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Government Incentives 101
Manage episode 350248316 series 3427899
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Investment in life sciences in Western Australia is an area of great interest, as shown by the recent Life Sciences WA podcast episode featuring guests Greg Riebe and Steve Elias.
Riebe is a company director and angel investor with decades of experience in commercialising emerging technologies and is currently a Commercialisation Facilitator for the AusIndustry Accelerating Commercialisation service, while Elias has over 20 years of experience in the field, including working with the federal government's R&D tax incentive program in his role with RSM.
The episode focused on the role of federal government incentives in supporting life sciences investment in Australia.
Riebe discussed his work with the federal government's Accelerating Commercialisation service, which provides non-dilutive funding to help demonstrate the value proposition of new technologies.
Elias explained the purpose of the R&D tax incentive program, which has been in place since 1986 and is designed to support and encourage businesses to engage in R&D activities that benefit the economy.
One of the key challenges in the life sciences space is the high level of risk involved in developing new technologies. This is where government incentives can play a crucial role in providing support and reducing this risk for investors. These incentives can help businesses demonstrate the value of their technologies, attract private investment, and ultimately bring new products and services to market.
Western Australia is well-positioned to take advantage of these incentives due to its strong research institutions and growing life sciences sector. The state is home to world-class research institutes like the Harry Perkins Institute of Medical Research and the Telethon Kids Institute, which are driving the development of innovative technologies in the life sciences space.
Overall, the Life Sciences WA podcast episode highlighted the importance of government incentives in supporting life sciences investment in Western Australia. These incentives can help reduce the risks associated with investing in the sector, encourage private investment, and ultimately drive the development and commercialisation of new technologies.
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