business innovation and entrepreneurship

Question 1

business innovation and entrepreneurship

Answer 1

• for society for prosper + advance, business must always be innovating + developing
• but difficult for busi. to constantly grow + produce new prod. bc costs + need expertise.
  -> vital that busi. receive support to promote culture of inno. + entre.

Question 2

how can a nation foster a culture of innovation and entrepreneurship?

Answer 2

1. govt investment in R+D
2. council grants
3. business mentorship
4. school-based entre. programs
5. regional start up hubs

Question 3

govt investment in entre. + developing

Answer 3

• R+D = time consuming + expensive. -> financially unrealistic for some busi. -> limits potential for innovation.
  -> govt offer “investment initiatives” to direct funding to busi. that need more R+D and will benefit aust. economy.

Question 4

3 options offered by govt = innovation communication

Answer 4

a govt program providing research support and funding to businesses that operate in growing industries.
e.g agriculture, energy, pharmaceuticals

Question 5

3 options offered by govt=research and development tax incentive

Answer 5

if a business has revenues less than $20m, spends $20k on R+D and pays tax in aust, they are eligible to receive a tax offset -> reducing the amount of tax a business has to pay increases the amount they can invest in R+D

Question 6

3 options offered by govt = accelerating commercialisation

Answer 6

govt program providing funding and advice to small and medium businesses developing new + innovative products. AC scheme can help these businesses get products to market more quickly.

Question 7

council grants

Answer 7

• councils can provide grants to individuals and small businesses in the community.
• provide grants to promote and encourage entre. + development of new busi.
  can use grants for:
• establishment costs
• expansion of business
• invest in machinery of equip.

Question 8

business mentorship

Answer 8

entre. often have skills + knowledge on how to run busi but can lack skills in other areas
-> govt funded business mentor can help to develop these skills so the busi can be run more effectively

Question 9

school-based entrepreneurship programs

Answer 9

earliest place to encourage inno + entre is schools
school-based programs help to intro students to busi world + develop business knowledge

Question 10

regional start-up hubs

Answer 10

• govt funded workspace for new businesses in a specific location or industry.
• some start-up hubs also provide advice + workshops.
• support culture of inno and entre by creating enviro where busi owners can share ideas and practices