Sick of talk about the Australian Federal budget yet? We know we are a little surfeited by all the commentary, but it’s worth noting just the key highlights of what the budget is providing from an innovation perspective, and thinking about how that might affect your company’s innovation strategy.
What’s being funded?
- $160 million to improve satellite GPS navigation in the Bush (Australian Tech & Science Growth Plan)
- $64 million to improve GPS accuracy in regional and metro Australia
- $41 million over four years for National Space Agency
- $29.9 million over four years for improving capability in artificial intelligence and machine learning
- $4.5 million over four years to support women in STEM (Science Technology Engineering and Mathematics)
- $600K to modernise Australian patent registration systems
What does this mean for me?
If you need to use mobile navigation and track either people, vehicles or items, the outputs arising from this funding might be useful. If you are creating new products and servixces it will be useful to have a better way to register patents arising from your innovatio endeavours. And if you are into space research there could be some good outcomes.
Of course, that’s not the end of the potential advantages, but given the new $4 million dollar cap on the R&D tax incentive for companies earning less that $20 million revenue, it does mean that the scope of R&D will need to be reined in. This is likely to affect startups the most, but even for small-medium businesses, it might mean that your innovation plans will need to divert to more distributed R&D (rapid prototyping) models.