Government opens $392 million Industry Growth Program

The Australian Government yesterday announced the opening of the $392 million Industry Growth Program to help startups and small businesses commercialise and grow their companies. The opening of the program takes place as a new report finds that businesses in Australia often face barriers in scaling up.

The report from the Industry Innovation and Science Australia board recommends the government identify businesses with the need and risk appetite to innovate and deliver novel products and services.

The report also details ways Australia can take steps to translate its world-class research performance into commercialisation outcomes, helping to grow a diverse economy while at the same time delivering well-paid jobs.

The Industry Growth Program is said to include:

• 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; and
• the delivery of matched grant funding ranging from $50,000 to $5 million to eligible startups and innovative SMEs.
   

Supporting projects under National Reconstruction Fund priority areas, the Industry Growth Program will help expand the pipeline of businesses working to transform and diversify Australia’s economy.

“The challenge for our economy long term is to scale up our businesses and help them create more secure jobs,” said 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.”

“Australia remains a challenging place to scale a tech startup compared to leading countries like the United States, particularly due to funding availability,” said Kate Pounder, CEO of the Tech Council of Australia. “This challenge is faced across the tech sector and is particularly pronounced in critical tech companies in capital-intensive sectors like quantum, AI and robotics.

“Initiatives like the Industry Growth Program will be essential if Australia is going to become a global tech leader and improve its record on commercialisation and scaling.”

Businesses can apply for expert advice now by visiting www.business.gov.au, with grant funding opening in early 2024.

The report from Industry Innovation and Science Australia can be accessed here.

Image credit: iStock.com/Olivier Le Moal