AusLeisure

With the Federal Government hoping to boost technology-based business start-ups with a $1 billion fund to back home-grown innovations and turn them into commercial successes, can businesses in the leisure industry benefit?

Announced at the end of last year, the new National Innovation and Science Agenda will support new business, R&D and innovation with $1.1 billion of funding, tax breaks and schemes to assist commercial partnerships.

Australain Prime Minister Malcolm Turnbull announced the National Innovation and Science Agenda with Innovation Minister Christopher Pyne stating "this will drive substantial new investment."

Minister Pyne added "the release of the Agenda is just the beginning.

"The next step will be a national discussion around this new way of thinking and doing, and the importance of innovation and science to our future."

Financial analyst Ivor Ries, of Morgan’s stockbroking firm, welcomed the announcement, describing it as a “great program”.

Ries has previously warned that the lack of investment in start-up businesses could be risking Australia’s economic future, and noted that 20 times more money was spent on subsidising negatively geared property, which did not create jobs.

While the new measures were not as generous as those offered in the United States, Ries suggested it would certainly going to increase the flow of funds to new businesses.

Initiatives such as the tax offset and capital gains exemption would attract money from wealthier people but new crowd-funding measures would also give ordinary Australians a chance to invest.

Until now crowdsourcing has been a legal “grey area”, Ries said, as businesses wanting to raise money from more than 20 people and issue shares, have to register a prospectus with ASIC.

The new measures mean that genuine start-ups with turnover and gross assets of less than $5 million will be able to raise up to $5 million from individuals. However, contributions must be less than $10,000 per person.

Ries stated “I think it’s a great initiative ... and will appeal to the man in the street who can put a couple of hundred dollars in.

"These people are really shut-out of funding businesses at the moment.”

Australasian Leisure Management Publisher Nigel Benton sees that innovators in the leisure industry can take advantage of the program.

Benton cites a range of industry innovations in recent years, including "fitness sharing platforms, sport performance technology, event management systems and security products that have come out of the leisure industry and gone on to be successful in international markets."

He adds, "since European settlement Australia has been a ‘start-up’ country, a land of innovation with Australians a 'have a go’ kind of people."

Scientific advances by Australian companies have contributed $330 billion a year to Australia’s economic output over the past 30 years – a quarter of all economic activity.

Sydney-based accountants and financial advisors HLB Mann Judd will this week be staging a free seminar focusing on the Innovation agenda.

The seminar, being held at HLB Mann Judd's Kent Street, Sydney offices will be addressed by Peter Strong, Chief Executive of the Council of Small Businesses of Australia (COSBOA) who will address what grants and funds are now available to small business ownersand how to access them.

The seminar is being held from 4.30pm to 7pm Thursday 25th February at HLB Mann Judd - Level 19, 207 Kent Street, Sydney NSW 2000.

For more information on the National Innovation and Science Agenda go to www.innovation.gov.au/page/agenda

Click here for more information on and/or to register for the HLB Mann Judd seminar.

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