Through a background in Law and IT, Dov has international consulting experience and has worked with many of South Africa’s largest corporates. A passion to enable companies to innovate led Dov to establish Catalyst Solutions. Catalyst focuses on assisting innovative companies to access various grants and incentives available across multiple countries. Dov has intricate knowledge of the relevant incentive legislation, its requirements and how companies can maximise the return on investment of their incentives. Through his relationship with the relevant government entities, Dov is involved with new developments on the incentives and is a trusted partner and adviser to clients and industry bodies across a spectrum of industries. Dov has an MBA (Cum Laude) from GIBS in South Africa, is a registered tax practitioner and is a member of the SA Institute of Tax Practitioners.
Government funding sources at different stages of innovation development
Increasing research and development in a country is known to increase a country’s competitive edge. The South African Government’s medium term strategic framework includes a policy target for increasing research and development expenditure to 1.5% of GDP. It is currently sitting at approximately 0.7%. This means doubling the R&D spend in South Africa. South Africa is not alone in this push for innovation. Most countries are offering some sort of stimulant to encourage R&D to take place. The problem is that most companies are unaware of the various funding sources being offered by governments at different stages of development. These incentives take the form of cash grants or additional tax deductions. This presentation looks at the current incentives on offer in South Africa and benchmarks them against similar global offerings from both a qualitative and quantitative perspective. We unpack the various funding sources at different stages of development such as incentives from the Department of Science and Technology (DST), the Department of Trade and Industry and the Technology Innovation Agency which are offered in South Africa and assess their effectiveness in terms of accessibility and offering. Through a deeper look into the incentives, we try to understand what companies need/want from the Government to enable innovation. We also try to determine whether the SA government is doing enough.