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Unleashing SMEs’ Hidden Potential

Sustainable Innovate Showcase 2024. Unleashing SMEs' Hidden Potential - Smart Precinct NQ | BDmag, July 2024

In regional economies like Townsville, North Queensland, a quiet revolution is unfolding. Innovation, often subtle yet impactful, drives economic growth and prepares small businesses for the future. This revolution isn’t about billion-dollar unicorns but about Small to Medium Enterprises (SMEs) making significant strides by innovating to meet new markets and challenges.

Many SMEs don’t recognise their actions as innovation. These businesses implement small yet impactful changes like optimising supply chains, adopting new technologies or customer engagement channels. These incremental innovations are crucial for sustaining competitive advantage and long-term growth.

Embracing the mindset that innovation doesn’t have to be difficult or expensive is vital. It’s not just about groundbreaking inventions or new products and services but also about continually adapting and improving processes and systems. For SMEs, this involves fostering a culture of continuous improvement and resilience, which is essential for thriving in today’s business environment, particularly given the vulnerability of regional SMEs to climate change, economic fluctuations, and other challenges. Recognising and nurturing these everyday innovations can unlock hidden potential and drive economic growth.

“Fostering innovation in regional areas is essential for a balanced and thriving economy. That’s why Smart Precinct NQ exists—to support the commercial pathways of innovative ideas from everyday people in our community,” says CEO Cassandra Cazzulino.

When local businesses innovate, they become more resilient and competitive, not just locally but on a national and global scale. Currently, Smart Precinct NQ (SPNQ) supports hundreds of businesses to become future-ready by implementing various levels of innovation.

From ideas to impact, SPNQ supports start-ups, small businesses and industry by introducing critical resources, meaningful networking, expert mentorship and access to a deeply connected ecosystem of SMEs, government, industry, educational and financial institutions, and problem-solvers.

Cassandra Cazzulino, CEO of Smart Precinct NQ speaking at the Sustainable Innovation Showcase 2024.

Unleashing SMEs' Hidden Potential - Smart Precinct NQ | BDmag, July 2024
Cassandra Cazzulino, CEO of Smart Precinct NQ, speaking at the 2024 Sustainable Innovation Showcase.

“Our Queensland Circular Economy Industry-Research project, in partnership with the Department
of Environment, Science and Innovation, is a perfect example. Supporting the development of eight innovative ideas and many more businesses, through quality partnerships and connections across various industries with the potential to impact sectors like agriculture, energy, and waste management,” explains Cassandra.

Innovation is vital for the adaptability and sustainability of businesses across the region. It doesn’t need a global impact to yield profound local outcomes. Many businesses start by redefining processes to improve efficiency, reduce costs, or develop unique products and services. After integrating into the ecosystem, many gain the confidence to support other initiatives and share their experiences to support other regional businesses.

This community sharing unlocks hidden potential and develops local solutions with possible future impact. If you have an idea, are ready to make a positive impact, or have a challenge to solve, connect with SPNQ. Visit our website, www.spnq.org, to learn more about our programs and services designed to support your business’s future-proofing journey.

Main image: Attendees at the 2024 Sustainable Innovation Showcase.

Image credits: All images supplied by Smart Precinct NQ.

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BDMag

Compiled by the BDmag editorial team
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BDMag

Compiled by the BDmag editorial team