With several key-speakers attending, the 2016 Business Summit offered great advice and insights into the global and domestic business market.
Our take-away key points from each speaker from the 2016 Business Summit:
The Honourable Scott Morrison MP
- Despite the reported slowdown, China’s purchasing power is 50% more than 10 years ago.
- There are 100,000 Chinese visitors to Australia every month.
- 90% of the data we use today has been captured in the past two years.
John Rice – Vice Chairman, GE
- The new challenge is to find ways to handle the dislocation of people that is the by-product of new innovations.
Larry Marshall – Chief Executive, CSIRO
- China’s Innovation Agency works with Australia, because they think we do so much with so little.
Ahmed Fahour – CEO, Australia Post
- In 2008 Australia Post delivered 5.3 billion letters – a business that had taken 200 years to build. Five years later, 50% of the letter business was gone.
This coincided with the launch of the first iPhone in 2008.
- In response to this, Australia Post now delivers two thirds of all packages relating to online purchases in Australia.
Mike Cannon-Brooks – Founder, Atlassian
- I have a belief that in 20 to 25 years there will be a world of unlimited free energy.
- Technology is made by people – it is all about talent.
- There is an opportunity to incentivise our tax system to bring the best overseas talent to Australia.
Robyn Elliott – CIO, Fairfax
- The ease of use of video as part of communications has increased opportunities to engage more in storytelling.
John Wylie – Founder, Tanarra Capital
- I would prefer Australian business leaders not to start sentences with things such as “The government should…”
- In business you should never give yourself the excuse to fail.
Tony Golsby-Smith – Owner, 2nd Road
- A survey by the University of Virgina of 20 billionaires found the only question they asked themselves was “How much money am I prepared to lose before I stop?”
- All the really wealthy people had long-term vision, not quarterly reporting.
Gary Helou – Managing Director, Devondale
- Prove your thinking on home soil and then take it to emerging markets.
- There is a significant importance of learning multiple languages for doing business in the Asian regions.
Shaun Rein – Managing Director, CMR China
- Pollution is the largest single factor influencing how and what Chinese people buy.
- WeChat is the preferred platform for Chinese to interact, buy and share moments online.
- There is a significant challenge in education –some University lectures have 5,000 students in attendance.
- There is an increased pride in buying Chinese by Chinese.
- Australia’s and New Zealand’s products have the best reputation with the Chinese – they are viewed as being safe, clean and honest.
Elliot Costello – Founder, YGAP
- The best impact is achieved by backing local entrepreneurs impacting local problems.
- There is a fundamental human desire to belong – as employees or as customers.
Andre Eikmeier – Founder, Vinomofo
- Millenials’ tech circles are about circles of trust and the concept of tribes. They have ideas and are passionate about them.
Helen Souness – Director, Etsy
- Authenticity is the key to great brands and you can’t spin this through social media.
Cliff Rosenberg – Managing Director, LinkedIn Aust/NZ/SE Asia
- The digital economy will grow from $79 billion today, to $140 billion in 2020.
- There is an opportunity for reverse mentoring, where Millenials support Senior Executives in terms of their social media.