How Find a Recruiter Turned R&D Funding Delays Into Their Competitive Advantage
When traditional lending couldn’t keep pace with their development timeline, Find a Recruiter director Robert McMurtrie discovered a faster path forward. By accessing their R&D tax refund immediately rather than waiting 15 months, they accelerated product milestones, retained full ownership, and transformed cash flow constraints into strategic growth momentum.
“Rocking Horse are quick, friendly, and incredibly diligent. Their tailored financing solutions allowed us to focus on innovation while knowing we were in safe hands. I’d recommend them without any hesitation.”
— Robert McMurtrie, Director, Find a Recruiter
Case Study
Q1. What is your name, title and workplace?
A1. Robert McMurtrie, Director of Find a Recruiter.
Q2. What problems were you having before you used R&D Finance?
A2. Before using R&D Finance, we faced typical start-up challenges: Cash flow constraints, reliance on traditional lending sources like commercial loans and family contributions, and the need to invest heavily in R&D. Managing compliance with the R&D Tax Incentive Program added complexity, requiring specialised support to align our activities and funding goals.
Q3. Why did you choose Rocking Horse over other providers?
A3. We chose Rocking Horse for their tailored R&D financing aligned with the R&D Tax Incentive, quick and non-dilutive funding process, and expert support in financial and R&D strategy, making them the best fit for our needs. We also spoke to a number of similar providers; however, the team at Rocking Horse were accessible, easy to deal with, and seemed to understand our issues as a start-up better.
Q4. How did you use Rocking Horse’s R&D Finance?
A4. We utilised Rocking Horse’s R&D Finance to access up to 80% of our anticipated R&D tax refund throughout the financial year, providing immediate capital to reinvest in our R&D activities. This approach improved our cash flow, allowing us to accelerate product development and achieve key milestones without waiting for the end-of-year tax refund.
Q5. What advantages did you see for using R&D Finance?
A5. Using R&D Finance provided several advantages:
- Improved Cash Flow: Immediate access to funds enabled us to reinvest in R&D activities without waiting for tax refund processing.
- Accelerated Development: Funding allowed us to achieve key milestones faster, enhancing our product’s competitiveness.
- Non-Dilutive Capital: We retained full ownership of the business by avoiding equity dilution.
- Flexible Financial Management: The advance funding aligned with our R&D schedule, ensuring smooth operations and timely progress.
- Strategic Growth Support: Access to capital facilitated innovation and scaling, critical for our start-up’s growth
Q6. On a scale of 1-10, how likely are you to recommend Rocking Horse to a friend, family or colleague?
A6. Ten, without any hesitation.
Q7. What would you tell someone if you were recommending Rocking Horse?
A7. I’d highly recommend Rocking Horse based on our fantastic experience working with them. They are quick, friendly, and incredibly diligent, adding an extra layer of confidence by thoroughly reviewing the foundation for the R&D Tax Incentive application. Their tailored financing solutions and expert support made the process seamless, allowing us to focus on innovation while knowing we were in safe hands.
Q8. How would you rate your overall experience with Rocking Horse?
A8. Our overall experience with Rocking Horse has been outstanding. They are professional, diligent, and incredibly supportive throughout the process. Their quick and friendly service, combined with their thorough approach to reviewing our contemporaneous documents, exceeded our expectations. We couldn’t have asked for a better partner.
Our Innovative Solutions
Preserve Equity, Accelerate Growth
Start-ups face a familiar trap. Raise capital now at unfavourable terms, or slow development and risk losing market position. Find a Recruiter chose a third option: Accessing up to 80% of their R&D tax refund immediately without dilution. At approximately 15% p.a., these financing costs are a fraction of what founders surrender in early-stage equity rounds, where valuation discounts can erode 30-40% of terminal value. The result? Full ownership is retained while funding critical milestones exactly when needed.
Capital That Moves at Development Speed
R&D doesn’t follow quarterly revenue patterns. Product sprints start when the market demands them, not when bank committees convene. Find a Recruiter needed funding that matched their development cadence. Our streamlined process recognises that R&D expenditure is inherently lumpy and project-based. When your next feature release can secure a multi-year contract, waiting three months for traditional credit approval isn’t just inconvenient; it’s a competitive liability.
Your Home Isn’t Your R&D Collateral
The ATO receivable itself is the security. No personal guarantees. No property pledges. Your R&D tax refund is an earned government receivable; why shouldn’t it function as the asset securing your advance? This structure keeps your traditional debt capacity available for equipment, inventory, or property investments while ensuring your residential assets remain separate from corporate R&D decisions. Its capital structure is designed for how innovation actually works.
R&D Expertise Beyond Capital
Robert McMurtrie noted our team’s diligence in reviewing their R&D Tax Incentive foundation as a key differentiator. We don’t just provide funding, we ensure your contemporaneous documentation and activity classification align with ATO compliance standards. With experience across six major sectors, we’ve seen what triggers reviews and what maximises eligible claims. That institutional knowledge adds confidence to every funding decision, reducing compliance risk while optimising your rebate value.
The Hidden Cost of Waiting for Your R&D Refund
Every month, your earned capital sits in the ATO processing queue, while competitors are completing development cycles you’re still planning. Find a Recruiter faced this exact constraint, traditional start-up cash flow challenges compounded by the 15-month gap between R&D expenditure and rebate receipt. The mathematics are unambiguous: Businesses generating strong R&D payback ratios lose more in delayed market entry than they’d ever pay in cost of capital. The solution preserves both your equity position and traditional debt capacity, deploying them strategically rather than reactively.
Ready to Accelerate Your Development Cycle?
You’ve already earned this capital through qualifying R&D expenditure. The only question is whether you’ll access it on the ATO’s timeline or yours. Our facilities are purpose-built for the Australian R&D ecosystem, delivering the velocity advantage that Robert McMurtrie describes as “allowing us to focus on innovation while knowing we were in safe hands.” If your development roadmap is constrained by cash flow rather than engineering capacity, that constraint is solvable.