As the economic landscape evolves, the Australian Government is looking to provide more opportunities for businesses to thrive and innovate. The recently launched Industry Growth Program is a powerful initiative designed to support small and medium enterprises (SMEs) in their pursuit of commercialisation and growth, within specific priority sectors outlined in the National Reconstruction Fund.
Understanding the National Reconstruction Fund
The Industry Growth Program is tailored for SMEs engaged in innovative projects that align with the National Reconstruction Fund's priority areas. What’s the National Reconstruction Fund (NRF) you ask? It’s a $15 billion investment from the Australian Government that aims to drive transformative growth across seven priority sectors of the Australian economy, which include:
- Value-Add in Resources
- Value-Add in Agriculture, Forestry, and Fisheries
- Transport
- Medical Science
- Renewables and Low Emissions Technologies
- Defence Capability
- Enabling Capabilities
What the Industry Growth Program Offers
Advisory Services
Participating businesses gain access to a specialised Advisory Service aimed at helping overcome significant challenges associated with their projects. The Industry Growth Program Advisers will collaborate with eligible SMEs to develop tailored recommendations and plans for commercialisation and growth.
The advisory service encompasses various aspects, including:
- Commercialisation and growth strategies, including business model validation
- Identifying funding avenues, potential investors, and capital raising opportunities
- Building networks and establishing collaborative partnerships
- Intellectual property commercialisation
- Market testing and development of compelling value propositions
Industry Growth Program Grant Funding Streams
Early-Stage Commercialisation Projects
For projects in the early stages, grants ranging from $50,000 to $250,000 are available. These projects typically involve the journey from feasibility studies and proof-of-concept development through to early prototypes' production and testing (TRL3 to TRL6).
Commercialisation and Growth Projects
Businesses in advanced stages can access grants ranging from $100,000 to $5 million. These projects involve taking developed products, processes, or services from early prototyping to final application and scalability in existing or new markets (TRL4 to TRL9).
Key Application Details
- Application availability is open on an ongoing basis.
- Applications open for SMEs with commercialisation and/or growth projects in the NRF priority areas.
- Matching Process: Upon application, businesses are connected with an Industry Growth Program Adviser who provides tailored advice aligned with the program's objectives.
- Applications are now open.
Noteworthy Considerations
- Eligibility Criteria: Businesses must have eligible innovative projects in the NRF priority areas to qualify for the Advisory Service and subsequent grant funding.
- Exclusions: Minor changes or improvements to existing products or services are not considered innovative under this program.
Leverage the Industry Growth Program with the Help of Our Grant Consultants
The NRF and the Industry Growth Program stand as beacons for businesses striving to innovate, grow, and contribute to priority sectors vital for national development. It's a transformative opportunity for SMEs to receive tailored advice and potential funding to fuel their growth within specified sectors.
Connect with our grant consultants for strategic guidance and support throughout the application process. We’re here to help businesses navigate transformative grant opportunities by ensuring clarity, strategy alignment and the best chance of success.
