Small businesses around Australia will soon be able to develop and grow through a new digital marketplace called Proquo; a start-up joint venture between NAB and Telstra.
Proquo will offer more than two million Australian small businesses an online platform to network, trade or swap services with each other.
Small businesses will be able source a range of services from other providers, create briefs for the work they need, exchange quotes, manage payments and publish reviews all on the one simple platform.
Proquo is a modern interpretation of the phrase quid pro quo (meaning ‘this for that’) and offers users the unique ability to swap or exchange their skills or services in addition to traditional monetary payments.
Proquo was developed by NAB’s innovation hub, NAB Labs and Telstra’s Gurrowa Innovation Lab. While it is a 50/50 joint venture, it will operate as an independent entity.
NAB Executive General Manager Micro and Small Business Leigh O’Neill said NAB was continually looking at ways to support Australian businesses and to make it easier for them to build their business.
“Small business is the backbone of the Australian economy; around 97% of all Australian businesses are small businesses and they provide a huge economic contribution to Australia’s current and future prosperity,” Ms O’Neill said.
“Small business owners tell us they are continually looking for new ways to do business and we think Proquo will provide them with a unique way to network and grow their business.
“Strategic partnerships like this one with Telstra, to combine the capabilities of two of Australia’s biggest companies, creates a really innovative business option for the small business community,” Ms O’Neill said.
Telstra Group Managing Director Telstra Business, Andy Ellis said Telstra supports more than 1 million businesses across the country with technology solutions so they can focus on running their business; and believes Proquo will offer them a new and innovative way to network and help their business thrive.
“Small businesses often struggle to get off the ground and our research shows that the exchanging of services will be a great advantage to many start-ups.
“We’re excited and proud to partner with NAB to offer this unique digital platform. This joint venture further highlights our commitment to small business so they can run, develop and grow their business,” said Mr Ellis.
Proquo will begin a pilot phase in June, with a full launch expected in July 2016.
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