Are all accelerator programs eligible to contribute to my ESIC status?
No. In making your decision about accelerator programs and which is appropriate, the ESIC tax rules only recognize a program that:
- Provides time-limited support for entrepreneurs with start-up businesses;
- Has a selection program that is open, independent and competitive;
- Has a demonstrated track record of providing accelerator programs for entrepreneurs for at least 6 months; and
- Has been completed by at least one cohort of entrepreneurs.
Participation in an eligible accelerator program offers the bonus of contributing 50 points towards the 100-point innovation test.
Accelerator programs are recognised in the government’s National Innovation and Science Agenda (“NISA”) and play an important role in boosting Australia’s innovation performance and creating collaborative relationships between research, science and business.
They offer you access to skills, experiences and credibility often not attainable elsewhere on commercial terms reflecting your early-stage financial circumstances.
ESIC Hub advocates for all accelerator programs and acknowledge their significant contribution to the early-stage community. If you have capital raising plans and aspirations, consider whether your chosen accelerator assists in contributing points towards achieving ESIC ready status. Ask ESIC Hub.