John Linton
I doubt that anyone who bothered to think about it (and I would think it highly unlikely that there is a single person outside Exetel who would ever consider Exetel in this way) would think that Exetel is a company that expends much of its resources on developing 'technology'; even in the broadest meanings/interpretations of that word.
To be honest - neither would I have ever done that. However, towards the end of last year I was approached to see if Exetel was interested in a submission to DeLoittes for possible inclusion in the "Deloitte's Technology Fast 50" for 2006 based on our significant growth in the 2004 to 2006 period. As I regarded Deloitte's very highly it seemed like a good opportunity to obtain some sort of reputable third party recognition but, as so often happens, the time passed before we made up our mind about making a submission.
At the time I was unsure whether Exetel complied with the Deloitte requirements which were:
"A company making a submission must be a technology company defined as:
1) develops proprietary technology which contributes to a significant portion of the company's operating revenues (NB using other company's technology in a unique way does not qualify); or manufactures a technology-related product; or
devotes a high percentage of effort to research and development of technology
2) Be in business for a minimum of three years
3) Revenues for the first year of calculation must be at least $A100,000 and the current year must be at least $A1million.
4) The company must be Australian owned and headquartered in Australia."
At September 30th 2006, Exetel hadn't been in existence for 3 years so it didn't meet 2). At first sight, I didn't think that Exetel met 1) either so I wasn't concerned that we didn't put in a submission.
Time passes quickly and two months ago I was reminded that submissions to be included in this 'program' were again due and would we like to submit for inclusion.
As we had then been in business for over 3 years meeting 2) was no longer a barrier. Surprisingly, after we looked at 1) in more detail we worked out that almost 30% of Exetel's personnel and 40% of our financial resources were dedicated to the development of uniquely constructed services, processes and products that resulted in Exetel earning the majority of it's revenue. What was equally surprising was, when I looked at the future business plan, that these percentages were scheduled to increase in each of the three successive years.
So we put in a submission and were advised late last week that we had been included in the Top 50 Australian Companies listing together with an invitation to attend the presentation lunch in November. Subsequently we were also advised that we had been included in the 'Asia Top 500 Fastest Growing Technology Companies".
I'm pleased with that inclusion as I think it will add some emphasis to what we will be doing over the coming year - and in fact have already started doing in changing the emphasis and direction of Exetel quite considerably. Whether it has any effect on our current directions or current customers and prospective customers is unlikely. I think it will please our current employees which is very useful.
The amount of money we are currently spending on development and the amount we have budgeted for in the coming three years is just one more indication/reminder that to survive in this very tough industry doing what you are doing today a little better in the future is nowhere near enough to maintain financial viability in this end of the first decade of the 21st century (though it was more than enough to ensure survival and growth until quite recently).
Oh, for the old days when things were so much....................