Government Research and Development

Question 1

innovation connections

Answer 1

program providing research support and funding to a business that operate in growing industries. eg. agriculture

Question 2

research and development tax incentives

Answer 2

If a business has less than $20m, spend 20k on R&D and say tax in Aus, eligible to receive a tax offset (reducing amount of tax a business has to pay)

Question 3

accelerating commercialisation

Answer 3

a gov program providing funding to advise small businesses developing new and innovative products. AC helps businesses get their product to the market more quickly

Question 4

council grants

Answer 4

grants to promote and encourage entrepreneurship and the development of new businesses.

used for:
establishment costs, expansion of the business, investment in machinery or equipment

Question 5

business mentorships

Answer 5

entrepreneurs often have skills and knowledge on how to run a business but they may lack skill and knowledge in other areas.

eg, a farmer knows how to milk a cow but not file a tax return.

Question 6

school-based apprenticeships

Answer 6

• encourages a culture of innovation and entrepreneurship
• introduce students into the business world
• aims to increase student confidence in hope to develop innovative business ideas in the future