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Industry Growth Program launches

29 November 2023

The Industry Growth Program provides support services and matched grant funding of up to $5 million for innovative small and medium enterprises (SMEs) to commercialise and grow their business.

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The $392 million program supports innovative start-ups and SMEs undertaking commercialisation or growth projects within the National Reconstruction Fund priority areas.

The Industry Growth Program includes:

  • the delivery of advisory services by a national network of expert business growth and commercialisation advisers that will provide guidance on seeking investment, market testing, business models, and networking.
  • the delivery of matched grant funding ranging from $50,000 to $5 million to eligible startups and innovative SMEs.

An innovative product, process or service:

  • is new, unique or significantly different to any other previous product, process or service in the market or industry where the product is intended to be sold/traded; or
  • involves significant enhancements or developments of current products, processes or services that will enable the business to scale and transform.

Minor changes or improvements to existing products or services are not considered innovative.

The program comes as a report from Industry Innovation and Science Australia highlights the challenges for SMEs to collaborate and commercialise.

Minister for Small Business Julie Collins said: “Australia’s small businesses are known for their ingenuity and innovation - how adaptive, resilient and passionate they are. The Industry Growth Program will help turbocharge this innovation.”

“This is good for jobs, good for our economy and good for Australia’s small businesses. This is another way our Government is backing Australia’s small businesses to succeed.”

The Industry Growth Program was pledged in the 2023-2024 Federal Budget. Criteria and applications can be found on the program page.

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