SPECIAL REPORT

Adelaide’s most powerful business circle

“The Industry Leaders Fund is the most prestigious business network in Adelaide.”

These powerful words ring even truer when spoken by Shaun Westcott, President and CEO of Mitsubishi Motors Australia.

Speaking at the ILF’s annual grant information night on Tuesday, Mr Westcott testified to the fund's dual influence: empowering South Australian leaders through world-class educational opportunities and nurturing a powerful network – the 274-member Scholars Network he himself chairs.

“Not only do you get to attend top business schools worldwide, but you also become members of the most prestigious business network in Adelaide,” Mr Westcott stated in front of a crowd of more than 80 ILF Scholars, prospective Scholars, Board members and industry leaders.

“It's an opportunity to network, exchange ideas and share insights with a cohort of individuals who have also attended elite business schools and are successful leaders in their own right."

Embracing lifelong learning

The information night, at Lumination in Thebarton, was a chance for both established and emerging leaders across SA to delve into the ILF's offerings. Grants are awarded for professional development programs at esteemed institutions represented on the night, including Harvard, Stanford, Oxford Saïd, Shinka Management, and closer to home, the Australian Institute of Company Directors, the University of Adelaide, and Melbourne Business School.

Mr Westcott, who attended Harvard Business School's Leadership for Senior Executives program in 2019 through an ILF scholarship, emphasised the ever-evolving business landscape. Leaders, he cautioned, must embrace education and adaptation to stay ahead.

“Becoming a successful manager, businessperson or CEO is hard – staying a successful leader is even harder. What may have been relevant a year ago might hold no significance or even be meaningless now.
“To succeed in a dynamic, fast-paced world you must not do what you did well in the past but reimagine yourself, revitalise yourself.”

Powering economic prosperity

ILF Chief Executive Richard Barrett, who opened the event, underscored the fund's 15-year mission: supporting the professional development of leaders from South Australian wealth-generating businesses. This, in turn, fosters the state's economic prosperity by encouraging the creation of local head offices.

With 274 scholarships awarded (totalling $3.5m) supported entirely by private funding, the ILF has demonstrably facilitated the creation of more than 6,000 new and additional jobs in South Australia. These jobs, as Mr Barrett stated, “have added to the state’s talent pool rather than simply transferred them from within”.

Transformation and success

Suzannah Toop from the second-generation, family-run real estate agency TOOP + TOOP expressed her gratitude: "Without that ILF nudge, I wouldn't be boarding a plane to Stanford in two weeks."

A mother of two, Suzannah will be undertaking the Stanford Executive Program: Be a Leader Who Matters course in June. She's eager to share her experiences with the Scholars Network upon her return.

“Knowledge-sharing amplifies any individual journey,” she said.

Meanwhile Craig Herriot, General Manager of International Sales at REDARC Electronics, recently returned from the Harvard Leading Global Businesses course in Boston. There, he spent a week learning alongside CEOs, COOs and other leaders from powerhouse brands including Mercedes Benz, Dolce and Gabbana and HSBC.

“I’m now part of a network of 110 people from 34 different countries – a resource that I can tap into any time,” he said.

Before the networking continued, Lumination Business Development Lead Mitchell Stapleton-Coory shared a snapshot of their latest R&D export Overlay, a groundbreaking AI object recognition platform offering real-time workplace insights. Applications for this technology span various industries, including manufacturing, defence and healthcare.

As beneficiaries of the ILF, with Lumination Founder and CEO Ed Carlson and Chief Commercial Officer Tom Hastwell both being scholarship recipients, Mr Stapleton-Coory shared a valuable leadership lesson imparted by the duo: “When the time comes, we will be ready.”

Apply now for 2024

Applications for the ILF 2024 grant round close on 31 May. Successful applicants who meet the strict eligibility criteria will be announced at an awards night at the Adelaide Entertainment Centre in September.

If you or anyone you know fit the criteria for a scholarship, please visit our website for more information on the application and assessment process, and to apply.