding, moving from start-up funds, to scaling investment, and then equity-based opportunities.
Diversification of income was the second most important takeaway from the session, not relying on a single funding injection, or launching a product into early access and relying on sales revenue. But by utilising both opportunities, and identifying the advantages of each, incorporating those lessons into your company.
The session continued, and each panellist went into depth regarding their journeys, sharing their knowledge and experience with a room full of development talent, and ambition. These journeys are the examples of what the next round of Australian studios will have to navigate themselves, and we can’t wait to see what they will achieve.
Creative Exchange: Funding for Games session is a part of Melbourne International Games Week 2018. For more information on this event and a full schedule, you can check out the official site.