Industry Growth Program Grants Now Available
Innovative Australian SMEs Can Now Access Up to $5 Million in Grants
In a push to bolster Australia's technological and commercial landscape, the Albanese Government has opened applications for grants under its Industry Growth Program (IGP). This initiative in part of the "Future Made in Australia" agenda.
Grants Available Under Two Streams
Early-Stage Commercialisation grants from $50,000 to $250,000 to help establish the commercial viability of an innovative product, process, or service.
Commercialisation and Growth grants from $100,000 to $5 million to help push ideas from prototyping through to market readiness stages. Grants will help develop strategies for entry to market and scaling up into national and international markets.
Strategic Support for SMEs
The program not only provides financial assistance but also includes a mentoring and advisory service, which has already supported over 340 businesses since its inception in November last year. These services aim to prepare businesses for further investment, particularly from the $15 billion National Reconstruction Fund, enhancing their capabilities to scale up and commercialize innovative ideas.
Application and Eligibility
Businesses interested in applying for either grant stream must first engage with the IGP’s advisory services, and receive a commercialisation and growth report before applying for a grant.
For detailed information on eligibility criteria and application processes, visit https://business.gov.au/grants-and-programs/industry-growth-program