All three.

Culturally, tall poppy syndrome prevents successful people from showing their success, and it is seen as a massive problem to fail. These two things alone make up a pretty chilling force.

You have few good local VCs (though maybe I'm out of the loop), a tiny stock market that doesn't "get" tech and a high cost of living/wage expectation.

At a policy level our economy's geared to property so what money there is goes there, a panel system for government which results in big overseas cos getting a huge edge and general low grade corruption/nepotism which makes the playing field less even.