Planet Innovation has been selected as one of Australia’s Top 20 Businesses of Tomorrow from more than 1,000 candidates.

Run by Westpac, the Businesses of Tomorrow program is designed to reward and recognize businesses with the drive to shape Australia’s future.

The candidates were whittled down to 200 finalists based on criteria including the company’s clarity of purpose and vision, understanding of their customers’ needs, and capability to meet tomorrow’s challenges.

A judging panel of business leaders then selected the Top 20 businesses seen to have greater potential to help tomorrow’s customers, economy and society.

Planet Innovation Co-CEO Stuart Elliott said PI’s vision was to be a global leader in helping companies have a positive impact on the world through commercially-focused innovation.

“By working with commercial partners to tackle global problems in key sectors such as healthcare, we are developing solutions that will improve the lives of people in Australia and around the world,” Stuart said.

Winners were announced on Friday in a multi-page spread in The Deal, the monthly business magazine for The Australian newspaper.

Prizes for making it into the Top 20 include a study tour to Silicon Valley and a tailored professional services package.