2021-12-13 GC Agenda - Item 9 - Attachment 1 - Draft Economic Development Strategy 2021-2030

5.6.2. Empowering Business Ecosystems
A key aim of this Economic Development Strategy is to build a more diversified local economy –
one that offers more high value employment opportunities to address some of the challenges
noted previously. Key to this is developing a business environment that is supported and
connected.

Business ecosystems are a concentration of related businesses who gravitate together because
of a shared need and as a result, greater revenue comes into a local area with skilled workers
coming together to drive expertise and an innovative culture. They are a recognised building
block for economic development that enable existing and new business entrants to connect to
their cohort and supply chain, seeding diversification, and enabling a force multiplier effect (one
to many).

The benefits - access to specialised information through personal relationships, joint marketing,
innovation through shared information on new markets and technological advances, they provide
strength in numbers, encourage healthy competition, accelerate networking and increase
productivity. Finally they draw talent and a pooled market for specialised workers.

Examples:
• The local tourism industry led by Tourism Noosa, have developed a strong ecosystem which
   has firmly established Noosa as a premier visitor destination and subsequently a highly
   desirable place to not only visit but live, work and connect.
•   The Peregian Digital Hub has played a key role in developing the broader digital/tech
    industry in the region by supporting professional networks including technologists, digital
    agencies and marketers, screen professionals, tech start up founders, electronic music
    producers, and ecommerce merchants. The Ecosystem Organisation Program is seeing
    tangible outcomes with growth in collaborations between local companies resulting in
    business growth, interest and opportunities from outside the region and new investment for
    participating businesses.
•   FireTech Connect operates in a category that represents a multibillion dollar market that
    generates high value employment opportunities in a broad range of technology areas from
    robotics to mapping and software as a service. Australia is rapidly becoming a global leader
    in developing these technologies and Noosa has a number of businesses currently operating
    in the sector. This program has built a cohort of over 50 cutting edge technology companies,
    a world class mentoring panel, a network of industry experts and corporate partners.
    Additionally the program was awarded grant funding of almost $2 million to develop a Living
    Lab that includes a data lab where solutions for prediction, detection, analysis, coordination
    and communication can be trialled and showcased; and a bushland lab where new physical
    solutions – drones, robots, IoT sensors can be safely, quickly and legitimately trialled.
•   The Noosa Education & Training Alliance (NETA) is a developing sector driven ecosystem of
    education and training providers who service the broader Noosa area. NETA’s vision seeks
    to strengthen and promote education pathways and deliver tangible outcomes that benefit
    the education sector, stakeholders and the community. A key aim of the NETA Industry
    Sector Plan is to have ‘Noosa student’s job qualified and ready for the future’ and will do so
    through three synergistic strategic priority initiatives that are underway or in development;




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