Industry Growth Program Advisory Services now open for business

The Federal Governments Industry Growth Program supports innovative small, medium and start-up businesses to commercialise their ideas and grow their businesses.

The program is split into 2 parts. Part 1 is advice and part 2 is access to grant funding.

Industry Growth Program Advice

The advice part of the Industry Growth Program was launched on 27 November 2023.

Under this part of the program, successful applicants will be connected to an Industry Growth Program Adviser who will provide free and tailored advice to support your commercialisation and/or growth project. This advice may include:

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

Early-stage commercialisation is the initial phase of the commercialisation journey necessary to establish the commercial viability of an innovative product, process or service such as feasibility, proof-of-concept and production and testing of early prototypes

Commercialisation is focused on the steps after the feasibility studies and proof-of-concept that are necessary to establish the commercial viability of an innovative product, process or service, including progress to minimum viable product and commercial application

Growth is focused on scaling up your business into national or international markets, through the successful commercialisation.

Industry Growth Program Grants

The grant funding part of the Industry Growth Program is currently not open. Primarily because a pre-cursor to getting grant funding is going through the advice part of the Industry Growth Program and your advisor recommending you for this. It is expected that this will open in 2024 once business start to go through the advice program.

The grant funding that will be available is:

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

Eligible Entity

To be an eligible entity, you must:

have a combined annual turnover of less than $20 million for each of the 3 financial years prior to the lodgement of the application
be an Australian company, co-operative or corporate trustee of a trust with an ABN and registered for GST
are non-income-tax-exempt
developing an eligible innovative product, process or service in one or more of the National Reconstruction Fund priority areas

Innovative product, process or service

An innovative product, process or service that:

is new, unique or significantly different to any other previous product, process or service in the market or industry where the product is intended to be sold/traded; or
involves significant enhancements or developments of current products, processes or services that will enable the business to scale and transform.

Minor changes or improvements to existing products, processes or services are not considered innovative.

National Reconstruction Fund Priority Areas

Your innovative product, process or service must be in at least one of the following National Reconstruction Fund priority areas:

value-add in resources
value-add in agriculture, forestry and fisheries
transport – manufacturing aircraft, road vehicles, rail vehicles or ships; or for products for use in or in connection with aircraft, road vehicles, rail vehicles or ships
medical science – manufacturing products for therapeutic use
renewables and low emission technologies
defence capability – manufacturing products that are wholly or primarily for use in or in connection with defence
enabling capabilities – involved in manufacturing any of the following products: advanced manufacturing technologies or materials technologies; artificial intelligence technologies; advanced information or communication technologies; quantum technologies; autonomous systems; robotics technologies; positioning, timing and sensing technologies; biotechnologies; space objects or products for use in, or in connection with, space objects; other advanced technologies.

Learn More

To learn more and apply for the advice component of the Industry Growth Program, click here

Wayne Wanders is an experienced Business Advisor skilled in analysing business financial performance and cash flow. Wayne may also be able to assist you in preparing your grant application. Contact Wayne below for a free no obligation session. Also, if you want some more information on grants, contact me below

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Contact Wayne Wanders for your FREE Business Survival Session

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To get help you successfully navigate your way through your financial challenges so your business can survive and thrive in these uncertain times, simply use the contact form on the left to email Wayne or call him on 0412 227 052.

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Let Wayne Wanders, a fully qualified and experienced CFO, help you successfully navigate your way through your financial challenges so your business can survive and thrive in these uncertain times. Wayne Wanders, A Real CFO wayne@aRealCFO.com.au

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