Innovation for the agri sector
The quest for innovation is everywhere these days. The Coalition government has an Innovation Agenda. Businesses and governments worldwide have an insatiable appetite for innovation with funding and support being offered to help motivate businesses to do it.
So, what does innovation look like for the agribusiness sector and what support is available to make it happen?
Invention in its purest form is the creation of a product or introduction of a process for the first time. However, innovation occurs if someone improves on or makes a significant contribution to an existing product, process or service. Digital innovation has a huge potential for agribusiness, think Drone mapping or agri trading apps. Where there’s a problem there’s an opportunity for innovation.
Once you have an idea it’s about equipping yourself with the right support team who can validate your idea and support you to implement it as quickly and for as little money as possible.
Business innovation often requires an up-front investment of resources to develop new ideas, with the aim of future profits. For businesses that are unable to fund their own ideas entirely, a range of grants and financial assistance is available to support innovation. These include the R&D Tax Incentive, Entrepreneurs’ Program and the Innovation and Science in Agriculture initiative.
The programs usually have specific eligibility criteria, so it’s important to find a program that matches your business needs and stage of development.
Hanrick Curran Advisers continue to remain abreast of innovation grants, tax incentives and policy developments. We can work with you to assess this support to continuing to building and developing profitable businesses though innovation.
Hanrick Curran will be attending the Northern Beef Producers Expo on the 4th and 5th March showcasing technology and innovation in the Northern Beef Industry. Visit us there or attend an information session we’ll host in the coming months about the Innovation Agenda profiling support for the agribusiness sector. Please register your interest to receive a personal invitation.
For further information review the published Innovation Agenda or for assistance with grant eligibility speak with your usual Hanrick Curran adviser or contact one of our Agribusiness specialists, John Kotzur or Kim Hanrick on 07 3218 3900.
Please note that this publication is intended to provide a general summary and should not be relied upon as a substitute for personal advice.