If Aussie computer whiz kids can level up to include entrepreneurial skills in their list of technological expertise, Australia can create a sector of tech start-up firms that could contribute $109 billion to the economy annually by 2033 as well as create 540,000 new jobs.

A report by PricewaterhouseCoopers (PwC) that was commissioned by Google Australia said that if this was achieved, tech start-ups could easily contribute 4 per cent of the country's gross domestic product 20 years from now.

But naturally, it would entail much hard work to get to these statistics.

For one, Australia would need to encourage and participate in more early-stage funding. The report discovered that compared to the U.S., Australia only invests US$7.50 ($7.28) per capita in venture capital per annum, while the U.S. spends as much as US$75. Israel likewise spends higher than both, at US$150.

Australia would also need to manage and exorcise its "fear of failure" rate, moreso that it has a relatively favourable environment for entrepreneurship. According to a PwC analysis of Global Entrepreneurship Monitor, Australia ranks 29 based on entrepreneurial activity, culture and regulatory environments. The U.S. is at number 24 while emerging markets in Africa and Latin America are at the top.

At present, there are about 1,500 tech start-ups in Australia. Majority, or 64 per cent are in Sydney, while 24 per cent are in Melbourne while the remainder is scattered in Brisbane, Perth, Canberra and Adelaide.

But for the $109 billion to be realised, the number of tech start-ups must aggressively rise to 5,600 by 2023, which is 10 years from now.

Plus, at least 43,000 entrepreneurs in the long term are needed to push the products of these tech start-ups. According to the report, it would be best if they target the finance, insurance, health and aged care sectors.

"Clearly this is a significant task for the ecosystem to achieve," the report said.

The report urged Australia to flaunt its technological successes, which including the invention of WiFi Internet technology and bionic Cochlear hearing technology.

Unfortunately at present, Australia now has a shortage of computer science courses to bolster this goal as only 71 per cent of start-up founders did not study computer science at all.

"Computer science has become increasingly unpopular with domestic students, with the proportion of domestic students graduating in computer science falling two-thirds in the last decade," the report said.