Why we created Synnch.

Why we created Synnch.

All business begin as startups on day one. Here's the story of our beginning, with Andrew Antonopoulos.

Andrew Antonopoulos
Why we created Synnch.
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!

The information contained in this blog is general in nature and should not be considered to be legal, tax, accounting, consulting or any other professional advice. In all cases, you should consult with a professional advisor familiar with your factual situation for advice concerning specific matters before making any decisions. By reading this blog, you confirm your understanding of this disclaimer.

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