I have always believed that a business should challenge “the way we’ve always done things”.
Synnch was a creation of enabling more clients to confidently access the R&D Tax Incentive through a digital solution. People only have so much time, and people in companies that are constantly innovating have even less time! R&D Consultants don’t have enough time… There had to be a better way!
The Birth of Synnch
Synnch was created to enable a digital service delivery of certain components of an R&D Tax Incentive claim. The modest beginnings of the Synnch wireframe set out to create checkpoints for R&D Tax Incentive claimants to periodically enter data in a simple yet effective compliance framework. The mission was to create a simple digital workflow tool – the outcome was to uncover an unsettling industry gap in compliance knowledge and expectations for companies claiming the R&D Tax Incentive.
So, we set out for a simple digital tool, we now have a digital platform enabling R&D Tax reporting in a framework that supports compliance and interaction across all industry stakeholders … who would have thought!
In many areas of life, I often ask myself “knowing what I know now, would I do it again?”. My answer with Synnch is a resounding YES!
Innovation is at the heart of technological advancements, product launches, and health and life sciences advancements. Entrepreneurs are the creators and visionaries for many things in our day-to-day lives that we never knew we needed – or never thought possible.
The R&D Tax Incentive
The R&D Tax Incentive, when appropriately governed by claimants, can be a significant source of non-dilutive capital to help drive Australian businesses, Entrepreneurs and Visionaries to compete and thrive in a global environment!
I set out to provide a simple framework that gives the R&D Tax Incentive the respect and integrity it deserves as a source of capital to support Australian businesses!
The Synnch Vision
Our vision is great for companies claiming the R&D Tax Incentive, but its vision must extend to the industry of R&D consultants that are supporting this extraordinary source of capital.
The vision for consultants has not changed since its inception – Synnch wants to enable R&D Consultants to add more value for their clients, provide more focused and tailored technical reviews and advice, and generally be in a position through Synnch to “ask better questions”.
I often hear R&D Consultants spend a good chunk of their engagement asking clients for information, following up requests for information, chasing responses to technical questions … all whilst their clients are digging around over 12 months of emails, documents, minutes, software systems or some other ad hoc record keeping methods for R&D compliance in any financial year. It is ALL an inefficient use of time and a waste of the technical expertise of R&D consultants and the technical staff of the client.
There had to be a better way to add value in an R&D Tax engagement – which is where Synnch has set out to fill that inefficient space with a digital platform for effective and interactive record keeping and service delivery!
Knowing what I know now, would I do it again?
YES! A resounding YES! In fact, we set out to tackle the Australian gap in digital tools for R&D Tax service delivery and we have our eyes set clearly on addressing a similar problem set in Canada, the UK, New Zealand, Norway and anywhere Entrepreneurs are supported by a Government incentive focussed on innovation and R&D!
We aim to be everywhere the visionaries of our industries are breaking ground with new products, services, and disruption to their industry. What a great mission and a satisfying way for us to spend our time at work!