Never be concerned by failure — it’s the start of success.
A legacy of philanthropy
Forrest is globally renowned for founding and building Fortescue Metals Group within one of the most protected and exclusive industries in the world. In just 15 years, he has led the company — first as CEO and now as Chairman — to become the fourth-largest iron ore miner in the world. The company invested more than US$22b in the Australian resources sector and through rapid repayment of corporate debt, Forrest is still the major shareholder.
In 2017, the Forrests donated A$400m of their personal wealth — the largest-ever donation by a living Australian. The significant philanthropic donation, unveiled in Parliament House by the Australian Prime Minister, the Hon Malcolm Turnbull, is consistent with the Forrests’ obligations to The Giving Pledge, where they pledged to give away their personal wealth to philanthropic causes in their lifetime. The Forrests were the first Australian signatories to this global pledge.
“Entrepreneurship and philanthropy are incredibly compatible,” Forrest said. “Both require determination, innovation and a desire to create lasting and positive change.”
How to change the world
Forrest emphasized these themes throughout his time at the EY World Entrepreneur Of The Year 2018 Forum. During the opening session, he noted that the Eliminate Cancer Initiative will contribute to “eliminating the biggest bully of human suffering” through the sharing of data.
“The lack of collaboration in the global research industry is a big deal. Eliminate Cancer will give organizations collaboration metrics to bring cancer to a close in years to come,” Forrest said. He encouraged Forum attendees to look at how their businesses could help change the world.
“Take it into your hearts and be proud you’re driving change. If you fail, you’ll learn from it,” he said. “Never be concerned by failure — it’s the start of success. Wisdom comes through tough experiences.”
Find out more about EY World Entrepreneur Of The Year 2020
- Virtual experience
- Class of 2020 winners
- Past winners
- EY Entrepreneurship On Demand HQ (cnbc.com)
Andrew Forrest, Chairman of Minderoo Foundation, received the EY Entrepreneur Of The Year™ Alumni Social Impact Award in 2018 for his commitment to alleviating the plight of millions of the world’s most vulnerable people.