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DECEMBER BULLETIN
At 21, Cain Cooke was leading a boardroom full of real estate veterans – people who'd been in the game longer than he'd been alive.
Message from the Chief Executive
Welcome to the final bulletin of 2024.
We were proud to welcome 14 outstanding grant winners this year, two of whom are existing scholars shifting it up a gear and taking their careers to the next level. It's been an eventful year for many of our scholars, with a number of significant milestones which you can read about in this edition. Our Scholar in the Spotlight is Cain Cooke (ILF2021) – an absolute dynamo whose spirit of innovation is infectious. You just can't help feeling motivated after spending an hour with Cain.
The renewed 2025 ILF Scholars Network training program starts in full swing with the William Buck strategy series on 25 February – your sign to save the date.
At the November AGM, the ILF Board appointed David Heaslip (ILF2012) as President for the next two years. Kris Lloyd AM (ILF2014) has been appointed Deputy President and Treasurer, while Michael Tamasi was elected Vice President and will take the baton from Kris as the Board observer on the ILFSN Committee. Congratulations to David, Kris and Michael, each of whom have been highly committed and energetic this year. It's also very pleasing that we see two ILF scholars taking the senior ranks of the ILF Board this year.
During the year we welcomed Mark Nykiel (ILF2016) to the Board, filling a recent vacancy following the retirement of Christopher Stathy OAM. Chris has shown exemplary commitment and a stable pair of hands over a number of years, especially in the area of developing the ILF brand and external reputation. Thank you Chris, and welcome Mark.
I would like to acknowledge the service of our outgoing President, Mark Canny, succeeding Richard Colebatch as Immediate Past President (IPP). The IPP role is one of the most important in any board, providing stability, experience and support. The ILF is no exception, with Mark and Richard's guidance this past year and a half a critical factor in the succession of a new Chief Executive, with a number of changes that has brought. Thank you Mark and Richard.
Looking ahead, 2025 applications open in late February/early March. As always, I am happy to receive any suitable referrals to competitive applicants who you believe meet the criteria.
Meanwhile, please accept my thanks for your support this year and my very best wishes for a peaceful, safe and well-earned break.
Good hunting in 2025.
Richard Barrett
Chief Executive, Industry Leaders Fund
Level 1, 45 Greenhill Road, Wayville SA 5034
M: 0417 283 633
E: richard.barrett@industryleaders.com.au
Scholar in the Spotlight
Cain Cooke
Founder, LEKI Electric Motorcycles
Disruptive Innovation: Strategies for a Successful Enterprise
Harvard Business School, 2023
At 21, most people are just starting to find their footing. At 21, Cain Cooke was leading a boardroom full of real estate veterans – people who had been in the game longer than he'd been alive.
Back then, the fresh-faced boy from the southern suburbs stood in shiny shoes and a gold jacket at the Glenelg office of Century 21, ready to take charge as the new State Manager...or so he thought.
"I distinctly remember making the ascent to the boardroom and freezing on the stairs," Cain recalls. "The realisation hit – I was about to walk into a room of people with 150 years of combined experience, following a seasoned State Manager who had all the answers," he says.
It was a pivotal moment that shaped Cain’s entire approach to leadership. Rather than pretending to have the perfect answers, he started asking the perfect questions; a mindset that has become the cornerstone of his leadership philosophy.
"Even if I know the answer, very rarely will I give it to you directly. The answer to questions 20 years ago, five years ago, last year or last week changes so rapidly. If you hold onto the answer, not the discovery through the questions, you’ll never reach the best solution."
Save the Date
William Buck Growth Series: Strategy Development
When: Tuesday, February 25, 2pm
Location: TBC
Strategy is the foundation of business success — a powerful tool for setting organisational goals, sparking innovation and driving transformative results. At its core, it's about making purposeful decisions that propel your company beyond the competition in an ever-changing marketplace.
Join us for an exclusive ILF learning experience where South Australia's most dynamic business leaders will unpack the art and science of strategy development.
Hosted by Jamie McKeough, Executive Chair at William Buck, this session features insights from top business leaders, including Anthony Kittel (ILF2010) and Chris Johnson of REDARC. You'll gain invaluable perspectives on strategy formation, implementation and real-world lessons.
Be inspired with actionable ideas to create sustainable competitive advantage, boost employee engagement and drive business success.
Scholars top Adelaide’s movers and shakers list
Three ILF scholars have been named among the “Power 100” – The Advertiser’s definitive annual list of South Australia’s most influential movers and shakers.
Highlighting the exceptional influence of our network in SA's business landscape, Michael Hickinbotham ranked number 55, Shaun Westcott ranked number 88, and Grant Wilckens ranked 89. Read more about our standout scholars:
Michael Hickinbotham (ILF2020)
Managing Director of Hickinbotham Homes, Michael is a leading voice on housing challenges in South Australia. Three years ago, he warned about escalating housing costs, advocating for increased development land to address the state's housing shortage. Beyond his primary business, he also runs the Australian Distilling Co, producing award-winning gin.
Shaun Westcott (ILF2018 & 2024)
As CEO of Mitsubishi Motors Australia, Shaun has been driving critical conversations about productivity and regulatory efficiency. His strategic connections through the Federal Chamber of Automotive Industries and ILF Scholars Network position him as a key influencer in Adelaide's executive circles.
Grant Wilckens (ILF2014)
As CEO of G'day Group, Grant has transformed the hospitality landscape. The former investment banker co-founded Discovery Parks and now leads a $2 billion property portfolio, establishing the company as Australia's largest regional accommodation provider.
Scholars shine at Food and Beverage Awards
The 2024 South Australian Premier's Food and Beverage Industry Awards, hosted last month by Food South Australia, showcased the remarkable achievements of several ILF scholar-led businesses, underscoring the fund's vital role in nurturing industry excellence.
Beerenberg, under the marketing direction of Sally Paech (ILF2023), received the new Agritourism Award while Cold Logic, under the leadership of Eddie Lane and Dr Michael Riese (ILF 2012), secured the Service Provider Award for excellence in industrial refrigeration. Dr George Ujvary (ILF2014) received the prestigious Leader Award for his outstanding work at Olga's Fine Foods, and Jamie Higgins (ILF2021) guided Make It With MBL to win the Sustainability and Waste Management Award.
These achievements highlight how the ILF's investment in leadership development continues to drive both business success and SA's economic growth in the state's internationally-renowned food and beverage sector.
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Fivecast wins national award for second year
Fivecast, a global leader in open-source intelligence solutions, secured the Advanced Technologies Exporter of the Year award for the second time at the 2024 Australian Export Awards, held last month in Canberra.
Led by ILF Scholars Duane Rivett (ILF2021) and Brenton Cooper (ILF2022), the company was a standout among 12 SA nominees across 13 categories.
This achievement highlights South Australia's growing prominence in advanced technology exports and demonstrates how ILF scholars continue to drive innovation in key industry sectors.
Town Hall caps successful year for ILF network
Adelaide Town Hall played host to a magnificent evening on Tuesday (10 December) as 80 of South Australia's leading business innovators gathered for our annual end-of-year celebration.
The historic venue set a perfect scene as scholars connected with their newest cohort, sharing stories of business breakthroughs, expansions and key learnings from 2024. The festive atmosphere highlighted what makes the ILF community so special; the power of bringing together SA's most dynamic business minds.
To our exceptional scholars network: thank you for another remarkable year of driving innovation and showcasing South Australian business excellence on the world stage.
The holiday season provides a perfect opportunity to pause, reflect and appreciate all that you've achieved. We hope that you take this well-deserved break to rest, recharge and enjoy quality time with your loved ones.
Scholars in the Media
G’Day Group: Grant Wilckens (ILF2014), Amanda Baldwin (ILF2019), Michaela Webster (ILF2021)
G’day Group reported a 15 per cent revenue rise in the year to June, to $397.3m, but increasing employee, supplier and interest costs, together with a $6.9m impairment charge, contributed to an $18.6m loss. Operating earning after stripping out interest, tax, depreciation and one-off expenses was nearly 30 per cent higher than the previous year, at $78.5m. The improved operating result has been driven by the company’s continued acquisitions, including the $4m purchase of the Wilpena Pound Resort in SA’s Flinders Ranges and another park in WA’s Margaret River wine region.
Read more.
BAE Systems Australia: Tom Williams (ILF2015) & Jeremy Satchell (ILF2022)
BAE Systems Australia has won a $160m deal to triple production of a passive radio frequency sensor for joint strike missiles supplied to Australia and key allies. Unveiling the deal as part of a plan to rapidly escalate Australian missile manufacturing, Defence Industry Minister Pat Conroy revealed this would provide more than 1000 sensors for missiles across the world. Details of the sensor are classified but BAE describes it as a "highly innovative technology" designed and developed in SA, with a "world-leading capability and a critical enhancing component of the joint strike missile".
Read more.
Cold Logic: Eddie Lane & Dr Michael Riese (ILF2012)
Cold Logic is expanding into the defence industry with the launch of a new hi-tech testing facility at its Wingfield HQ. After relocating to its new multimillion-dollar premises earlier this year, the company has unveiled its industrial environmental chamber used to test the performance of defence technologies and equipment in extreme temperatures. Managing director Eddie Lane says that while the company’s roots are in the commercial food and beverage industry, defence is emerging as a growth sector.
G’Day Group: Grant Wilckens (ILF2014), Amanda Baldwin (ILF2019), Michaela Webster (ILF2021)
G’Day Group, which is 95 per cent owned by the Australian Retirement Trust, with the remainder largely controlled by chief executive Grant Wilckens, has recently explored venturing offshore. It had its sights on the US but for now it will focus on buying more Australian resorts and parks given it has up to $100m to spend on mergers and acquisitions annually. "There’s a huge opportunity for growth in Australia, even after 20 years. I feel we are still getting started,” Mr Wilckens told The Australian.
Blue Crystal Solutions: Vito Rinaldi (ILF2019)
Starting business in a Port Adelaide living room, Blue Crystal Solutions (BCS) is now celebrating 20 years in the IT business. The company was founded by Vito Rinaldi (pictured) who is its managing director. BCS has expanded from Oracle database management into providing comprehensive IT solutions nationwide. With clients in London, Singapore and New Zealand, BCS has more than 60 staff in five locations across Australia.
Read more.
Seeley International: Jon Seeley (ILF2014), Angove Family Winemakers: Richard Angove (ILF2020)
Seeley International has experienced an almost 60 per cent increase in bills. Group managing director Jon Seeley said their electricity use has remained fairly steady but bills have soared. Mr Seeley said the company has had to increase prices to make up for the growing power costs. Meanwhile, Angove Family Winemakers joint managing director Richard Angove said they have seen a 45 per cent increase in power bills after they went to market for a new contract last November.
Read more.
