The Hazlewoods Innovation Team exhibited at Venturefest Oxford on Tuesday, 18 June. It was a busy day and we met with a large number of interesting businesses and contacts.
We took the opportunity to ask people to complete a short questionnaire on innovation in the UK, with the added incentive of a chance to win a bottle of champagne. We are pleased to announce that the winner of the champagne is Dennis Elliott from Red Skies Group. Congratulations Dennis – it’s on its way to you!
The survey gave us some interesting results; more than 75% of people we spoke to were aware of R&D tax relief, but less than 30% were aware of the new Patent Box tax incentives and just 10% were aware of the new ‘Above The Line’ R&D tax credit.
Perhaps unsurprisingly most people surveyed thought that lack of funding was the biggest challenge to UK innovation, but many also pointed to a skills shortage in the UK.
On a more positive note, the majority of companies that we spoke to who had applied for R&D grant funding had been successful in obtaining it.
For more information on R&D tax incentives, the new Patent Box tax incentive, R&D grant funding or how to keep important skills within the business please get in touch with us on 01452 634800.