BSB50215 Diploma of Business: Australian Innovation Support Agencies

This discussion board post, submitted as part of the BSBINN501 unit for the BSB50215 Diploma of Business, examines the Australian government's support for business innovation. The post highlights the importance of innovation for economic growth and outlines various programs and policies implemented by the Australian government to foster innovation. These include the National Innovation and Science Agenda, tax breaks, funding for research collaborations, and initiatives to attract talent and skills. The post also details specific programs like the Entrepreneurs Program, Research and Development Tax Incentives, and the Venture Capital Limited Partnership program, as well as the Austrade Landing Pad initiative. The author emphasizes how these initiatives aim to promote new ideas, support startups, and boost the overall competitiveness and productivity of Australian businesses. This document is available on Desklib, a platform providing AI-based study tools for students.

Online Learning Component Cover Sheet
Week 7
Term and Year Term 4 2017
Assessment Type Discussion question
Date
Student Name:
Student ID No:
Submission deadline: Due at the end of Week 7 (upload on Sunday by 11:59pm) via Moodle Submission
Point
Qualification : BSB50215 Diploma of Business
Unit Code: BSBINN501
Unit Title: Establish systems that support innovation
Assessor’s Name
Student Declaration: I declare that this work has been completed by me honestly and with integrity.
Name:
Signature:
Date:
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Task
Explain how Australian government agencies provide support to organisations planning for business innovation
(not more than 800 words).
Innovation leads to higher productivity of processes that means similar outputs generates
higher returns which eventually leads to economic growth. Following are few examples of
how innovation assist in the development of a country:
 New ideas and technology create new products, services, and procedures that allow
similar inputs to generate greater outputs.
 Innovation creates new businesses that create new jobs which remove
unemployment from a country.
 Innovation for environment protection creates new environment-friendly products
and procedures that reduce the overall carbon footprint of organizations.
 Innovation increases the value of a country that attracts new opportunities which
expands the development of such country (Brynjolfsson and Saunders, 2009). For
example, new technological innovations in Japan have created significant value for
the country that attracts corporations to establish in the country which increases its
GDP.
These points show the importance of innovation for a country; Australian government also
understand the importance of new innovation for the growth of a country, and they have
implemented various programs and policies to promote new innovations and startup ideas
(The Conversation, 2015). Following are few examples of the support provided by the
Australian government to companies in order to promote business innovation:
1. National Innovation and Science Agenda is the biggest policy for business
innovation promotion that is initiated by Prime Minister Malcolm Turnbull and
Innovation Minister Christopher Pyne (Innovation, 2017). The agenda primarily
focuses on four key pillars of innovations:
i) Culture and capital: The government provided various tax breaks to
corporations in order to remove bias against the firms that initiate innovation
programs and take risks.
ii) Collaboration: The government changed funding initiatives to provide university
funding to the research that is performed by collaboration with the industry.
iii) Talent and skills: The government support all Australian students that focus on
digital innovation, and they have changed visa policies to attract new students
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that brings research talent and entrepreneurial from overseas.
iv) Government as an Exemplar: The government provided essential data available
to the public and also makes it easier for new startups and small companies to
enter in a new business venture with the government.
The initiative focuses on embracing new ideas and innovations regarding
technological changes to harness new source of development to improve the
national economy. The agenda created several local jobs and contributed
significantly to business growth. The initiatives of worth AU$1.1 billion has been
included in the agenda in over four years.
2. The government has reformed the insolvency laws to reduce penalties for business
failures. The default bankruptcy period has been reduced from three years to a year
to provide safety to the directors from various personal liabilities such as no
requirement to hire professional restructuring adviser (Dodgson, Hughes, Foster
and Metcalfe, 2011). This law allows venture capitalists and investors to invest in
new and innovative ideas.
3. In 2014, the Entrepreneurs Program replaced two old initiative including Innovation
and Investment Fund and Commercialization Australia. The new program aims to
help businesses in order to improve their competitiveness and productivity by
providing them requirement funding and access them to the network of private
sector advisers. New incubators assist startups by granting 50 percent of the project
value that is capped by AU$500,000 (Schaper and Lewer, 2009). This program
support and promote the growth of innovative ideas of entrepreneurs.
4. The government has introduced new Research and Development Tax Incentives
from 2016 for corporations with an annual turnover under $20 million. These
corporations can claim for a 43.5 percent tax refund based on R&D expenditures.
The companies above $20 million annual turnovers can claim a tax refund for 38.5
percent on R&D expenditures. The investment in R&D leads to innovation of new
product, services, and processes that benefit the country.
5. The Venture Capital Limited Partnership (VCLP) program has been initiated by the
government to attract foreign investors into Australia by boosting tax benefits. The
program runs for 12 months, and the venture firms with total assets valued under
$250 million and 50 percent of assets and employees situated in Australia can apply
for such benefits (Henry et al., 2009). The venture capitalists invest in innovative
ideas of entrepreneurs and provide their expertise to expand them globally.
6. The Austrade Landing Pad initiative focuses on providing new startups’ innovation
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ideas a boom in global markets by introducing them to one of five world-class
innovation hubs. The landing pad analyze the potential in the innovative idea of
startups and then provide them access to global innovation pads that are situated in
San Francisco, Berlin, Singapore, Tel Aviv and Shanghai (McCrossin, 2017). The
innovation hubs nurture the innovative ideas and provide necessary support to
expand them into reality.
The above mentions are few initiatives stated by Australia government to promote and
support innovative planning in organisations. Many agencies work as innovation incubator
for small corporations and start-ups and provide necessary support to expand their
innovative ideas because it benefits the entire country.
References
Brynjolfsson, E. and Saunders, A., 2009. Wired for innovation: how information technology
is reshaping the economy. MIT Press.
Dodgson, M., Hughes, A., Foster, J. and Metcalfe, S., 2011. Systems thinking, market failure,
and the development of innovation policy: The case of Australia. Research Policy, 40(9),
pp.1145-1156.
Henry, K., Harmer, J., Piggott, J., Ridout, H. and Smith, G., 2009. Australia’s future tax
system. Canberra, Commonwealth Treasury.
Innovation., 2017. The Agenda. [Online] Innovation. Available at:
https://www.innovation.gov.au/#main-content [Accessed on 24/11/2017]
McCrossin, J., 2017. Profile: Contagious innovation. LSJ: Law Society of NSW Journal, (34),
p.34.
Merrick, L., 2016. Top 7 Government Grants For Startups In 2016. [Online] Buzinga.
Available at: http://www.buzinga.com.au/buzz/government-grants-for-startups/ [Accessed
on 24/11/2017]
Schaper, M.T. and Lewer, J., 2009. Business incubation in Australia: policies, practices and
outcomes. Asia Pacific Journal of Innovation and Entrepreneurship, 3(3), pp.37-46.
The Conversation., 2015. ‘Idea boom’ to drive the Australian economy: Turnbull. [Online]
The Conversation. Available at: https://theconversation.com/ideas-boom-to-drive-the-
australian-economy-turnbull-51909 [Accessed on 24/11/2017]
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