Westpac sets healthy buzz
Westpac has begun to make good on its A$10 million promise in April to support 200 small but highly promising "young" businesses ahead of the bank's 200-year celebrations in 2017. Â In a related sponsorship deal, Westpac and technology startup accelerator BlueChilli are backing would-be entrepreneurs in their search for "the next big innovation in healthcare", with $40,000 going once a year to see a winning device or software "taken to the next level". Â This year's five healthcare finalists, each with a health economics theme, strutted their stuff last night on stage in front of a judging panel of seasoned business leaders, observed by Westpac executives and potential business investors. This program is clearly seen by Westpac as its entry point into the sharp end of the small business sector: David Lindberg, Westpac's business bank chief executive, opened the evening with the observation that Westpac had seen faster credit growth this year than "in the past half-decade", and the majority of that growth was from the SME sector. Â "There has been four times as much growth in the small businesses as in the rest of the business community put together," Lindberg said. Â Last night's Innovation Challenge winner was Surgical Partners, a financial management platform for medical practices and their doctors. Â Lindberg also noted that the services sector was shifting from property and construction as the engine of growth, to one where professional services such as education and healthcare were pushing ahead at double digits. Â He also took the opportunity to remind the audience of Westpac's 200-year celebration, via the Businesses of Tomorrow - describing it as "a scholarship program, not for individuals, but for businesses." Lindberg said Westpac had set aside $10 million to allow selected businesses "to be recognised and rewarded" with access to knowledge-based opportunities, including study tours to Silicon Valley or China; advice paid for by Westpac; and mentoring by some of Australia's leading business figures.