New Grants

The new $392-million Industry Growth Program is now officially open to innovative small and medium enterprises (SMEs). The program targets businesses beginning to, or with capacity to, scale as described above but does not include routine business growth. This supersedes the Entrepreneurs’ Program. The funding allocation of this program is said to be distributed over 4 years with additional allocation of $79.2m in the succeeding years.

Industry Growth Program Opportunity

The program has an Advisory Service that provides eligible, innovative SMEs with access to advice and support to help commercialise ideas and/or grow their business operations. You will be connected to an Industry Growth Program Adviser (Adviser) who will work with you to develop recommendations and a plan for commercialisation and/or growth.

Advice will be tailored to your business and may include:

  • commercialisation and growth strategies, including business model validation
  • funding avenues, potential investors and capital raising
  • building networks and establishing collaborative partnerships
  • commercialisation of intellectual property
  • market testing
  • development of compelling value propositions

During your service period, your Adviser will provide you with a report outlining opportunities, recommendations and a plan for your business. The program’s Advisory Service is complemented by two grant opportunities:

  • grants of $50,000 to $250,000 to support early-stage commercialisation projects
  • grants of $100,000 to $5 million for commercialisation and growth projects

 

Advisory Services

You will be connected to an Adviser who will work with you to develop recommendations and a plan for commercialisation and/or growth. The level, type and duration of engagement your Adviser will have with you will depend on:

  • the nature of your commercialisation and/or growth project
  • how relevant engagement would benefit you and your business, including your capability, capacity and commitment to implement advice
  • how relevant engagement supports the program’s objectives and outcomes
  • the available time and resources of Advisers

Advice will be tailored to your business. This may include advice relating to:

  • commercialisation and growth strategies, including business model validation
  • funding avenues, potential investors and capital raising
  • building networks and establishing collaborative partnerships
  • commercialisation of intellectual property
  • market testing
  • development of compelling value propositions

Eligibility

To be eligible for participation in the program’s Advisory Service you:

  • must have an Australian Business Number (ABN)
  • must be non-income-tax-exempt
  • must be registered for the Goods and Services Tax (GST)
  • must be a company, incorporated in Australia, a co-operative, or an incorporated trustee applying on behalf of a trust
  • have a combined annual turnover of less than $20 million for each of the three financial years prior to the lodgement of the application
  • have an innovative product, process or service that you are seeking to commercialise and/or grow in one or more of the following NRF priority areas

To be eligible to apply for an Industry Growth Program grant, applicants must meet the eligibility requirements outlined in the relevant grant opportunity guidelines. Broadly, this will require applicants to demonstrate that they:

  • are participating in the Advisory Service element of the program and have received a report from their Adviser
  • can meet the co-funding contribution for the grant opportunity

Program participants may apply for one or both Industry Growth Program grant opportunities over the life of the program depending on their commercialisation and/or growth potential.

Priority Areas

The following projects in the priority areas of the National Reconstruction Fund will be eligible for the Industry Growth Program:

  • renewables and low emissions technologies
  • medical science
  • transport
  • value-add in the agriculture, forestry and fisheries sectors
  • value-add in resources
  • defence capability
  • enabling capabilities

The program expects to have the following key design features:

  • directly contracted experienced advisers to guide SMEs and startups on commercialisation and early-stage business growth
  • an additional source of industry advice, leveraging sector expertise from not-for-profit industry bodies
  • a new independent committee to give recommendations on projects to receive grant funding
  • an executive director to manage and oversee program advisers, and share expertise
  • a centre of expertise to build real-world commercialisation capability within our department and broader Australian public service

Applicants are encouraged to thoroughly read the program guidelines set by the program.

Submissions must be lodged through the program online portal

Expert Assistance

We have over 15 years of experience preparing EMDG and R&D tax incentive claims and can assist in making sure you receive your maximum rebate.

Working with us means you get the maximum grant with minimum risk and effort. Our expertise includes R&D Tax Incentive registration and tax schedules, Export Grants, Capital Expenditure and Infrastructure Grants.

Get in touch with us and let’s discuss this more in detail.

For information about other Australian Government Grants, visit Treadstone New Grants page and sign up to our newsletter!

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