There are good reasons why tech companies dominate this year’s Rich Bosses list.
to meet Pro Medicus founders and future billionaires Sam Hupert and Anthony Hall, their office had more in common with a suburban accountant than the headquarters for a $14 billion, ASX 100 med-tech giant.
“One of the things was to build the company step by step, not take on debt. And that’s been one of the key things that I think has insulated us to a large degree from the ups and downs of the market,” Hupert tellsIt’s a strikingly similar message to WiseTech’s Richard White, who says that for him, cash was always king, he never thought of raising venture capital and“We were always cash-positive.
But those tech companies which have been run fiscally conservatively – with WiseTech and Pro Medicus the shinning examples – have strongly withstood even that downturn.“Technology helps you to scale,” White says. “It’s a good indication of what is happening in the world. If you think about the next 20 years, you are going to see a lot more technology value created.”
“You build once and deliver to many,” Netwealth CEO Matt Heine says. “Once an account it set up, it is extremely scalable.”“The key to becoming wealthy is to get onto something that you can mass-produce easily, and obviously you can mass-produce software easier than anything else,” he says.Flight Centre’s Graham Turner, who survived the pandemic but dropped to 21st on the list, says even a traditional business has to be a tech company these days.
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