Lae SME incubation hub helping growth of small businesses


Lae small medium entrepreneurs (SME) incubator hub a project initiated by a local consulting firm is progressing well assisting in the growth of SMEs in the city.

The hub, endorsed by Lae City Authority (LCA) and Lae MP John Rosso and operated by the dedicated team from Tok Stret Consulting Limited (TSCL), continues to provide technical expertise to SMEs in the city.

Owner and manager of TSCL Julliane Terry said the SME incubator hub project launched in July this year creates a hub where local micro SME and SMEs can share ideas and grow.

Its purpose is to get people to meet and talk about their business ideas and teach them management skills, how to develop an idea in a business, and to get established organizations to talk about the services provided and how these services can be of importance to the MSMEs and SMEs.

“The mantra of people +process =profit resonates across all businesses from small to large and many businesses focus too much on process and profit forgetting that it is the people that make it happen,” Ms Terry said.

“The idea of the hub came about when we were doing our training and development with different people and we realize that there is no platform for innovative ideas to be staged on, people were isolated with no avenues to share ideas to assist each other to grow,”

Ms Terry said despite the challenges faced with this new and innovative way of doing business, the programs carried out continue to help existing and prospective business owner.

“It is very early days and we understand the challenges face but as we say from little things, big things grow and our biggest success will be seeing our people grow,” she said.

“Over 75 per cent of our participants are not surprisingly women but our men are equally proactive and already there are some great success stories developing though it is in the early days.”

LCA has donated K50, 000 towards the hub to utilize for growth programs and is passionate about using the hub as a center of growth and opportunity for the people of Lae.

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