If you’re focusing solely on survival and not your arrival out the other side of this pandemic, it might be time to change tack. Over the past two months, we’ve been working with an array of start-up founders, ASX-listed businesses with R&D programs and trusted experts in grants, incentives and innovation. Some clear themes have emerged.
So whether you’re coping day-to-day; hustling to respond to the fast-changing circumstances; or have locked in a new opportunity, learn what we’ve discovered about successful R&D during the pandemic.
Innovation in the ascendancy
Radium Capital and SmartCompany recently polled more than 350 businesses owners, managers and entrepreneurs. Almost 60% of respondents said innovation is very important, with almost 40% either spending more on R&D or starting to spend on R&D for the first time due to the pandemic.
Innovation is a term that is bandied around and has become a bit of a buzzword. So much so that many people have been left wondering what innovation is. This is important because whether your innovation meets the Australian Tax Office eligible R&D criteria could make the difference between accessing the R&D tax incentive and R&D financing or not.