The new Industry Growth Program was announced last week with a funding allocation of $392.4m that will benefit small and medium enterprises (SMEs) and startups. The official launch of this initiative is expected to happen late 2023.
The funding allocation of this program is said to be distributed over 4 years with additional allocation of $79.2m in the succeeding years. This matched-funding program will also provide early-stage businesses expert industry guidance to help commercialise their ideas and grow their businesses.
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
- 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
Closing the Entrepreneurs’ Programme
With the imminent launch of the Industry Growth Program is the closure of the Entrepreneurs’ Program. All applications submitted to the Entrepreneurs’ Programme prior to the closure will be assessed and honoured if eligible. All existing grant agreements will be honoured and recipients may finish their projects as agreed.
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