Applications open for new national $392 million Industry Growth Program
By fostering innovation, providing expert guidance, and extending financial support, the program aspires to facilitate tangible growth, job creation, and economic vitality across the nation.
The Federal Government has unveiled a $392 million Industry Growth Program for innovative small and medium enterprises with commercialisation and/or growth projects in one or more of the National Reconstruction Fund priority areas.
The program's comprehensive support includes a national network of expert business growth advisors offering guidance on investment procurement, market validation, business models, and networking.
Eligible startups and innovative SMEs will also be able to access matched grant funding ranging from $50,000 to $5 million, opening avenues for transformative growth.
A newly released report, The Barriers to collaboration and commercialisation report, from the Industry Innovation and Science Australia Board, highlights the hurdles faced by Australian businesses when scaling.
Recognizing Australia's exceptional research capabilities and the imperative to translate these into commercial successes, the report then outlines strategies to leverage this prowess. The overarching goal is not only to nurture a diverse economy but also to generate well-paying job opportunities.
The Industry Growth Program aligns with the National Reconstruction Fund's priority areas, aiming to broaden the spectrum of businesses dedicated to reshaping and diversifying Australia’s economy. Renewables and low emission technologies, and onshore resource processing capabilities are two priority areas of the Fund.
Businesses keen on availing expert advice can now access services through www.business.gov.au, with applications now open. The Industry Innovation and Science Australia report is available for reference here.