1i Business innovation and entreprenuership Flashcards
What are the three parts of Government Initiative?
Innovation connections
Research and development tax incentive
Accelerating commercialisation
What is Innovation connections?
Innovation Connections is a government program that provides research support and funding assistance to businesses that operate in growing industries, such as agriculture, energy, advanced manufacturing and medical technologies.
What is Research and development tax incentive?
Businesses that have a revenue less than $20 million, spend over $20,000 on R&D and pay tax in Australia are able to apply to receive a tax offset. Providing a tax offset reduces the cost of R&D expenditure for businesses, making the process more financially feasible.
What is Accelerating commercialisation?
Accelerating Commercialisation is a government program that provides funding and advisory support to small and medium businesses developing new and innovative products. Businesses that are participants in the program can more quickly make their product available in the market.
What is a council grant?
A council grant is a one-off financial payment from the council to a business to support business ideas and development. A council grant does not need to be repaid.
What does SBMS stand for?
Small Business Mentoring Service
What is a business mentor?
A business mentor is an experienced and knowledgeable business person who provides assistance and advice to another person.
What is a start up hub?
A start-up hub is a space that individuals and businesses can go and use and can also obtain support regarding business matters.
What is a tax-offset
A tax offset is a direct reduction in the amount of tax that must be paid.
