Tis the season for new grant announcements. Hot on the heels of last week’s new all-year-round $200K Commercialisation Bridge Grant and the opening all-year-round of the $40K Innovation Booster Grant from the WA government, comes the Albanese (Federal) Government’s official opening today of their $392 million Industry Growth Program.
This program replaces the Entrepreneurs Program (and with it the Accelerating Commercialisation grants program) that was cancelled in the May budget earlier this year.
Extensive industry consultation has been taking place, and the new program now offers grants of up to $5M, whereas Accelerating Commercialisation grants could only go up to $1M.
However, there are a few catches.
Companies wanting a grant have to go through the “advice service” prior to applying for a grant. And while businesses can apply for the advice part now, the grants program will not be open til the New Year.
“The challenge for our economy long term is to scale-up our businesses and help them create more secure jobs,” said Hon Ed Husic, Minister for Industry and Science.
The Industry Growth Program is designed to commercialise great ideas and know-how, build stronger, Australian businesses and put them on a pathway for potential support by the National Reconstruction Fund.
Hon Ed Husic, Minister for Industry and Science
Our government knows Australians want our country to be a nation that makes things, and we are determined to make that happen.
Industry Growth Program (IGP)
So, there are two elements to the IGP – advice and grants, with advice coming first.
- All applicants can apply (now) for a range of advisory services through a “national network of expert business growth and commercialisation advisers” that will provide guidance on seeking investment, market testing, business models, and networking.
- Then, and only then, can applicants look at the possibilities of matched grant funding ranging from $50,000 to $250,000 (to support “early-stage commercialisation projects”) and matched grants of $100,000 to $5 million (for “commercialisation and growth projects”).
In a further look through the ‘fine print’ of the IGP, it looks like projects would need to fall under at least one of the $15B ‘National Reconstruction Fund‘ priority areas, which are:
- Resources
- Transport
- Medical Science
- Defence capability
- Renewables and low emission technologies
- Agriculture, forestry and fisheries
- Enabling capabilities. Accessibility
Businesses can apply for expert advice now, using the links below.
Useful Links
- Industry Growth Program – https://business.gov.au/grants-and-programs/industry-growth-program
- Industry Growth Program guidelines – https://business.gov.au/grants-and-programs/industry-growth-program#key-documents
