Innovation is Important for SMEs

Today I want to talk to you about innovation. Innovation is important in Australia. The Australian government has recognised this by introducing an Innovation Statement and a range of legislation to support innovation.

The first new law to be introduced related to Early Stage Innovation Companies. That will apply to:

• entrepreneurs
• inventers
• companies;
• and business people who are developing new products, processes or services and other new types of products.

This legislation commenced from 1st July 2016; yes, it's already operating. Unfortunately, the government, for whatever reason, has not fully promoted and publicised that this new, exciting legislation is now operational. That's unfortunate, because this legislation will give many small/medium enterprise operators, inventors and entrepreneurs the opportunity to present your business to potential investors who, hopefully, will then be encouraged to make investments in your types of companies.