Businesses seeking government support during COVID sees tech platform record 150% surge in enquiries
Tech platform Synnch, is experiencing a 150% surge in new business enquiries, 12-months on since the first lockdown shut down the Australian economy.
As companies seek out new revenue streams, the cloud-based digital platform that streamlines the process of applying for the lucrative R&D Tax Incentive – an Australian scheme that annually close to $3 billion worth of rebates to companies lodging a successful claim – became highly sought after as companies looked to diversify revenue and secure new forms of funding.
Synnch founder and CEO, Andrew Antonopoulos said the business was booming as the biggest shift to online platforms the world has ever seen, combined with the need of companies aiming to diversify their revenue streams in very uncertain circumstances drove enterprises to Synnch.
“Our demand was driven by a whole cohort of businesses seeking to access the R&D Tax Incentive for the purpose of seeing if they could access the available rebates, as part of their efforts to secure revenue during the uncertainty of the first lockdown,” he said.
“Quantitatively, this demand is what drove the surge in enquiry as companies sought out the platform as it provides a simplified, cost-effective solution for businesses navigating what can be a difficult and expensive process. It is these elements that brought in the new waves of clients ranging from executives, entrepreneurs, accountants and directors all investing in innovation, wanting to secure additional income during a challenging time.”
The R&D Tax Incentive is a cornerstone of nation-wide efforts to drive innovation, billions worth of rebates back to businesses that have lodged a claim. This demand from business for the incentive is driven by the significant amounts of money returned to organisations, during a period where they are making a major investment into a new product or service offering.
Compliance is a critical element in the lodgement of a successful claim where companies not only have to prove that some type of innovation has occurred, but also ensure that all records pertaining to the eligible activity are kept in order. This is where Synnch comes into play as it is specifically designed to simplify the application process, reducing a great burden on enterprises ranging from small businesses to some of the largest organisations in the country.
The enterprise software platform works with businesses to ensure that they are investing in innovation strategically, fast, and successfully with much of the pain removed from the process. It provides a digital record keeping and project management tool that ensures all supplied material complies with government requirements, application dates are met, and all files are stored in the one location. This is to minimise the possibility of losing material at vital points in the application process.
For Andrew, it is all about providing Australian business the tools to survive and prosper in a period of significant disruption.
“Post COVID we expect this growth for Synnch to continue as businesses take the lessons from 2020 and utilise the R&D Tax Incentive to invest in new products, technology and processes to build new companies,” Andrew said.
“The Australian government – particularly Karen Andrews in her role as Minister for Industry, Science and Technology have been vocal in their support in making innovation a key driver of Australia’s economic recovery. This aligns Synnch with a major plank of government policy, so we expect its growth to continue as it becomes a critical tool for any business looking to disrupt their industry sector.”
