With a nickname of ‘The Start-Up Nation’ and a thriving tech-scene, there is no denying that Australia could learn a thing or two from the country of Israel. Wyatt Roy, Assistant Minister for Innovation, noted last month how Israel transformed itself into a digital economy with more start-ups per capita than any other country. Indeed, the government hopes to do the same with Australia with the aim to position ourselves as a strong competitor in the global economy.
In light of this, the Innovation Statement that was released last week touted Israel as an innovation mecca, with Tel Aviv being positioned at the equivalent to Silicon Valley. As announced in the $1.1 billion Innovation Statement, or “ideas boom”, Australia is planning to take on a more innovative and international focus. Innovation Minister Christopher Pyne said there is $36 million assigned towards forming five landing pads around the world to help Australian tech companies get a base in foreign markets.
The pads will be a physical hub for Australians who are considering undertaking entrepreneurial activity in the overseas location. Moreover, the landing pads will allow access to venture capital funds, facilities and contacts. They are proposed to act as a home away from home for Australians who want to do business overseas. This week it was announced that the first pad to be set up will be in Israel’s Tel Aviv.
Israel, similar to Australia, comes from an economy primarily based on agriculture and traditional manufacturing. However, it is their rise to a technologically advanced nation that has acquired the Australian government’s attention. In fact, the relatively small country has the third highest number of companies listed on the Nasdaq stock exchange in New York. In relation to the landing pad, Pyne noted that there is a huge potential for Australian companies to take advantage of Israel’s knowledge-base and technology advanced economy.
Are you interested in undertaking entrepreneurial or innovative activities? If so, participating in research and development is one way to expedite innovation in your firm and can allow business leaders to discover creative products, processes or solutions. The government provides a generous Research and Development (R&D) Tax Incentive which is highly effective in aiding rising companies in promising future industries. In particular, the R&D Tax Incentive offers companies a heavy cash refund of up to 43.5 cents in the dollar for eligible activities. Contact AusGrant today to find out if you’re eligible for generous tax benefits.
