Of the 48 finalists across 16 categories, 24 are competing for the first time this year. 

Business awards finalists were whittled down from over 130 applications across categories including innovation, health and wellbeing and not-for-profits.

Commerce Ballarat chair David Wright said the integrity of the application process and the breadth of categories made the business awards the “biggest and best” in the state.  

Applications are assessed by an independent panel, who hold one-on-one mentoring sessions with entrants before determining category finalists.

“We think our awards are the biggest and the best in Victoria, I know there are a lot of other chambers but the feedback we get back here for our awards is that businesses love to be involved in the awards process, for the exposure and for the journey of it all,” Mr Wright said. 

“It is very important that it’s really open and transparent, that’s why there is the turnover in applications, because of the integrity of it.”

Federation Business School executive dean and Assistant Professor Bob O’Shea said promoting excellence and competition kept businesses in Ballarat.

Speaking at Tuesday’s launch, Assistant Professor O’Shea said healthy businesses benefited the community as a whole. 

“By having a competition they make each other better, competition amongst business makes each one do better and if they’re all trying to do better it keeps business in Ballarat. 

“What we want to see in the region is thriving, excellent businesses because that will usually mean a thriving community and if that’s what we can achieve then we’re all better off, Ballarat will become a better place to live, a better place to raise a family, a better place to invest and a better place to visit.”

Strong performers in Ballarat’s business community were often off the main street and unseen, Assistant Professor O’Shea said. 

These included emerging businesses in design, software and health. 

“There’s a lot of business that’s hidden,” he said.

“We often think of business as the high street but there’s so much more going on behind the scenes.

“You see a few empty shops in town and people say ‘it’s not going so well’ but there’s more happening off the main street.”

Federation Business School Commerce Ballarat Business Excellence Awards winners will be announced at a gala presentation dinner at Mercure Ballarat Hotel and Convention Centre on Thursday, August 25.