The Australian bank, Westpac, has launched its 2018 Businesses of Tomorrow program in which it has recognised 200 firms.
The businesses have been selected due to their vision and economic drive, specifically focusing on a digital economy.
“The digital economy is predicted to be worth $139 billion by 2020 to the Australian economy1- 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,” stated Davis Lindberg, CEO of Westpac Business Bank.
“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.”
The program has focused on adaptability, resilience, customer value, and how ready for change they are.
The 200 companies will be narrowed down to a list of 20, all of which will receive a two-week study tour of Silicon Valley as well as a $50,000 professional services package.
The top 20 businesses will also join a mentor matching programme with Australian business leaders.
“One of our core functions is enabling seamless digital processes so banks can make it as easy as possible for customers to open accounts, apply for a loan or become business customers,” remarked Philip Copeland, CEO and Founder of Avoka, a firm chosen to be part of the program.
“Avoka accelerates customer acquisition for banks and allows them to get outstanding customer journeys to market very quickly.”
“With the help of Westpac and the Businesses of Tomorrow program, we’re looking forward to increasing our networking capabilities and continuing to improve and expand our product offering.”
“Having been selected for the second year in a row, this time as a top 20 finalist, we appreciate the opportunities Westpac has given our business.”