Innovation is the lifeblood of any successful business, irrespective of its size. In today’s innovation-driven world, grasping the basics of IP is not just beneficial, but essential for creators and businesses alike. The power of IP lies in its ability to provide businesses with a competitive advantage.

IP, at its core, is about protecting creations of the mind. IP is categorised into 4 main types that can be registered with IP Australia, the Australian government agency that administers IP rights:

• Trade marks protect your brand, and help customers distinguish your goods and services from competitors. You can use a registered trade mark to protect a logo, word, phrase, letter, number, sound, scent, picture, movement, aspect of packaging, or any combination of these. To check the potential registrability of your trade mark you can use IP Australia’s TM Checker tool
• Patents protect any device, substance, method or process that’s new, inventive and useful
• Design rights protect the overall appearance of your new and distinctive product
• Plant breeder’s rights protect new plant variety you have developed.

In addition to these, there are other types of IP not administered by IP Australia, such as copyright, which protects original artistic and literary works, circuit layouts, and trade secrets.

Why is IP important?

IP is an important consideration for your business as it protects what sets you apart from your competitors. Research from IP Australia has found that small businesses with IP rights employ more people, pay higher wages, and are twice as likely to experience high turnover growth than those without.

IP can offer your business the following benefits:

• Exclusivity: Registering your IP gives you the exclusive right to sell, promote, or develop a product for a certain length of time.
• Competitive advantage: IP rights can reduce the chance of your products and/or services being replicated, allowing you to decide who can use your IP and how it can be used.
• Revenue streams: You can sell your IP rights for financial gain, while licensing IP can open additional revenue channels.
• Attracting investment: IP assets can make your business more attractive to investors.
• Legal protection: Registered IP helps in safeguarding against infringement.

Crafting an IP strategy and commercialising your IP

An IP strategy aligns your business’s IP with its overall goals. Here are some steps you can take to create an IP Strategy and commercialise your IP:

1. Identify your IP assets: The first step is to identify your business’s IP assets.
2. Assess the value of your IP: Once you’ve identified your IP assets, assess their value. Businesses often value their physical assets but forget about valuing their IP. It’s important to recognise the value of these assets early and protect them for the future. This could involve determining how they contribute to your revenue, their potential for future earnings, and their importance in your industry.
3. Secure your IP rights: Apply for the appropriate IP protection for your assets. Remember to keep your ideas a secret until you apply.
4. Monitor your IP: Regularly monitor your IP to ensure it’s not being infringed upon. This could involve keeping an eye on your competitors and the market, and taking action if you discover any potential infringements.
5. Leverage your IP: Look for opportunities to leverage your IP. This could involve licensing your IP to others, using it as collateral for a loan, or selling it outright.
6. Review your IP strategy regularly: As your business grows and changes, so too should your IP strategy. Regularly review your strategy to ensure it aligns with your current business objectives and market conditions.
7. Consider international protection: If you’re planning on doing business overseas, including manufacturing, consider international IP protection before you enter into those markets.

Next steps

• Delve deeper into the world of IP by listening to our Intellectual Property 101 podcast.
• Take the necessary steps to protect your brand through IP rights such as trade marks. Get started on your own trade mark with the TM Checker tool.
• For an easy-to-understand overview of IP rights and best practices for managing and protecting these valuable assets, take a look at IP Australia’s IP basics guide.
• Consider consulting with an IP professional to develop an effective strategy tailored to your business needs.

Remember that IP is not just a legal tool but a strategic business asset. Whether you’re a budding entrepreneur or an established business, understanding and strategically managing your IP can be a game-changer for your business.

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What are patents?

A patent provides inventors with exclusive rights to their inventions for a specific period, typically 20 years from the date of filing. In return for sharing their innovation with the public, patent holders gain the right to exclude others from making, using, or selling their invention without permission.

Patent protection is valuable for a small business owner looking to protect their innovative ideas and gain a competitive edge in the market. Securing a patent can safeguard an invention, attract investors, and potentially pave the way for future growth. Navigating the patent application process can be complex, so it can be important to seek legal advice and ensure you thoroughly understand the requirements and timelines.

What does a patent protect?

You can use a patent to protect devices, substances, methods or processes. To be granted a patent, your invention must be:

• New: It must not be known to the public.

• Useful: It can be made or used in an industry.
• Inventive: It must be different enough from what already exists.

• A suitable subject matter, known as ‘a manner of manufacture’.

Why are patents important for a small business?

• Protection: Patents provide a strong shield against competitors, preventing them from copying, using, or selling your invention without your consent.
• Competitive edge: Having a patent can give your small business a competitive advantage by offering a unique product or technology that others can’t replicate.
• Attracting investors: Patents can make your business more attractive to investors, as they demonstrate your commitment to innovation and your potential for growth.

The patent application process

The process of obtaining a patent can be quite intricate, but here’s a simplified breakdown:

• Idea development: Start by brainstorming, researching, and developing your invention. Make sure it’s truly new and useful.
• Patent search: Conduct a patent search to ensure your idea hasn’t already been patented. This step is vital to save time and resources. See IP Australia’s page on searching patents for more information – How To Search Existing Patents | IP Australia.
• Prepare and file an application: You’ll need to prepare a detailed patent application that includes a thorough description of your invention, how it works, and why it’s unique. You can file your application with the patent office in your country, such as IP Australia in Australia.
• Examination: Your application will be examined by a patent office examiner to determine if it meets the criteria for patentability.
• Grant or rejection: If your application is accepted, you’ll be granted a patent, and your invention will be protected. If it’s rejected, you can appeal or make amendments to address any issues raised.
• Maintenance: After obtaining a patent, you’ll need to pay renewal fees and comply with other requirements to keep your patent in force.

Preparing your application

If you’re trying to decide if you should go ahead with a patent, you could file a provisional application in the meantime. It doesn’t provide you with protection yet, but it gives you 12 months to decide whether to go ahead with a standard patent application.

If you decide to go ahead with an application, you will need to write a specification. A specification describes what your invention is and how it works in detail. There are strict requirements to follow – for more information and some templates to help you, see How To Write A Specification | IP Australia. If you’re a small to medium business, you could also be eligible to use IP Australia’s free patent case manager service.

If you’d like legal advice or hands-on help with your application, you should consider engaging a patent attorney.

Key points to remember

• Timing is crucial: Patents are time-sensitive, so it’s essential to apply as soon as possible after inventing something new and keep it a secret until you apply.
• Keep records: Maintain thorough records of your invention’s development, including dates, drawings, and notes. This documentation can be valuable in the patent application process.
• Seek legal advice: Consulting with a patent attorney or agent can help you navigate the complexities of the patent system and increase your chances of success.
• International protection: If you plan to sell your invention internationally, consider seeking patent protection in other countries to safeguard your rights in foreign markets.

So, if you’ve got a brilliant idea that could change the game for your business, consider patent protection. Visit the IP Australia website to understand how a patent can support your business’ success, and how to apply for one.

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When selecting your business or domain name you may have used the Business Name Check tool to see if the name is already registered. It’s an easy way to check against existing business and domain names to ensure your preferred business name is not already in use. However, equally crucial is ensuring the protection of your brand and understanding how business and domain names are different from a trade mark.

Let’s have a closer look to make sure you have the protection you need for your business.

Business Name:

A business name is the official name under which your business operates. It’s a crucial aspect of your brand identity that helps customers and other businesses recognise you. If you intend to use a name for your business that is different from your legal name, you must register it as a business name. You can visit the Business Registration Service to register in Australia.

Domain Name:

A domain name serves as your unique online address. It is the web address that people use to find your business on the internet. Your domain name is an essential part of your online presence, helping customers locate your website with ease.

Trade Mark:

A trade mark is an intellectual property right used to distinguish your goods and services from those of another business. Registering that trade mark gives you the exclusive rights to determine how your trade mark can be used and who can use it in Australia.

While a registered trade mark is a form of intellectual property, your business and domain names are not. If you use a trade mark that another business or company has already registered as a trade mark, they may be able to take legal action against you.

A registered trade mark provides legal protection for your brand, products or services and can cover a wide range of elements, such as logos, phrases, words, letters, colours, sounds, smells, pictures, movements, aspects of packaging, or a combination of these.

The differences between these important business assets are shown below:

Registering your branding as a trade mark can give important advantages. Only you can use that mark in connection with your products or services. This can deter competitors from using a similar mark and safeguard your brand’s market position, helping to build customer loyalty. In addition, a registered trade mark is a business asset that can be sold or licensed and increases in value as your business becomes more successful.

Consider these important statistics on the benefits of a registered trade mark:

• A business with a registered trade mark is 13% more likely to achieve high turnover growth, according to a study by IP Australia
• After filing for an intellectual property (IP) right, such as a registered trade mark, small to medium enterprises (SMEs) are 16% more likely to experience high employment growth compared to businesses with no recent IP filings, according to research by IP Australia
• Applying for a trade mark is linked to an increase in start-up valuation according to research by IP Australia

If you’re considering registering your name, phrase or logo as a trade mark, TM Checker is a free tool that streamlines the process of checking trade mark availability. It gives users an idea if there are already trade marks that might be similar to their brand or name in the proposed classes of goods and services. From there, it’s a simple process to complete the application which costs from $330 for 10-year protection in Australia.

Source: IP Australia

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We all think about our individual contribution to emissions at some point. As companies, we carry an even greater responsibility to lower emissions. While plenty of forward-thinking businesses are beginning to transition their fleets to electric, the rental industry is in a unique position to make an immediate, tangible and far-reaching impact.

Renting an EV instead of a traditional internal combustion engine (ICE) vehicle comes with plenty of benefits. Australia, being the vast continent that it is, poses a real challenge when it comes to decarbonising domestic travel, with high emissions from both air travel and ICE vehicles. This is where electric vehicle rental comes in, with the industry holding a significant opportunity in its hands to play a significant role in cutting carbon emissions.

SIXT CEO Matt Beattie emphasises that the transition to EVs aligns with the Environmental, Social, and Governance (ESG) goals of many corporate clients. By choosing an EV, not only do customers cut back on emissions, but it also makes clear commercial sense.

Recognising the importance of transitioning to EVs sooner rather than later, SIXT Australia has taken steps to build one of the largest EV fleets in the country. Wholly owned in Australia by the NRMA, SIXT is upholding its reputation for evolving in line with changing mobility needs. With more than 160 locations and over 16,000 vehicles across the country, SIXT is encouraging individuals and companies to choose an EV for their rental journeys, thereby contributing to emissions reduction efforts.

“We’re the only Australian rental provider that has EVs in every state, territory, and at all major airports. We are in the process of expanding our electric fleet and are aiming to have a further 300 new electric vehicles by the end of 2023,” said Beattie.

Our range caters to various budgets and preferences, and all offer a range greater than 400km. From premium options like the BMW iX3 and Tesla Models 3 and Y to more affordable choices like the BYD ATTO 3, customers have the flexibility to choose an EV that suits their needs. Further encouraging their take up, the pricing of EV rentals is often comparable to equivalent ICE vehicles – even cheaper in some cases. And when you consider their reduced reduced fuel costs, the financial benefit of renting an EV becomes apparent.

To drive this home – pun intended – SIXT has addressed some common barriers to renting EVs, with the aim of making the experience more accessible to more Australians.

For starters, we’ve decided to price the BYD ATTO 3 at $90 per day and made the minimum rental age 21, attracting a budget conscious and younger demographic who may feel like trialling an EV is currently out of reach. SIXT has also done away with the requirement to return an EV rental with a full battery, unlike ICE rental vehicles. At no extra cost to the customer, EVs can be returned without a full battery, maximising their rental time and removing the need to find a charging station before returning the vehicle.

Even better, through key partnerships, SIXT is saving customers on their rental journeys as the only car rental company offering free charging at NRMA, Chargefox, and Tesla charging stations, making EV rentals even more affordable. Beyond travellers, SIXT is finding that local customers are renting EVs in increasing numbers. They’re enjoying having the opportunity to test drive different EVs and experience what it’s like to drive, charge and run one in their day-to-day life, before making a purchase decision.

Along with making a real and leading contribution to emission reduction efforts, EV rentals occupy an exciting space in 2023.  They facilitate not only a new and exciting way to travel, but also an affordable one, and a way for more Australians to access and experience the electric revolution.

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Small or medium enterprises (SMEs) are the lifeblood of economies and communities worldwide, fuelling economic development and employment on a massive scale. They dominate Australia’s business landscape, employing more than 7.4 million people and making up 99.8 per cent of all businesses.

Innovation serves as a key driver of growth for SMEs. However, the path to growth can be filled with obstacles. Many SMEs lack the internal resources and expertise to undertake research and development (R&D) projects independently. This is where collaboration with research institutions, like CSIRO, can be transformative.

CSIRO’s research on SME enablers and barriers has revealed a significant correlation. SMEs that engage in collaborations with research institutions not only tend to achieve greater success, but also exhibit greater resilience in the face of uncertainty and disruption. Consequently, it is imperative to dismantle the barriers hindering equitable access to R&D opportunities, providing every visionary entrepreneur with an equal chance to transform their ground-breaking ideas into reality – regardless of their gender, age and identity.

Key points

• Collaborating with research institutions can help SMEs innovate, but a range of barriers can prevent collaboration.
• The average size of SMEs led by women, young and diverse entrepreneurs is smaller, which can limit access to research and development opportunities.
• There are many ways to reduce barriers to SME collaboration and make research and development opportunities more accessible and inclusive.

Spotlight on women and youth-owned enterprises

In Australia and around the world, women and youth-led SMEs have emerged as a rapidly growing economic force. More than a third of all Australian SMEs are currently owned or managed by women.

Recognising the vital role of women and youth (defined as individuals under 25) entrepreneurship in achieving the objectives of the UN Sustainable Development Goals, the United Nations (UN) emphasises the need to reduce barriers to their success. Supporting women and youth-led businesses was one of the major themes of International Micro, Small and Medium Enterprises Day.

Despite their growing number, SMEs led by women or young people are still smaller on average than SMEs overall. This makes their entrepreneurship especially vulnerable to disruption from external shocks, like the pandemic, supply chain disruptions, economic conditions or geopolitical tensions.

While all businesses encounter challenges, the incidence, magnitude and effects of certain obstacles can be unevenly distributed based on entrepreneur identity. The Organisation for Economic Co-operation and Development (OECD) reports a mix of cultural and economic barriers are responsible for gender and age-based statistical differences in business success. Barriers to entrepreneurship include financial factors, fewer role models, smaller and less effective networks, lower confidence, and competing demands on time.

R&D opportunities are not exempt from these inequities. Identity-based inequalities, including those related to gender or age, can potentially amplify existing barriers to SMEs collaborating with research institutions. The effects of inequities can be further compounded by multiple intersectional factors (including race, migrant status, cultural background, disability, minority sexual or gender-identity, socio-economic status and more).

While each SME-owner’s experience is unique, barriers related to finance, experience, networks, and a lack of role models are among the common challenges faced by diverse entrepreneurs. These can all impact R&D opportunities.

By addressing barriers to SME-research collaboration we can improve the accessibility of R&D for everyone leading to substantial flow-on benefits.

Let’s collaborate to make innovation more accessible

To empower women and youth-led SMEs to innovate and enhance the overall accessibility and equity of collaborative R&D opportunities, we must all join forces.

Research institutions, governments and funding bodies, businesses of all sizes, industry organisations, non-profits, the media, and members of the public all have crucial roles to play.

Based on CSIRO’s research and experience collaborating with SMEs through programs like the CSIRO Kick-Start program, here are some recommendations to help.

Understanding the barriers

To minimise barriers to collaborative innovation, people involved in industry-research programs need to understand these obstacles and their implications. Examining the factors influencing SME collaboration, while also understanding common challenges faced by entrepreneurs of different identities, is a good starting point.

CSIRO’s SME enablers and barriers research provides data-driven recommendations to increase SME-research institution engagement. Resources like the OECD’s The Missing Entrepreneurs 2021 report shed light on diversity and inclusion in entrepreneurship, including issues relevant to women and youth-led SMEs.

 

Evaluating policies and processes inclusively

Once CSIRO knows the common hurdles to collaboration and how they potentially intersect with gender and other facets of diversity, CSIRO can apply this lens to our own organisations. To align with the goals of gender equity, diversity and inclusion, organisations facilitating industry-research collaborations must review their policies and processes.

Application processes for R&D programs and grants should be streamlined and user-friendly, minimising duplication and offering support throughout the application process. Complex and time-consuming procedures can discourage diverse applicants, especially those with smaller or less established companies without the resources to expend on time and labour-intensive application requirements. Addressing this can help encourage applications from a wider range of SMEs.

Incorporating facilitators into collaborative innovation programs

Institutional funding schemes targeting SME-research collaboration should include facilitation. Facilitators, who act as intermediaries between SMEs and researchers, can improve the success rate of R&D collaboration programs. Their support helps SME owners navigate the collaboration process, define their R&D needs and objectives, and establish beneficial connections.

CSIRO’s Kick-Start program facilitators assist SME owners in navigating the processes involved in collaborative projects. This support helps build confidence and ensures entrepreneurs with less R&D collaboration experience have equal chances for excellent project outcomes.

Embracing flexibility and a long-term perspective

For organisations involved in innovative collaboration, a level of flexibility – particularly when it comes to project sizes, timelines and value – can help make programs more accessible and inclusive.

Starting with smaller, shorter R&D projects can be more feasible for women and youth-led SMEs with limited resources or less experience working with research institutions. Funding schemes and programs can be more inclusive by considering smaller projects and adopting a longer-term perspective on value, impact and investment.

Based on previous experiences at CSIRO, smaller projects can be excellent investments that lead to ongoing SME engagements. More than 40 SMEs have continued to work with CSIRO after completing a Kick-Start project, generating an additional $26.4 million in subsequent research and development outputs.

Providing tools and support to build confidence

Various tools and support can enhance R&D accessibility. Publishing or sharing relevant information and increasing the confidence of SMEs to engage with R&D can be especially helpful to women, younger and diverse entrepreneurs. A visible research organisation presence at relevant events can build familiarity, in turn increasing the confidence of SMEs to collaborate.

Here are a few resources that may be helpful:

• Innovate to Grow, a free training and mentorship program can help introduce SMEs to R&D so they can begin to explore their opportunities.
• CSIRO’s Collaboration Readiness Tool provides a simple way to assess your business’s capacity to collaborate and get recommendations for programs and contacts suited to your circumstances.
• Ready, set, collaborate: Five ways to boost your SME’s research and development potential outlines steps SMEs can take to make the most of R&D collaborations.

Sharing success stories

Anyone can help encourage R&D collaboration by sharing success stories widely. Spreading the word ensures more SMEs understand the benefits of collaborating with research institutions. Positive publicity can also encourage research organisations to consider working with SMEs more frequently.

Sharing success stories featuring SMEs with diverse founders can inspire other entrepreneurs to engage in collaborative R&D. To inspire you, here are three Kick-Start success stories involving companies led or co-founded by women.

Neurode

Kick-Start company Neurode was co-founded by neuroscientist Nathalie Gouailhardou (with Damian Sofrevski). The company is developing a headband that can image the human brain in a real-world setting to provide precision mental health care and personalised drug-free treatment for attention deficit hyperactivity disorder (ADHD) and other conditions.

Bestie Kitchen

Bestie Kitchen founder, Amanda Falconer, participated in Innovate to Grow and Kick-Start to grow her business and develop science-based nutritional pet foods and supplements.

ULUU

Kick-Start funding is supporting ULUU co-founders Michael Kingsbury and Dr Julia Reisser to work with researchers from CSIRO’s Manufacturing team to test seaweed-derived alternatives to conventional plastics.

Source: CSIRO

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With only 4% of small business in Australia owning a registered trade mark, many businesses are unaware of the measures they can take to protect their brand.

What is a registered trade mark?

A registered trade mark legally protects your brand and helps customers distinguish your products or services in the market. Trade marks can be used to protect a logo, phrase, word, letter, colour, sound, smell, picture, movement, aspect of packaging or any combination of these.

A common misconception is that a trade mark is the same thing as a business name or domain name, and it’s not. A registered trade mark provides exclusive legal rights.

You can check the availability of your trade mark using IP Australia’s new tool – TM Checker”.

What are the benefits of a registered trade mark?

A registered trade mark can help you build a memorable experience with your customers, and lead to brand loyalty and repeat business. Registering a trade mark also gives you exclusive rights to use that trade mark as your brand in Australia, and you have a legal avenue to prevent others from using it for the same goods and services. You can benefit from:

• Exclusivity: exclusive rights to use the trade mark across all Australian states, for an initial period of 10 years with the ability to renew indefinitely
• Protection: a legal avenue to stop others from using your registered trade mark on similar goods and services
• Licensing: the ability to authorise others to use your registered trade mark. This is a powerful tool when you create agreements with producers, distributors, sellers or contractors
• Business value: a registered trade mark can be bought, sold or transferred which can increase the value of your business.

What are the risks of not having a registered trade mark?

Did you know…

• 48% of small business have to rebrand due to a contested trade mark infringement (In an intellectual property survey of small to medium businesses with 91 Australian respondents)
• $130k-$240k is the average cost of small business rebrand, not including loss of search engine optimisation (SEO) (In a US survey of small businesses <$30m revenue)
• 3 out of 4 trade mark infringements lead to costly litigation, on average costing $100,000 (In a survey of global brands)

Trade mark business story: Tutu By You

Tutu By You was launched in 2020 by business partners and cousins, Steph Young and Emily Murray. Steph and Emily wanted to create a brand for kids and something that would bring much joy and happiness to the world. They considered intellectual property (IP) protection early in their business start-up, with their ‘Sparkle Bands’. Sparkle Bands were a unique item from their business that Steph and Emily protected using a combination of a registered design right and a registered trade mark.

Hear more about Tutu By You and their journey to commercialisation and IP protection.

Ways to use and enforce your registered trade mark

As the owner of intellectual property (IP) rights, it’s your responsibility to ensure you protect them. We’ve listed below some methods you can use to protect your brand:

Using the ‘R’ symbol

Using the ‘R’ symbol next to your registered trade mark to notify others of your protected status will help disincentivise others from misuse.

Online advertising protection

With a registered trade mark, advertising platforms like Google, Facebook, LinkedIn and Twitter will remove any advertisement that uses your protected phrase or word mark.

Australian Customs

If you suspect goods infringing your registered trade marks or copyright are being imported into Australia, you can lodge a Notice of Objection with the Australian Border Force (ABF) with details of your registered trade mark. This gives the ABF the authority to temporarily seize suspected infringing goods.

Monitor your brand

Monitor your brand’s online presence and track any mentions of your brand. This will help you to identify potential issues and act quickly.

Take part online

Participate in digital communities and online conversations by engaging with your customers through social media, online forums and other online channels. This will not only help build your brand and show your customers that you care but will help you monitor negative and/or mis-leading information about your brand.

Visit the IP Australia website to understand how a trade mark can support your business’ success, and how to apply for one.

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Environmental Impact

Electric vehicles have a significantly lower environmental impact compared to traditional internal combustion engine (ICE) vehicles. In Australia, the transportation sector accounts for a significant portion of greenhouse gas emissions. By switching to EVs, Australians can contribute to reducing carbon emissions and combating climate change.  

According to a study conducted by the Electric Vehicle Council, a transition to electric vehicles in Australia would result in an economy-wide CO2 emission reduction of 43% below 2005 levels by 2030. This shift towards cleaner transportation aligns with Australia’s commitment to reducing greenhouse gas emissions and transitioning to a low-carbon future. 

Cost Savings

Switching to an EV can lead to substantial cost savings over the vehicle’s lifetime. Although the upfront cost of purchasing an EV may be higher than that of a conventional vehicle, the long-term financial benefits are significant. Electric vehicles have lower operating costs due to the significantly cheaper cost of electricity compared to fossil fuels. According to the EVC, charging an EV costs about 70% cheaper per kilometre than refuelling a petrol or diesel vehicle .  

Additionally, maintenance expenses are reduced as EVs have fewer moving parts, resulting in fewer repairs and lower servicing costs. In terms of tax incentives, the Australian government Australian government Electric Car Discount Bill exempts EVs from fringe benefit tax and import tax if they’re below the luxury car tax threshold ($84,916).

Energy Independence and Resilience

Australia’s dependence on imported petroleum places a heavy burden on the economy and exposes it to geopolitical uncertainties. Switching to EVs presents an opportunity to reduce this dependence and enhance energy resilience. By utilising domestic renewable energy sources, such as solar and wind power, Australians can take control of their energy future.  

Australia has vast renewable energy potential, with abundant sunshine and wind resources. The Australian Renewable Energy Agency (ARENA) states that transitioning to electric vehicles can support renewable energy integration and storage. EVs can serve as energy storage units, allowing excess energy generated from renewables to be stored and used during peak demand periods, further strengthening the energy grid. 

Enhanced Driving Experience

Electric vehicles offer a unique and enjoyable driving experience. The instant torque provided by electric motors ensures rapid acceleration, providing a smooth and responsive ride. EVs typically have high torque from a standstill, allowing for quick acceleration in city driving conditions. Some electric vehicles such as the Tesla Model S and Model 3 can reach 0-100 km/h in under 5 seconds, providing a thrilling driving experience.  

Additionally, EVs are quieter than conventional vehicles, creating a more serene driving environment. The absence of engine noise and vibrations enhances the overall comfort of the ride. The availability of various EV models, from sedans to SUVs, ensures that there’s an electric vehicle suitable for every lifestyle and preference.

Government Incentives and Support

To accelerate the transition to electric mobility, the Australian government and state-level authorities offer a range of tax incentives and support mechanisms. These incentives vary across different states but generally include grants, rebates, and tax credits for EV purchases. For instance, Clean Energy Finance Corporation (CEFC) provides financing options, green car loans, and grants to support the growth of the EV market. State governments, such as Victoria and New South Wales, offer additional financial incentives to encourage EV adoption.  

These incentives can significantly reduce the upfront cost of purchasing an EV and make it a more attractive option for consumers. Additionally, the government has committed to expanding the charging infrastructure network to support widespread EV use. 

Final Thoughts

Switching to an electric vehicle in Australia offers numerous benefits that extend beyond personal transportation. From significantly reducing greenhouse gas emissions and combating climate change to achieving energy independence and enjoying an enhanced driving experience, EVs are transforming the way we move. With enticing tax incentives, grants, and the government’s commitment to expanding charging infrastructure, now is the perfect time to consider electrifying your commute. By joining the electric revolution, Australians can contribute to a sustainable future while reaping the financial and environmental rewards of electric mobility.

Ready to hit the road with a new EV? Driva can help you get your personalised electric car loan rates by comparing 30+ lenders for your best match.  

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Their unwavering dedication and effort have been key contributors to your success. You want to express your gratitude, but how do you reward your employees without adding extra burdens to your finance team or your bottom line? 

The Challenge: Decoding the Tax Implications of Employee Rewards 

Choosing the perfect reward can be more complex than it first appears, especially when tax implications come into play. While throwing a party or gifting event tickets might seem like an exciting idea, these entertainment gifts come with tax limitations that could give your accountant a headache. 

The Solution: Switch to ‘Non-Entertainment’ Gifts 

Instead of navigating through the tax complexity of entertainment gifts, why not consider the more straightforward ‘non-entertainment’ options? Gift cards could be the answer to your problems. These rewards can be classified as ‘minor benefits’ by the Australian Tax Office, ensuring the rewarding experience is as beneficial for your balance sheet as it is for your team’s morale. 

GiftPay eGifts: More Bang for Your Buck 

GiftPay eGifts bring a multitude of benefits: 

• They’re fully tax deductible and exempt from FBT if under $300 in value, making them an economical choice for your business. 

• These rewards are not linked to regular service, thus maintaining their special ‘reward’ status. 

• Your employees won’t incur any personal income tax, unlike with bonuses or salary increases. 

• They provide your employees with the flexibility to choose their own reward from over 100 different retailers, thus ensuring employee satisfaction and engagement. 

The Value Beyond the Monetary Reward 

Receiving a monetary reward is fantastic, but the emotional value that comes from acknowledgement can be equally rewarding. GiftPay eGifts can be customised so they can be an excellent medium to highlight your employees’ efforts, making them feel seen and appreciated. 

Conclusion: A Win-Win Solution with GiftPay’s eGifts 

Show your employees you care by giving them the gift of choice, simplify your reward processes, and keep your accountant happy. GiftPay’s eGifts should be your go-to solution for employee rewards. After all, a happy team leads to a thriving business. Make the smart choice with GiftPay today! 

Please be sure to refer to the ATO for details or consult a professional tax adviser. 

www.giftpay.com 

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‘Is it venomous?’ is arguably one of the most common questions asked in Australia, home to 170 species of snakes and 2,000 species of spider. Knowing your critters is a necessity – and thanks to Australian start-up Critterpedia, ‘shazam for animals’ is on the horizon.

Critterpedia was born out of the personal experience of Nic and Murray Scarce, a Queensland couple who frequently entertained British relatives in Australia. “During one of her trips to Australia, my mother-in-law acted as a magnet for all our country’s big-name snakes, spiders, and insects. The questions relating to their identification and danger levels were relentless, and the fact we didn’t have all the answers simply exacerbated the situation” jokes Murray.

Their encounters with Australia’s most notorious wildlife led them on a mission to create an instant creature identification app. This platform will enable the user to take a photo of an animal using any smart device, before a trained algorithmic system swiftly classifies it, providing instant information on its family, genus, or species.

A collaboration with CSIRO’s Data61 has paved the way for ground-breaking technology and data science integration in Critterpedia. This led to the construction of a machine learning engine for automated species identification system. To ensure accuracy, hundreds of thousands of images of snakes and spiders were meticulously fed into the system, establishing a comprehensive database of Australia’s diverse critters.

As the business grows and acquires a larger user base, their collection of animal images and other relevant data will enable the algorithm to develop the ability to identify a greater variety of animals. This synergy has been instrumental in the apps development and its potential to make a significant impact.

Critterpedia is positioned as ‘The Ultimate Adventure Companion,’ aiming to redefine outdoor experiences. Their team plans to take Critterpedia’s AI to new heights, enhancing its capabilities, and unlocking even more thrilling possibilities.

Critterpedia was connected to Data61 researchers through the CSIRO Kick-Start program, which supports start-ups and small businesses to access research expertise, solve problems and provide dollar-matched funding for projects. Kick-Start has supported over 200 Australian start-ups and small businesses to access the research and development they need to grow and develop their business.

Find out more about how Kick-Start can support your business.

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Key points

• Science, technology and research are key drivers of growth for small to medium enterprises (SMEs). However, many lack the resources to pursue research projects alone.
• Our survey of 800 Australian SMEs found that businesses that collaborate were more successful than those that didn’t.
• There are five measures an SME can implement in their business to get the most out of their research and development collaborations.

Small and medium sized businesses (SMEs) are a major player in Australia’s business landscape. They employ over 7.4 million people and make up 98 per cent of all businesses. Understandably, a resilient and competitive SME sector has many flow-on impacts for our economy.

Australia is also home to many world-leading research organisations. Yet, data indicates that only a small percentage of SMEs look to our research organisations for support with innovation.

Collaborating with research organisations can give SMEs a competitive edge. Such partnerships help them tap into resources, skills, facilities and technologies they need to innovate and grow their business.

Still, there can be barriers to engaging in research collaborations. Our survey of more than 800 Australian SMEs explored the key challenges that SMEs face when starting such projects. Critically, the survey found those who collaborate on research and development (R&D) projects were more successful than those that didn’t. And some businesses were better prepared to collaborate than others.

So, how do you know if your SME is ready to work with a research organisation?

Five elements of successful R&D collaborations

Effective research collaborations require more than just the desire to work together.

We gathered insights from research partners at RMIT, University of Queensland and Queensland University of Technology to identify what factors determined the success of a research partnership.

We found five, and together they contribute to the overall ‘Collaboration Readiness’ of a business.

Knowing your collaboration readiness level can help your business prepare for a successful research partnership. And whether you’re a start-up founder or a seasoned entrepreneur, understanding and investing in these five factors can take your business to the next level.

1. Find an executive-level champion: Having executive support is an important step in making sure a collaborative research project is well resourced. Businesses are better equipped for long-term research partnerships when they have one or more executive ‘collaboration champions’. A champion should be able to communicate effectively, have vision and be able to motivate others across the business.
2. Focus on the end, at the start: Start by having a clear idea of what your business needs from the collaboration. How will a research project help to achieve your business goals? Do you need access to large-scale equipment to trial a new process with minimal business disruption? Or do you need specialist expertise to develop products faster? Businesses that ensure achievable outcomes and responsibilities are understood, and agreed upon, before starting a project are more likely to be successful.
3. Be open with knowledge sharing: Partnerships work best when the SME and researchers work together to create, share and use knowledge. You can build trusted partnerships by communicating often. However, being open in your communication doesn’t mean you need to share everything. It is important that you understand how to protect all intellectual property (IP) that has commercial potential. You should explicitly address IP through co-signed agreements (such as a non-disclosure agreement) before you share information. At the very least, agree who owns the IP developed during a collaboration and how it will be licensed. Read IP Australia’s five tips for protecting your IP and IP Management for Business-Research Collaborations to learn more.
4. Resources and capabilities: It is important you make sure that you have the funding, administrative support and staff available to support long-term research partnerships. You may decide to start with lower-risk, small, defined projects to trial a partnership. You could access funding opportunities or explore your eligibility for the Research and Development Tax Incentive to offset the financial costs of your investment. You may choose to explore free training programs to upskill your team, such as our Innovate to Grow program. After you have successfully delivered some smaller collaborations, you will be confident taking on longer, more ambitious collaborations backed by additional internal or external resources.
5. Embed collaboration within the business via systems and processes: Are your business systems and processes set up to handle ongoing collaborations? You may need to make improvements in your systems such as setting up project management processes, developing standardised agreements and project templates, and monitoring and evaluation systems. These can all help fast-track future collaborations.

Find out if your business is ready to collaborate by using CSIRO’s Collaboration Readiness Tool.

This is an excerpt from ‘Ready, set, collaborate: Five ways to boost your SME’s research and development potential’ by CSIRO. Read the article in full here. 

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