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.