Company Name: Trendwise
Announcement Date: 11/12/2015
Announcement Category: Other
Announcement Content:
Malcolm Turnbull wants to replace the mining boom with an “ideas boom”, imploring Australians to take a risk by betting on the future.
Admitting that even some elements of his $1.1 billion innovation package may not work, the Prime Minister said it was time to take a stab at something new rather than fearing failure.
As part of the package, those who invest in start-up companies will be able to claim up to $200,000 in tax offsets while bankruptcy laws will be eased for individuals and firms.
A $200 million innovation fund will be created to enable technology developed by the CSIRO and other publicly funded research institutions to be spun off into private companies.
Mr Turnbull said that while the mining boom had increased national income and delivered great benefits, Australia needed a boom based on the capacity of its people.
“Unlike a mining boom it’s a boom that can continue for ever,” he said. “This is all about unleashing the ideas boom.
“It is the ideas that will secure our prosperity in the future, it is believing in our human capital, remembering the most important assets we have in this country are not to be found under the ground but walking around on top of it ... the 24 million Australians.”
Many of the proposals are small in cost but are aimed at changing the nation’s business culture to be more aggressive and prepared to take risk.
To improve national research infrastructure, the Federal Government has given a 10-year funding commitment to key projects including WA’s Square Kilometre Array. Targeting young Australians, money will go into online computing challenges and a program to help teachers implement the new digital technology curriculum.
The Government has had to be creative to cover the cost of the package.
Treasurer Scott Morrison said some cuts will be necessary in next week’s Budget update.
To fund its $250 million Biomedical Translation Fund, the Government will take $125 million from this year’s and next year’s Budget that was earmarked for the planned $20 billion Medical Research Future Fund.
The fund was to be created from savings in last year’s Budget including the now abandoned $7 Medicare co-payment, with interest from its $20 billion to go into future research.
Chief Scientist Ian Chubb said the package recognised the economic challenges.
“Making our way will require us to use our wit, talents and skills,” he said. “We will have to be creative and imaginative, as well as informed assessors and managers of risk.”
In Perth, Clinton House has done it the hard way.
The WA entrepreneur has built his analytics business, which now employs 12 people, from the ground up over the past six years.
For him, the innovation statement is all about momentum.
“The timing is spot on,” Mr House said. “We’re in growth stage at the moment and, for us, it’s really about the rising tide floating all ships.
“As a start-up, you need that support to navigate your way.”
The business, Inhouse Group, is described by Mr House as “Google analytics for the real world”.
For the layman, that means his software assesses how a marketing campaign affects actual feet through the door of a business or event.
With the help of chairman Peter Rossdeutscher, the company recently raised $900,000 from investors — a huge amount for a Perth-based start-up — as it looks to expand to the east and overseas.
Mr House and Mr Rossdeutscher said the devil would be in the detail in regard to the success of the innovation policy.
They questioned whether a [x-apple-data-detectors://2|July 1] start would create “hyper growth” — where investment is put off until the changes are law.
But Mr House said he hoped the idea of overseas “landing pads” would help his planned overseas expansion.
Announcement URL: https://au.news.yahoo.com/thewest/wa/a/30299693/take-a-punt-on-ideas-boom-pm/
About Trendwise:
Trendwise brings internet-style visitor analytics to the physical world.
Trendwise allows business owners to optimise customer engagement, conversion and loyalty by understanding exactly when, where and how visitors interact with their physical locations.
Go to Company Profile for: Trendwise
Announcement Contact: [email protected]
