Australian LED light manufacturer Haneco Lighting have been awarded a full Australian Institute of Business (AIB) 12 month MBA scholarship for taking out the top prize in the 2014 in-business Fast Movers competition.
Haneco Lighting was named as South Australia’s fastest growing business with their 314.55% average turnover growth over the past three financial years.
Now in its fourth year of operation, the business employs 10 staff and in 2014 turned over just under $5.6 million.
Haneco Lighting Director Nicho Teng was thrilled with the results and was looking forward to further expanding the business over the next year.
“This is great recognition and also great encouragement for our staff to do even better in the next 12 months,” he said.
“I never could have imagined that Haneco Lighting could be in this position today, so our future prospects are very exciting,” said Mr Teng.
The Fast Movers competition is in its 10th year and continues to support South Australia’s fastest growing businesses with AIB Joint-CEO Joel Abraham believing the MBA prize was an extremely valuable part of the competition.
“Many leaders of these high growth organisations have reached this point based on their experience, passion, networks, belief and hard work, and by coupling this with formal education, we have seen many examples of businesses that have literally taken off,” he said.
“The 12 month MBA is designed to provide the recipient with practical knowledge of business that they can learn one day and apply the next, giving them a solid foundation to build off as they plan for the next phase of their business lifecycle,” said Mr Abraham.
“We are looking forward to supporting and encouraging Haneco Lighting in taking that next step, and seeing the rewards that the 12 month MBA will bring the company during the next financial year.”
Fast Movers founder and in-business publisher Graham Wakeling was pleased with the ongoing success of the competition believing that it brings a sense of accomplishment and new energy to the winners.
“Knowing that fresh entrepreneurial blood continues to propagate new local businesses, creating local jobs and a sense of optimism, is worth more than all the tea in Chine, isn’t it?” he said.
“This year’s Fast Movers breakfast featured our youngest panel ever – four young and energetic entrepreneurs driving multimillion dollar businesses. If I could define in one sentence what South Australia needs right now, then I have just said it. Show me anyone who could disagree,” said Mr Wakeling.
