Innovation Strategy: Engagement and Support
- 1. Innovation Strategy: Engagement & Support an updated offering from BSM
- 2. Company Background • BSM founded in 2012 • 4 directors • Worked together at Birmingham City University • R&D Tax Credits opportunity with Accountancy practice • Tried out on ‘friendly’ companies • Left BCU with 6 clients and gave it 6 months • Not just R&D • Grants etc • Grew business to over 250 clients • 95% R&D Tax Credits • Student placements & Grants Time to reassess offering…
- 3. R&D Tax Credits • Achieving significant cash benefits to re-invest back into the business to further enhance in-house capabilities • Understanding that significant research and development activities are undertaken within the business providing competitive advantage • Realising that there is an ongoing tax benefit by undertaking new and innovative projects • Knowing that a claim can be made year after year
- 4. The R&D Landscape Policy Changes from August 2023 • All claims to be made digitally – HMRC to more effectively risk assess claims • Each claim to be accompanied by additional information so HMRC can better identify and target higher-risk claims – Advanced Information Document (AIF) • Requiring significantly more technical detail to support finances • Requiring each claim to be supported by a named officer of the company and agent associated with a claim
- 5. Technical Information • What was the gap in scientific, technological knowledge or capability? • Has there or is there an appreciable improvement or step change in the field of science or technology? • What is the current state of baseline knowledge within the sector? • Scientific or technological uncertainties faced by the company • How did the project seek to overcome these uncertainties • Names, job roles and biographies/ backgrounds of the competent professionals involved in the project.
- 6. Outcome Increase in scrutiny + Increase in Information required = Fewer companies claiming Its not a problem… its an opportunity… • Worked hard to get clients • Understand their ‘innovation’ • Built trust – more time to listen – What else can be offered?? – What other innovation/ knowledge based support is required?? • Have offered grants & University support • Re establish contacts/ networks
- 7. BSM’s Value Proposition Innovation Strategy Support • Research & Development (R&D) Tax Credit Claims • Capital Allowances & RDA’s • Asset Finance • Grant funding streams • ISO standards/ quality systems • Protecting Intellectual Property (IP) • Apprenticeships • University Engagement & Support • Student placements & KTP programmes • Access to new knowledge • Access to cutting edge tech • Ideas for collaboration • Networks etc
- 8. Morgan Cars • Lean Consulting • Funding Streams o Direct Access to Innovate UK § University Engagement • Birmingham City University - Knowledge Transfer Partnerships (KTP) • Warwick University- Innovate UK Funded APC Programme Skills Development • Loughborough University – Innovate Funded APC Programme Skills Development • Wolverhampton University – Race Team Involvement § KEEN Programmes (Small programme assists) • Intellectual Property Protection o Rationalised Morgan protected portfolio via Wynne Jones • Quality Systems Support via ISO QSL o ISO 9000 • HEI Engagement o Heart of Worcester College – Supporting Learners into Work • Apprenticeships o Moving towards collaboration with In-Comm • Combined with R&D Tax Credits claims