Innovative SMEs and startups play a crucial role in the economy but many have difficulty bringing their ideas to market. The Industry Growth Program supports early-stage businesses in their most challenging development phase.
About the program
The program supports innovative SMEs undertaking commercialisation or growth projects that will build Australian capabilities in priority areas for the National Reconstruction Fund (NRF):
- renewables and low emissions technologies
- medical science
- transport
- value-add in the agriculture, forestry and fisheries sectors
- value-add in resources
- defence capability
- enabling capabilities.
It aims to help businesses:
- commercialise their ideas into new products, processes and services, and grow their operations
- improve their ability to engage in national and international markets
- better position themselves to seek future investment and scaling opportunities, including through the NRF.
It complements the NRF’s mission to drive investment in projects that develop Australia’s industry and manufacturing capability. This will help to transform Australia’s economy.
How the program works
The program has 3 core elements:
- Industry Growth Program Advisers around Australia provide tailored advice to support commercialisation and growth projects.
- Businesses who receive this advice may be able to apply for matched grant funding opportunities.
- Industry Partner Organisations provide specialist sectorial expertise, advice and services to participating businesses.
Read how the department consulted with industry and the public on the program design.
To find out whether you are eligible for the Industry Growth Program and apply on business.gov.au click here.
How the program is administered
The department administers the advisory services and grant opportunities. An Executive Director oversees the program and supports the national network of Industry Growth Program Advisers.
The Industry Growth Program’s Independent Assessment Committee has a strategic advice and investment role. It will recommend grant funding for businesses that meet eligibility and merit-based criteria.
For further information on the Industry Growth Program click here.
