As the economic landscape evolves, the Australian Government is looking to provide more opportunities for businesses to thrive and innovate. The Industry Growth Program (IGP) is a powerful initiative designed to support small and medium enterprises (SMEs) in their pursuit of innovative commercialisation and growth, within specific priority sectors outlined in the Australian Government’s Reconstruction Fund (NRF).
Understanding the National Reconstruction Fund
The IGP is tailored for SMEs engaged in innovative projects that align with the NRF’s priority areas. What’s the NRF you ask? It’s a $15 billion investment from the Australian Government that aims to drive transformative growth across seven priority sectors of the Australian economy, which include:
- Value-Add in Resources
- Value-Add in Agriculture, Forestry, and Fisheries
- Transport
- Medical Science
- Renewables and Low Emissions Technologies
- Defence Capability
- Enabling Capabilities
What the Industry Growth Program Offers
The first stage of the program is to seek and receive advisory services from a nominated adviser.
Advisory Services
Participating businesses gain access to a specialised Advisory Service aimed at helping overcome challenges associated with their projects. The IGP Advisers will collaborate with eligible SMEs to develop tailored recommendations and plans for commercialisation and growth.
The advisory service encompasses various aspects, including:
- Testing and validating your business model and to help you overcome challenges in undertaking your innovation project
- Working with you to identify funding avenues, potential investors, and capital raising opportunities
- Building networks and establishing collaborative partnerships
- Identifying and developing recommendations for commercialisation and growth priorities and strategies
- Market testing and development of a compelling value proposition
Industry Growth Program Grant Funding Streams
Following receipt of an Advisory Service report, an eligible entity may choose to apply for matched grant funding to commercialise the project. It is important to note that receipt of an Advisory Service report does not guarantee grant funding.
The funding opportunities that are available are as follows:
Early-Stage Commercialisation Projects
For projects in the early stages, grants ranging from $50,000 to $250,000 are available. These projects typically involve the journey from feasibility studies, proof-of-concept development and prototyping. The grants can be used to help an eligible entity establish the commercial viability of innovative products, processes or services.
Commercialisation and Growth Projects
Businesses in the stage between prototyping and market readiness can access grants ranging from $100,000 to $5 million.
Eligible activities that will be supported through growth funding include:
- Developing strategies for entering the market
- Accelerating growth
- Scaling up to provide for access into national and international markets
Leverage the Industry Growth Program with the Help of Our Grant Consultants
The NRF and the IGP stand as beacons for businesses striving to innovate, grow, and contribute to priority sectors vital for national development. It's a transformative opportunity for SMEs to receive tailored advice and potential funding to fuel their growth within specified sectors.
Connect with our grant consultants for strategic guidance and support throughout the application process. We’re here to help businesses navigate transformative grant opportunities by ensuring clarity, strategy alignment and the best chance of success.
