Media releases

Westpac backs 200 Australian businesses to unlock Australia’s economic potential

07 April, 2017

• 200 outstanding businesses to help unlock some of Australia’s $70 billion^[1] economic potential and exchange ideas at a networking Summit in Sydney.
• Westpac names 20 exceptional Australian businesses to receive mentoring from some of the nation’s most influential and attend global study tour in the USA and China.
   

As part of its Businesses of Tomorrow program, Westpac today recognised 200 outstanding businesses that have the drive to boost the nation’s future as Australia transitions to a services and knowledge-based economy.

 

These businesses have demonstrated a clear vision to shape Australia’s economy and have the qualities and potential to help tomorrow’s customers and communities.

 

From the 200 businesses, 20 high potential have also been identified and will participate in a unique mentor-matching program with some eminent Australian business leaders.

 

The 200 diverse businesses from across Australia gathered at a Summit in Sydney alongside business leaders, to network, share knowledge, and collaborate on the future of Australian business.

 

David Lindberg, Chief Executive, Westpac Business Bank, said: “Truly remarkable things happen when businesses come together; and we know that networking and collaboration are among the top drivers of business success.

 

“Bringing together 200 businesses that all have the potential to shape our nation’s future presents an opportunity for the Australian business community. We are helping the next generation of Australian businesses to thrive and succeed in a changing world.”

 

The Businesses of Tomorrow are an impressive cohort, with a collective turnover of approximately $2 billion per year, which support thousands of employees.

 

The businesses represent a broad range of industries, although the list is heavily weighted to businesses in industries with high growth potential:

 

• Technology businesses make up 40 per cent of the top 200 businesses. The digital economy is estimated to grow by 10 per cent each year and be worth $139 billion by 2020^[2]
• Health businesses constitute 9 per cent of the list, and the industry is expected to grow by 5 per cent annually on average over the next 3 years^[3]
• Education businesses comprise 9 per cent of the top 200, and education exports are predicted to grow by around 6 per cent annually to 2025^[4].

 

Mr Lindberg added: “Our businesses represent the diversity of Australia – large and small, new and established businesses, across all industries and sectors.

 

“It’s pleasing to see strong representation among service-led sectors such as health, professional services and technology, all predicted to have strong growth over the next 10 years. These businesses demonstrated the potential for a higher purpose.”

 

The top 20 high potential Businesses of Tomorrow will participate in a tailored mentoring program with some influential Australians who have succeeded in business leadership. Among the mentors to be matched to a business are Carla Zampatti AC, Ita Buttrose AO OBE, John Eales AM, Tim Fung and Andrew Vesey. The 20 businesses will also receive a tailored $100,000 professional services package and a global study tour in the USA and China.

 

Among the 20 high potential businesses were baby sleepwear company Love To Dream, global data room provider Ansarada and peer-to-peer car sharing service Car Next Door.

 

Mr Lindberg said the judges were impressed by the calibre of applicants: “We had so many businesses with the potential to go global, and one of the things we hope to do is support that expansion. I think it’s something all Australians should be proud of because we have all these great companies with the potential to take on the world.”

 

When asked how Westpac Business Bank would measure the success of the program, Mr Lindberg said: “Our goal is to look back in 10 years’ time and be able to confidently say we supported some of the businesses that helped shape our nation. We have identified an incredible group of businesses and business leaders, and I look forward to following their journey and successes for years to come.”

 

The opportunity to create a multi-billion dollar impact on the nation’s economy was upheld by a 2016 Westpac Businesses of Tomorrow report by Deloitte Access Economics. It found an opportunity of about $70 billion exists for Australia by harnessing business leadership potential. This translates into a 4 per cent increase in the nation’s GDP (PPP-adjusted).

 

The 200 Businesses of Tomorrow were chosen from almost 2,000 applications nationally. They were based on criteria such as business purpose, contribution to customers and the community, current strengths and vision for the future.

 

Westpac’s 200 Businesses of Tomorrow:^[5]

^{[1] The 2016 Westpac Businesses of Tomorrow report by Deloitte Access Economics.
This is based on academic studies suggesting that 29% of the productivity gap between Australia and the United States (23%) can be explained by management effectiveness, as measured by a range of factors such as goal and target setting, plan execution, talent management and promotion systems. Deloitte Access Economics has calculated that halving this gap could lift productivity by 4%. The main study is by Nicholas Bloom et al. from 2013. GDP per capita ranking based on World Bank purchasing power parity GDP data.}

^{[2] The 2015 ‘Connected Continent II’ report by Deloitte Access Economics for Google}

^{[3] Business Outlook by Deloitte Access Economics}

^{[4] The 2015 ‘Growth and opportunity in Australian International Education’ report by Deloitte Access Economics for Austrade}

^{[5] Note: Businesses in bold are 20 high potential businesses}

 

ABOUT WESTPAC BUSINESSES OF TOMORROW

 

The Westpac Businesses of Tomorrow program recognises and supports great Australian businesses today, with a clear vision for tomorrow. The program was announced in April 2016 to help businesses, big and small, transition and grow in a changing economy.

 

The Westpac Businesses of Tomorrow program had an incredible response from Australian businesses, receiving close to 2,000 applications.

 

Twenty Businesses of Tomorrow which have demonstrated exceptional potential will each receive a tailored $100,000 professional services package, one-on-one mentoring with some of Australia’s most influential mentors, and a global study tour in the USA and China.

 

The Businesses of Tomorrow were independently assessed by Deloitte and chosen by a high profile judging panel including: Alison Deans, Director: Westpac, Cochlear, IAG, kikki K; Prof. Chris Styles, Dean, UNSW Business School; David Lindberg, Chief Executive, Westpac Business Bank; Eric Johnston, Editor, Australian Business Review; Lyn Cobley, Chief Executive, Westpac Institutional Bank; Pip Marlow, former Managing Director, Microsoft; and Simon Cant, Co-Founder and Managing Director of Reinventure Group.