Research and development is fundamental to fueling innovation in any sector. Australia has a proud history of innovation that continues to this day, supported by incentive programs and an ever-developing partnership between industry and research institutions including universities.
Navigating R&D systems in Business
Integrating an effective system of R&D investment into a business requires a robust strategy that clearly identifies what goals are being set for that investment and how those goals are to be achieved. R&D can often be one of the largest sources of expenditure for a business so it is critical that money is used most effectively, and also that businesses remain aware of what financial assistance is available.
Australia’s research and development is supported primarily through the Federal Government’s Research and Development Tax Incentive (RDTI) scheme. The RDTI provides companies with a tax offset equal to a percentage of their eligible R&D expenditure for the year. This is a generous and greatly needed incentive to encourage Australian innovation.
In order to fully engage Australia’s depth of expertise across a broad range of sectors, it’s imperative that the divide between academic research institutions (like universities) and industry is broken down. While a great deal of influential research has been developed by Australian universities, there is a sense that commercialising that research for the benefit of the economy can be difficult. Australia’s ability to transfer knowledge from universities to industry, though, tends to be underestimated. There is great evidence that these collaborations are ongoing and extremely fruitful.
The Business Education Roundtable has held the Australian Collaboration Awards annually since 1998 and has received a notable increase in high-quality applications in recent years, showing that investments in accessing academic research for business, is only increasing. Programs promoting collaboration have received significant funding, such as South Australia’s Defence Innovation Partnership, which shows there is a future-oriented perspective in place.
One case study in successful collaboration (among the many) is that of iOrthotics, a leading manufacturer of tailor-made 3D printed orthotic devices. Their work with the University of Queensland helped them to develop digital nesting techniques that minimise wastage of printing materials.
Australia’s R&D capabilities
Australia has a rich history of groundbreaking research and development, especially in the fields of medicine and biotechnology. World-changing inventions like the cochlear implant, the electronic pacemaker and ultrasound scanner were developed here. In the early 2000s, an Australian start-up called Where 2 Technologies developed software that ultimately formed the basis of Google Maps.
Cutting edge developments are constantly being produced by businesses like specialist engineering company HeliMods, based in regional Queensland. Their Powered Aero Loader allows stretchers to be quickly lifted into helicopters, saving paramedics from manual lifting and reducing unloading times.
How can Clearpoint Ventures assist you?
Navigating the R&D funding landscape can seem like a daunting prospect. However, this needn’t be a concern. Whether you’re an Australian company, or a foreign company residing in Australia for R&D Tax purposes, Clearpoint Ventures’ team of R&D Tax specialists can provide you with expert advice on how to take full advantage of your tax claim through their intimate knowledge of the RDTI.
As your business evolves through its own R&D initiatives, Clearpoint Ventures will be with you every step of the way so you can make the most out of every funding opportunity.
Visit the Clearpoint Ventures website to find out how we can help your innovative company connect with our trusted Australian research and development partners and access the Australian R&D Tax Incentive.