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Mr Kazacos said during his acceptance speech that it was important when assessing the potential of a business to look at its ability to grow and not just at its profits as a gauge of success. He also said that if his board was made up of bankers the company would not have been able to grow as fast.
Speaking to iTWire after the announcement Mr Kazacos said that when he started Kaz it was easier to access funds, but that post the GFC banks became really conservative. The terms on which they were prepared to lend him money for Anittel were not acceptable to him and so he largely funded the start-up himself, and through funds raised through Kaz Capital in which he owns a 40 per cent stake.
The company has also secured funding from property developer Lang Walker. Mr Kazacos and Lang Walker hold around 40 per cent of the company between them.
Mr Kazacos said; 'I think one of the reasons that the Australian banks are doing so well is because they are so conservative - but that does tend to stifle innovation. ' It can also hamper a business's ability to find capital to grow.
While growth rather than profits have been a priority for the firm Mr Kazacos said that Anittel was still committed to be EBITDA positive (a measure of profitability) this financial year.
