👉 Background: OpenAI and its chatbot ChatGPT burst onto the scene in November 2022. And since then, its adoption, and cultural relevance, has grown like crazy. In fact, OpenAI is reportedly approaching a $US500 billion ($771.8 billion) valuation in an upcoming share sale.

‍👉 What happened: In the past year, the number of weekly active users of ChatGPT in Australia has increased by two and a half times. But right now, OpenAI's nearest employees have been based in its Asia Pacific head office in Singapore. Now, Open AI announced plans to open a local operation in Sydney.

‍👉 What else: Having a local presence will enable it to work more closely with its large partners (like Commonwealth Bank) as well as policymakers in Australia.

‍What's the key learning?

‍💡The Australian government is currently in the process of working out what it chooses to fight, and what it chooses to facilitate, when it comes to AI innovation. It needs to strike the right balance between introducing laws to protect workers, but also ensuring it is enabling AI adoption in the right way.

💡But the horse has already started to bolt in Australia. In fact, Australia is in the top ten countries globally for ChatGPT, in terms of the number of developers using OpenAI products...as well as ChatGPT subscribers.

💡With the demand from Australian consumers and businesses, OpenAI needs to build and maintain relationships with Australian business customers and increase its presence in Canberra.