The Industry Growth Program supporting innovative SMEs to commercialise and grow

The recently announced Industry Growth Program aims to support innovative SMEs across Australia to get great ideas to market, overcome barriers to scale and achieve their potential through multilayered support. The program will provide advice and matched grant funding to businesses in the priority areas of the National Reconstruction Fund (NRF), part of delivering on the Government’s commitment to rebuild Australia’s industrial capability. The Industry Growth Program is scheduled to commence later in 2023 and will support innovative SMEs across Australia to get their innovative ideas off the ground and grow their businesses.

The program will complement the NRF by driving early-stage investment in the 7 NRF priority areas. Only projects aligned with these areas will be eligible to participate in the Industry Growth Program. The NRF priority areas are:

1.       value-add in resources

2.       value-add in the agriculture, forestry, and fisheries sectors

3.       transport

4.       medical science

5.       renewables and low emission technologies

6.       defence capability

7.       enabling capabilities.

The Department of Industry, Science and Resources (DISR) will engage expert advisers located across Australia to work with participating businesses to directly help them achieve their potential. Program participants will also have access to specialist sectoral advice through industry partner organisations. Some innovative SMEs will also be able to apply for grants under the program, ranging from $50,000 to $5 million.

Public consultation on the final design and development of the Industry Growth Program is underway. Through the consultation the Department of Industry, Science and Resources is seeking a wide range of views on the design and implementation of the program. This includes questions around program governance, eligibility of applicants and projects and reaching a diverse range of businesses across Australia, including in regional and remote areas.

Input on the design of the Industry Growth Program can be made until 30 July 2023 through https://consult.industry.gov.au/industry-growth-program or by contacting the Industry Growth Program team at IndustryGrowthProgram.consultation@industry.gov.au .