Owens says there’s been a surge in demand for Radium’s services. The company finances research and development advances for business owners. This can be an alternative finance option as traditional income sources dry up.
“We’re seeing businesses turn to R&D advances to keep their R&D programs on track through the pandemic, while others need new R&D in order to survive,” he says.
“To combat the capital scarcity, businesses should understand which grants and incentives they’re eligible for. And remember, these can vary by geographical location and industry sector.”
“Keep an open mind and explore alternative forms of capital such as R&D finance.”
3. Improve your digital presence
Jeremy Thorpe, chief economist at PwC Australia, observes that the pandemic has forced businesses to pivot to digital. Especially businesses that lacked a strong digital presence pre-COVID.
“It might not sound much, but they’re doing things that they’ve never done before out of necessity.”
Steps as simple as setting up a basic online shopfront can make all the difference. And for those looking to get creative — the world wide web is your oyster. You can modify your approach to suit any budget using social media, webinars, podcasts and more.
Thorpe says customers are mirroring and rewarding the agility of businesses to adapt.
“I think even when we go back to some form of normality, we will see some of that being retained both from the business perspective and from the customer perspective.”
Despite the challenges in funding and other financial arrangements businesses will face in the coming weeks, Thorpe is optimistic.
“I think we’ll come away thinking about the new opportunities in technology and the supply chain. You could come out of this really negative. But I would prefer to say it’s exposed opportunities and exposed the willingness of people to try new things.”
“And that’s got to be a good thing, if you’re an entrepreneur.”
Interested in R&D financing? Apply today and find out how a Radium Advance could help your business.