Australia has been given a direct warning in the latest StartupAus report: embrace startups or be left behind by the rest of the world.

While several new venture capital funds and co-working spaces were created last year, the second Crossroads report says Australia is at risk of falling behind the rest of the world if the right measures aren’t put in place to support innovation.

Australian-born entrepreneur Adrian Turner, who founded Mocana Corporation and the Borondi Group, says in the report’s foreword that industries that account for almost a third of Australia’s GDP are currently “in the line of fire” when it comes to technological disruption.