Will this summit reignite Australian R&D? 

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GFCC Innovation Summit in Melbourne in 2020

Federal Health Minister, the Hon Greg Hunt, has announced that Australia will host the Global Federation of Competitiveness Councils’ (GFCC) Global Innovation Summit (the Summit) in Melbourne on 18 and 19 November 2020.

BridgePoint Group’s Innovation Advisor, Alan Baghdasarayan comments on how this summit will benefit R&D in Australia.

“Essentially it will bring R&D to the front of mind in business and government.

It will create positive conversations which will make the Government act upon recommendations which have already been proposed in consultation papers. These recommendations are that both company and private consultants have put out to the government, and which have been on the back burner for a long time.

This summit will help spark up those conversations again, particularly as the Australian Government will be talking to members of government from foreign countries who incentivise innovation more effectively than what happens in Australia at present.

For example, England has a patent box. Which means you pay less corporate tax on lodged patents. This helps bring innovation in-house and as an incentive, helps cash flow in it’s purest form. It also helps bring innovation into the country and helps it stay there. People and companies can prioritise doing innovation here rather than outsourcing it. Which is a big issue we have as a nation.

CSL (Melbourne based Biotechnology company) was looking to build new plants in 2014. Australia was seen as a relatively unattractive option. They chose Switzerland and that’s the sort of entrepreneurial manufacturing we can’t afford to let go offshore.

Bring on more of this type of exposure on innovation in Australia.”

To discuss how BridgePoint Group can assist with your business innovation, contact Alan on 1300 656 141.

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