Three titans of the Australian business community share their valuable insights about how they built empires from the ground up and are ultimately transforming industries.
[image] Richard White, WiseTech Global, Steven Marks, Guzman Y Gomez, Paul Bassat, Seek and Square Peg and Andrew Hunter, Morgan Stanley Australia Summit 2024.
At the Morgan Stanley 6th Australia Summit 2024, three titans of the Australian business community - Richard White, WiseTech Global, Steven Marks of Guzman Y Gomez and Paul Basset, Seek and Square Peg shared some insights with Andrew Hunter, Morgan Stanley, about the journey to founding a successful company and why it’s important to have a growth mindset.
Richard White, Founder and CEO, WiseTech Global
Richard White started WiseTech Global in 1994 alongside co-founder Maree Isaacs, who oversee a global team of more than 3,300 people across 37 countries, united in their goal to transform the world of logistics.1
During the 1990s, the business became the platform for many major transport companies. Not satisfied, White decided to disrupt his own business. In the early 2000s, he rebuilt his product suite before forging into North America and Europe. Throughout the journey of WiseTech, White highlights the important role culture plays – it’s even highlighted in the company’s credo located on their website which states ‘culture eats strategy for lunch’.
Steven Marks, Founder and Co-CEO, Guzman Y Gomez
Headquartered in Surry Hills, Sydney, Guzman Y Gomez (GYG) is one of Australia’s fastest growing quick service restaurants. GYG has differentiated its business by delivering clean, fresh, made-to-order, Mexican-inspired food served at high speed.
Since opening the first restaurant in the inner-Sydney suburb of Newtown in 2006, as of 31 March 2024, GYG has 210 restaurants across four countries, including 185 in Australia,16 in Singapore, 5 in Japan and 4 in the US.
Paul Bassat, Founder Square Peg and Seek
Paul Bassat co-founded Square Peg in 2012. Square Peg’s portfolio comprises many businesses redefining their markets including Airwallex, Athena, Canva, ClimaCell, Deputy, Finaccel, Fiverr, Property Guru and Stripe. Paul also co-founded Seek in 1997.
Paul spoke about the ability to pick a success story, in his experience those who will be successful have a ‘spike’ which was is evident in his ability to back a trifecta of Australian tech unicorns – Canva, Airwallex and Rokt – who are preparing for public listings over the next few years.
The importance of the founder mindset
He highlights the ability to make decisions that are right for the long-term needs of the business – even if the decision may seem wrong in the short term. Bassat's Square Peg has backed some real winners in the past including Zeller, Airwallex, and publicly-listed Rokt.
“There’s that drive, there’s that growth foundation, but actually, the most important thing is, what do they put first?” says Bassat.
White highlighted the importance of the details, the company, and its industry. It’s a philosophy that has carried him through every time that Wisetech has assessed a potential acquisition target.
“If you really care about the business, you’ll get all the details and it will teach others around you how important that mindset is,” says White.
The group agreed that founders should be prepared to surround themselves with people who complement their skill sets.
Marks works with a co-CEO, a decision to allow him to focus on his skills.
“I know what I'm good at. I definitely know what I'm not good at,” he says, describing his drive to get back into the restaurants instead of being stuck in the back-end detail.
