Empowering Smes

The Parliament has passed the legislation for Early Stage Innovation Companies (ESIC).  This is a great opportunity for small/medium enterprises that have developed a new product, process, service, marketing or organisational method, to be able to raise capital.   To be an ESIC, the company needs to have been formed in the last 3 years, however it could’ve been formed in the last 6 years, subject to some additional tests relative to expenditure.   The total annual expenditure of the company has to be $1M or less and the total assessable income has to be less than $200,000.  If a company has obtained grant funding from the Accelerating Commercialisation Grant, that grant is not included in the assessable income.   There are 2 ways that companies can satisfy the requirements as an ESIC:   The Gateway Test This is a 100-point innovation test relating to: Research and development expenditure. Has the company been a participant in the Accelerating Commercialisation Grant? Has the company participated in an accele