1.J. Fostering A Culture Of Business Innovation And Entrepreneurship Flashcards
Identify ways in which a nation can encourage innovation and entrepreneurship.
- Government investment in research and development
- Council grants for new businesses
- School-based educational programs in entrepreneurship
- Regional business start-up hubs
Explain government investment in research and development.
Federal and state governments support businesses to conduct R&D via direct funding, grants and tax incentives. Funding is provided to universities, publicly funded research agencies and businesses.
Explain what AusIndustry is.
a division of the Department of Industry, Innovation and Science, and is the federal government’s principal agency for delivering assistance, programs and services that support industry, research and innovation. AusIndustry offers assistance programmes such as The Entrepreneurs program.
Explain what the entrepreneurs program is.
A multi-platform network of practical advice and support for businesses, including advice from people with private sector experience, co-funded grants to commercialise new products and processes, funding to take advantage of growth opportunities, and connection and collaboration opportunities.
Explain the R&D tax incentive.
This scheme encourages business investment in R&D, as well as growing and sustaining innovative, competitive and export-orientated Australian industries. The tax incentive is an easy-to-access entitlement that is available to businesses of all sizes in all industry sectors.
Under this scheme, eligible small to medium-sized companies with annual turnovers of less than $20 million apply for a refundable tax offset of 43.5 cents for every dollar spent on R&D. A 38.5 per cent non-refundable tax offset is available to other eligible businesses.
Explain Regional Innovation Funds
(State).
These initiatives provide support to stimulate investment and diversify the economic and employment base in the regions of Tasmania (Australian Government Innovation and Investment Fund), Geelong (Geelong Region Innovation and Investment Fund) and Melbourne’s north (Melbourne’s North Innovation and Investment Fund).
