Andrew Jessett

Written on the 23 November 2009

Andrew Jessett
MINEWARE
MINING SERVICES

Age: 33
Business Est: 2001
Number of staff: 15
Growth: 30 per cent
Turnover: $4.6 million

CUTTING costs and boosting productivity are two standard goals for any mining company, but for MineWare CEO Andrew Jessett they are how he makes his living.

Jessett developed the Pegasys Dragline Monitor System which sets benchmarks for machinery, monitors results and finds solutions to improve productivity.

“We’ve targeted high capital cost equipment and the machines we put our products on go for $300 million so any small improvement gets converted into a very high profit gain for the organisation,” he says.

“We try to target a 5 per cent improvement on a machine so in dollar terms that would tend to work out at $5 million, and with so many of these machines the cumulative effect is quite large.”

It is a technology that has seen MineWare recently sign a six-year $20 million deal with BMA, a BHP Billiton subsidiary, in addition to a foray into the South African market with Becsa. Other key clients include Wesfarmers and Anglo Coal.

MineWare is also involved in a joint tender with US company Modular Mining in India and has also given a few quotes in the US over the past year.

“There’s been a reasonable response – the US market is difficult for any Australian company as they tend to be a bit parochial and take a while to make decisions,”
he says.

“We’re still a small business and still very much getting over the start up struggle phase that comes with any new business, particularly when you’re developing a new technology. At times we were thinking if this doesn’t pay off we’re in a lot of trouble here.”

Jessett is focused on developing sustainable income by building long-term contracts with clients, rather than concentrating on sales.

“For an entrepreneur this is very important – for anyone going into entrepreneurship it’s tough to manage cash, it’s just so critical for the first four or five years or so.

“Unless you’ve got a product that people are falling over themselves for, which is rare, then you need to manage your cash and maintain relationships with clients – it’s the best way to sleep at night.”

The winner of the Mercedes Benz Young Business Person of the Year Award at the Lord Mayor’s Business Awards 2009,
says it’s much easier to absorb risk at a young age.

“High energy levels and enthusiasm definitely help. You’re often more flexible, open to new ideas and approaches, and have not been entrenched in one way of thinking and working.”


Latest News

BAKIR AIMS TO TAKE HOMECORP CONSTRUCTIONS TO THE TOP

IN just two years Homecorp Constructions has become Queensland's 15th largest home builder and founder Ron Bakir ...

ARMINIUS MAKES ITS MOVE TO RETAIL INVESTORS

WITH a view to tapping the $600 billion self-managed superannuation fund (SMSF) market, Brisbane-based Arminius Ca...

SKYDIVE THE BEACH JUMPS INTO $15.45 MILLION RAGING THUNDER PURCHASE

SKYDIVE the Beach (ASX: SKB) has raised $18.98 million to purchase Raging Thunder Adventures through institutional in...

THE NINE-STEP PLAN TO EXIT YOUR BUSINESS

IN business management guru, Stephen Covey's, best-selling book, The Seven Habits of Highly Effective People, beg...

Related News

CONSUMERS MAINTAIN CONFIDENCE DESPITE SHOCKS

CONSUMER sentiment in Australia has held strong despite shocks that typically dent the appetite for spending, such as...

TOURISTS CASHED UP AND HEADING FOR AUSTRALIA

INTERNATIONAL tourists flocked to Australia in FY16 with the tourism industry growing three times faster than the ...

HOTCOPPER FLOAT SLAMMED AS 'CRAZY'

CUDECO founder Wayne McCrae (pictured) has ripped into share market discussion board HotCopper ahead of its IPO, s...

FROM THE TANK: GOOD OLD-FASHIONED BUSINESS STILL RELEVANT

BEING involved with Shark Tank and my friendship with startup guru Steve Baxter has inspired me to seriously engage w...

Contact us

Email News Update Sign Up Contact Details

Subscribe to our mailing list

* indicates required
Email Format

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter