Innovation Is Important For SMEs
Why don't you undertake some research to see whether you fit some of the key characteristics that are going to be required to be deemed to be an ESIC?
- Was your company incorporated in the last three years? There are some rules that allow companies incorporated up to six years ago to be eligible for ESIC, but the main emphasis is on companies that are under three years of age.
- Does your company undertake research and development expenditure?
- Have you participated in the Accelerating Commercialisation Grant Programme?
- Have you been a participant in an Accelerator Programme?
- Was your company's total expenditure for your company and any wholly owned subsidiaries in 2017/18 under $1M?
- Was your company's income, including any wholly owned subsidiaries, in 2017/18 under $200,000?
- Has your company developed a registered patent or a plant breeder's right that has been registered anywhere in the World?
- Has your company processed an innovation patent or a registered design anywhere in the World?
- Have you already raised more than $50,000 from "arms-length" investors in 2017/18?
- Have you developed a new product, process, service, organisational or marketing methodology for your business?
If you have undertaken these types of activities (not all of them) then you are potentially eligible to be deemed to be an Early Stage Innovation Company.
Our recommendation is that, if you're going to be able to satisfy the requirements of investors, you will require professional assistance to complete the various statements and to assemble all of the supporting documentation to be presented to investors.
Towers Business Development Pty Ltd can assist you in this process.
If you have any enquiries, why not send me an email - and we will get back to you with suggestions on what your next steps should be.
Australia really needs companies that are committed to the innovation process.
The team at Towers Business Development look forward to supporting you on your endeavours.
