David Lindberg, Chief Executive, Westpac Business Bank and 2018 program judge, said this year’s applicants demonstrated the scale of movement of the Australian economy into a digital world.
“The digital economy is predicted to be worth $139 billion by 2020 to the Australian economy[1] – as a key driver of change in the future, this year’s businesses reflect the drive that’s disrupting and shaping the industries they operate in. Almost three quarters of the top twenty businesses are directly involved in technology or software development and this year also saw an increase in micro-business applicants, including early stage tech-businesses, which increased almost three-fold from 2017.
“This tells me leading Australian businesses are capitalising on the opportunities for growth. They’re breaking new markets, developing technology that helps people with autism gain employment, providing better analysis for solar energy users, using technology to make prescription glasses more durable and affordable, and transforming waste into useful materials.
“Over half (59%) of these businesses have an ambition to expand to the global marketplace and I look forward to seeing this great Australian entrepreneurial spirit succeed – because we have great talent and ideas in this country that deserved to be backed.
“As Australia continues to make the transition to a services and knowledge-based economy, it’s increasingly important for businesses to broaden their skills, tap into shared-knowledge and strengthen professional networks. Burgeoning businesses are critical to our success as a nation and to continue our 25-plus years of economic growth. By bringing together the right minds, tools and support, we are backing businesses that will help deliver a stronger, more prosperous Australia,” said Lindberg.