The cost of doing research and development, and of protecting intellectual property may not be as much as you might think. There are a number of federal and state government funding and/or assistance programs that can compensate your business for its outlay in R&D or market development. The trick is knowing how to find them, and then how to access them.
Some of the programs include:
- The Australian Technology Showcase grant and exposure
- Commercialisation Australia funding and support
- Export market development grants
- Enterprise Connect services and grants
- NSW Innovation Pathways and Technology Vouchers programs
- R&D Tax concession and the new R&D Tax offset
All of these programs are different – in what is offered, who is eligible and how they are accessed. Some are a cash grant, others are a company tax offset, others include in-kind services or access to markets via government contacts. Most require a formal application, which may be a one-off or may require on-going record keeping. There are usually restrictions on the type of activity that is eligible, and often (but not always) restrictions on the type or size of business that is eligible.
Franke Hyland doesn’t access these programs directly for our clients. However, if your accountant or business advisor is not fully up-to-speed with these offerings, we are aware of specialist organisations who identify which grants you may be eligible for, and who also offer assistance in applying for access to the programs.
So please let us know if you think you could use some of these friendly government people’s money to support your IP development!