GOLD Coast Young Entrepreneur winners and finalists have secured a business edge by the City of Gold Coast under its 'buy local' procurement policy.
The 'buy local' procurement policy, which aims to give local businesses a leg up, has announced it will only seek offers for contracts worth less than $200,000 from companies based on the Gold Coast.
In the instance that the quotation process must include companies from outside of the city, local businesses and businesses with a branch office on the Gold Coast will also receive up to a further 17 per cent weighting in the procurement process.
The City of Gold Coast is now extending the benefit even further to winners and finalists of the Gold Coast Young Entrepreneur Awards, who will receive an extra 2 per cent advantage.
The weighting applies to winners and finalists in the awards over the previous four calendar years.
The move follows Mayor Tom Tate (pictured) meeting the 2016 winners at a private lunch in November where he indicated the city's willingness to engage with the winners further with the possibility of commercially engaging with their businesses.
The Gold Coast Young Entrepreneur Awards, an initiative of Business News Australia, is now in its 10th year with many of the previous winners now considered mainstays of the Gold Coast's business establishment.
"This is great news for these amazing Gold Coast businesses and their talented founders," says Business News Australia managing director Camilla Jansen.
"We are so pleased to see the City of Gold Coast recognise each and every finalist and acknowledge their importance to the local economy."
Jansen says the initiative adds another dimension of value to the Awards, which facilitate the opportunity to celebrate and connect with fellow entrepreneurs.
Rewards also include a strategy session with Blue Sky Alternative Investments (ASX:BLA), membership to co-working community River City Labs and one-on-one mentoring sessions with Shark Tank stars Steve Baxter and Dr Glen Richards.
Gold Coast Mayor Tom Tate says the 'buy local' program is integral to the city's support of businesses and employers who decide to move their operations to the Gold Coast.
"(It) gives Gold Coast businesses a leg up, not a hand out, providing ongoing benefits to families by keeping jobs and profits on the Gold Coast and the local economy prosperous and competitive," he says.
"Council also wants to encourage interstate and international businesses to expand or relocate their branches and headquarters to the city."
Get our daily business news
Sign up to our free email news updates.