BREAKING NEWS: National Innovation and Science Agenda
News ID: 16032
Prime Minister Malcolm Turnbull and Industry, Science and Innovation Minister, Christopher Pyne, today launched the National Innovation and Science Agenda.

The agenda is a wide reaching statement on the direction of how the government will address innovation, industry and university collaboration, entrepreneurship and science. A raft of packages, programs and investment initiatives totalling more than $1 billion will be spent over coming years, with the bulk of the announced measures starting from July 2016.

While there are 27 different aspects to the agenda, we want to highlight just a few aspects that may be of interest to you as a business founder, CEO, R&D manager or grant seeker:

Biomedical Translation Fund
The government will invest $250M into a fund to invest in promising biomedical innovation and commercialisation.

Business Research and Innovation Initiative
To drive innovative solutions in government policy and service delivery, the government has developed the new Business Research and Innovation Initiative. Grants in two rounds, $100k to test an idea and then up to $1M to prototype a solution, will be provided in five key areas.

Expansion of Entrepreneurs Programme
An additional $18 million will be invested in the Research Connections component of the existing Entrepreneurs Programme (EP). Renamed as Innovation Connections, the expanded initiative will drive more collaboration between researchers and SMEs and offer matched grants for eligible activities. These expanded services will be progressively offered from January 1 2016. Further, a new component will be added to the EP - an investment of $8 million will launch an Incubator Support Programme, offering competitive matched funding to new and high-performing incubators from 1 July 2016.

Tax incentives for investors
Funding for startups will be addressed by providing concessional tax treatments for investors who support innovative startups and also capital gains tax exemptions for investments held for three years.

These are just a few of the aspects of the National Innovation and Science Agenda, but what about what wasn’t in there? There were no changes to the R&D Tax Incentive, however, the Prime Minister didn’t rule that out for the future. There were also no other major alterations to existing grant or assistance programs.

Today’s announcement was couched by the Prime Minister, not as a definitive statement on government innovation policy, but as a start, and that there would be more changes to come.

Regardless of what changes are announced, we will continue to bring these to you as they happen.

Read the full National Innovation and Science Agenda here.
Publish Date 7 December 2015
Article type Inside Insights