The Albanese Government has taken another step towards launching the new $392 million Industry Growth Program (IGP), to support small businesses get their great ideas to market and overcome barriers to scale.
A discussion paper launched today is asking how the program should be designed and operate to get the best outcomes.
The IGP will support small and medium sized enterprises (SMEs) and start-ups to turn ideas into real products and businesses, particularly through earlier high-risk and high-cost phases.
The program will target priority areas under the Government’s landmark $15 billion National Reconstruction Fund including:
- value-add in agriculture, forestry and fisheries
- value-add in resources
- transport
- medical science
- renewables and low emission technologies
- defence capability
- enabling capabilities
The program will help transform industry in Australia by providing expert business advice and matched grant funding to support enterprises to increase revenue, grow their workforce and attract investment.
Through the Industry Growth Program Discussion Paper, the Government is encouraging a wide range of views on the design and implementation of the program, such as diversity and inclusion, program governance and the eligibility of applicants and projects.
A new independent committee with expertise in commercialisation and industry growth will also be established to provide program oversight and recommendations to the Department of Industry, Science and Resources on projects to receive grant funding.
The discussion paper is available at https://consult.industry.gov.au/industry-growth-program and consultations close on 30 July 2023.
Quotes attributable the Minister for Industry and Science, the Hon Ed Husic:
“We are laying strong foundations for future economic growth and job creation through our $392 million Industry Growth Program.
“This is about supporting companies to navigate the difficult aspects of getting ideas to market.
“We’re particularly keen to help bridge the ‘valley of death’ – where great ideas, often backed by solid research, are hamstrung only by a lack of funding and expertise.
“This consultation is about creating the right conditions to ensure brilliant Australian entrepreneurs can grow and thrive here at home.
“By supporting projects in National Reconstruction Fund priority areas, we’re setting up the next wave of Australian businesses to thrive for years to come.
