Frequently Asked Questions

Right from our very beginning in 1817, Westpac has been guided by the same purpose: to support the economic progress of Australian businesses. In two centuries of business we’ve learnt a few simple lessons about supporting the growth of a nation and what matters. So as we enter our third century in business we're supporting Australia's future by providing access, support and programs that will make sure the next 200 years are even better than the last. Through Businesses of Tomorrow program we’ll strengthen Australian businesses with support, knowledge, networks and experiences to help realise their potential.

We will do these things for Australian businesses whether they bank with us or not. Because we believe that to be part of the future you have to play your part in building it.

No, there is no fee

To submit an application, you must either be the business owner or have authority to apply on behalf of the business. Any Australian business can enter, provided it meets the eligibility criteria.

If you know a business that displays the qualities or a Business of Tomorrow you can also nominate them. When you nominate a business an email will be generated to that business advising them of your nomination, and the steps they must take to apply.

No. The Businesses of Tomorrow Program is open to all Australian businesses, provided they meet the eligibility criteria (see above).

No, the Program is open to any Australian business (provided it meets eligibility criteria) across any industry, in any sector, large or small, new or established.

Applications for the Businesses of Tomorrow program have now closed. 

The application period for Businesses of Tomorrow was from midday AEDT Friday 26 August 2016 to midnight AEDT Monday 14 November 2016. 

The Businesses of Tomorrow Program is looking for businesses that are performing well today, with the potential for further growth. Successful businesses will have a clear vision for the future and clarity of purpose. They will have strong and inspiring leadership and a track record of delivery. 

In reviewing applications the judges will be looking for answers that are accurate, concise and clear. Please refer to Qualities for further details.

Our judging panel consists of senior executives within Westpac Group, a number of successful Australian business leaders and eminent business experts from academia and the professional services industries. You can find out more about our judges in the judging section.

Yes. You can save your application and return to it at any time, up until applications close at midnight AEDT on Monday 14 November 2016.

This will vary depending on each business, however we expect the majority of applicants will be able to complete their submission in 1 to 1.5 hours. You can save your application and return to it at any time (up until applications close). 

During the application period, we encourage you to share information on Businesses with Tomorrow with your friends, colleagues and business contacts. You can nominate someone for the Program by entering their email address at the Businesses of Tomorrow website. This will generate an email advising them of your nomination, and the steps for submission. Nominations are not possible once applications close. 

Please note that applications for the Program must be made by the business itself, i.e. you are not able to complete an application for a business you do not own or work in.

Your business was nominated for the Program. You should have received an email advising who nominated you.

If you would like more information on Businesses of Tomorrow, email the team at businessesoftomorrow@westpac.com.au

Yes, individual applications are confidential. Certain information may be discussed publically at aggregated level however no individual business will be identified.

Once applications have been submitted they will be scored against selection criteria. Applications will be weighted via a ranking system to identify the 200 successful businesses for the 2017 Program. From this a shortlist of businesses will be created for the high potential element of the Program. Please note, only applications submitted through the online process will be accepted.

Businesses that are shortlisted for the high potential element will need to be available for further questions. This may entail a visit to the business or phone interviews with members of the selection panel.

Yes. Refer to the Terms and Conditions document here.

Applications are now closed.

During the application period we encourage you to either share a link to the Businesses of Tomorrow website, or nominate a business for the Program, via the website. 

Winners will be selected based on their submitted applications by our judging panel (see above). The 20 high potential businesses will be selected from within the 200 winners, through a process of further interviews by the judging panel.

Please note that the judges’ decision will be final and no correspondence will be entered into.

200 businesses will be identified for inclusion in the 2017 Businesses of Tomorrow Program through scoring and assessment of submitted applications. A shortlist of businesses will be created and then individually interviewed to determine 20 high potential businesses that will receive additional elements of the Program.

These 20 high potential will be selected based on the judges’ assessment of their potential to contribute significantly to Australian customers, communities and/or the economy in the future. The judging panel will review the shortlist with a view to selecting those businesses most likely to benefit from the high potential element of the Program.

We will contact the 200 successful businesses in December 2016, including the 20 high potential businesses. Winners will be announced in national media and will be recognised at the Businesses of Tomorrow Summit in Sydney, Friday 7 April 2017.

The 200 successful businesses will be invited to a national Summit in Sydney on Friday 7 April 2017, where prizes will be distributed. The 20 high potential businesses will also attend the Westpac Bicentennial Gala Ball on Saturday 8 April 2017, and the high potential program will commence from the April Summit (including 1:1 mentoring, international study tour and professional services package).

Please note that prizes are not transferrable or redeemable for cash.

Yes, if you are unsuccessful for the 2017 Program you can re-enter in subsequent years.

You can submit one application per business (ABN or CAN).

Each of the 20 high-potential businesses will select a tailored professional services package to the value of $100,000.

Our panel of leading industry advisers will help each business design a support package to best suit its needs.

Businesses will be able to select their $100,000 tailored package from the one of the  six categories below. The ability to tailor the packages reflects that businesses have different needs and many don’t have the time to leave their business for an extended period.

Examples of the types of services businesses can include as part of their tailored packages include:

Build Profile and External Presence

  • Strategic public relations plan and media training
  • Develop a brand visual identity
  • Connections with key media


Plan for the Future

  • A dedicated strategy team at your business for a period
  • A plan to future proof your business
  • A team building and strategy day


Money and Value

  • A dedicated CFO at your business for a period
  • Forecasting and business modelling
  • Investor and capital raising readiness

Digital and Technology

  • Digital analytics to improve your customers’ experience
  • eCommerce technology to boost your bottom line
  • Select and help implement business systems such as project and change management.


Human Capital

  • Workforce planning and future workforce needs
  • Diversity and inclusion strategies
  • Leadership training through the Australian Graduate School of Management (AGSM)


Regulatory, Governance and Legal

  • A dedicated legal team at your business for a period
  • Advice on launching a new product or starting up overseas
  • Complete a director’s course with the Australian Institute of Company Directors

Each of the 20 high-potential businesses will select their package in April 2017. The services will need to be consumed by October 2017, and Westpac will facilitate all logistics and provide support as the businesses need.

Our professional partners are Deloitte; AT Kearney; Allens Linklaters; Map and Page; DDB; and AGSM - UNSW Business School

APPLICATION PERIOD

  • 28/08/2016 – Applications open
  • 14/11/2016 – Applications close at midnight AEDT
  • 25/11/2016 – 13/12/16 – Shortlisting will commence
  • 14/12/2016 – 23/12/2016- Winners notified

 REWARD & RECOGNITION PERIOD

  • 07/04/2017 – Businesses of Tomorrow Summit & Awards Ceremony (in Sydney) to all 200 Businesses of Tomorrow
  • 07/04/2017 – First half day mentoring session (20 high potential)
  • April 2017– Selection of Professional Services Package (20 high potential) to be consumed by October 2017
  • July 2017 – 10 Day Global Study Tour (20 high potential)
  • August 2017 - Second half day mentoring session (20 high potential)

If you do not wish for your submission to be assessed and be a part of the Businesses of Tomorrow program, please email businessesoftomorrow@westpac.com.au and the application will be removed.