Grants are now open to support a Future Made in Australia
Grants of up to $5m to help innovative startups and high-growth small and medium businesses (SMEs) to commercialise their big ideas are now available through the Industry Growth Program (IGP), a part of the Albanese Government’s a Future Made in Australia agenda.
The IGP grants will translate more world-leading Australian know-how into viable businesses, growing the pipeline of investment-ready projects for the $15bn National Reconstruction Fund to consider.
These grants will provide targeted support for SMEs across the NRF’s seven priority areas to overcome the challenges associated with growing and scaling up through two grant streams:
- Early-stage commercialisation grants from $50,000 to $250,000 to help establish the commercial viability of an innovative product, process, or service.
- Commercialisation and Growth grants from $100,000 to $5m to help push ideas from prototyping through to market readiness stages. Grants will help develop strategies for entry to market and scaling up into national and international markets.
Grant funding through these programs is matched with the IGP’s specialised advice and mentoring program, which has already supported more than 340 businesses since opening in November last year.
After receiving advisory services and a commercialisation and growth report under the Industry Growth Program, eligible businesses can now choose to apply for these grant opportunities. An independent assessment committee will assess grants.
The government has also announced that four leading Australian not-for-profit industry organisations have been awarded a total $6.9m in grant funding over two years to provide expert, sector-specific advice to support the growth of Australian SMEs.
The Industry Partner Organisation (IPO) grant opportunity will see these organisations provide specialised advisory services to start-ups and high-growth SMEs who are participating in the Industry Growth Program, and complement the work of the Industry Growth Program Advisers.
The four successful recipients announced just today (May 2):
MTP-IIGC LTD (MTPConnect)
Advanced Robotics for Manufacturing Hub Ltd (ARM Hub)
Food and Agribusiness Network Limited (FAN)
Hydrogen Mobility Australia Ltd.
“Turning Aussie know-how into thriving businesses and secure, well-paid jobs is at the heart of a Future Made in Australia,” said Hon. Ed Husic, Minister for Industry and Science. “Our $15bn National Reconstruction Fund is there to co-invest in projects that will add to our industrial muscle. “The Industry Growth Program is about filling in the “missing middle”, growing small startups into bigger startups so they can go to the NRF with an investment-ready proposal.
“More than 340 businesses have already accessed the advice side of the IGP, showing a healthy pipeline of new know-how that’s ready for commercialisation. The grants we’re opening today are all about taking that next step.”