R&D Case Studies: Real Stories, Real Impact
The R&D Tax Incentive delivers $16.2 billion annually to Australian innovators. But the 15-month lag between expenditure and reimbursement creates a structural inefficiency that constrains growth velocity.
These case studies examine how businesses across sectors have eliminated that lag, reinvesting earned capital immediately rather than waiting for the ATO’s processing cycle.
Accelerating Innovation Through Smarter R&D Funding
We’ve helped innovative Australian businesses accelerate their development cycles and unlock the full value of their R&D. Rocking Horse Advances give companies the liquidity they need, when they need it, to keep momentum high and stay ahead of competitors.
What we found across the businesses we funded was consistent: The challenge wasn’t the quality of their innovation, but the structure of their capital. Companies with strong R&D Payback Ratios—those generating $1.50+ in gross profit for every R&D dollar spent—were routinely held back by long refund delays that forced capital to sit idle. While they waited, competitors who had solved the velocity problem completed multiple development cycles and pulled ahead.
Below, explore how our clients have used Rocking Horse Advances to accelerate their R&D and position their businesses for long-term success.
See How Businesses Like Yours Are Powering Ahead with R&D Financing
How timing determines whether R&D spending creates or destroys value
Find a Recruiter
When traditional lending couldn’t keep pace with their development timeline, Find a Recruiter director Robert McMurtrie discovered a faster path forward.
Roster Right
When traditional banks couldn’t fund an early-stage R&D organisation, Roster Right founder Lisa Spiden discovered a financing partner that understood her business model.
Trade Ledger
For CEO Martin McCann, HMRC payment delays weren’t just an inconvenience; they were a constant source of stress that made financial planning feel impossible.
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What Sets Us Apart
We’re not a bank applying consumer lending frameworks to business finance. We’re specialists in R&D capital structures. We understand that R&D expenditure follows different patterns than operational spending—it’s lumpy, project-based, and often misaligned with revenue cycles.
Our facilities are designed for that reality:
- No personal guarantees required: Your residential property shouldn’t be collateral for R&D investment.
- Security against the rebate itself: The ATO receivable is the asset. Nothing else required.
- Industry expertise: We’ve financed R&D across six major sectors. We understand your cash flow constraints because we’ve seen them before.
- Speed: Our processes deliver funding in weeks, not quarters. When a development sprint starts next month, you can’t wait three months for credit approval.
Our clients include the CEO of a medical device company who told us we “solved the problem every CFO has but nobody talks about.” A biotech founder who avoided a 20% down-round. An advanced manufacturer who described the service as “the obvious decision we should have made two years earlier.”
The opportunity cost of waiting compounds daily. The solution is simpler than most CFOs realise.
Is Your R&D Capital Structure Optimal?
Most CFOs don’t realise they’re destroying value by waiting for the ATO. The opportunity cost is quantifiable. So is the solution.