Industry Growth Program Grant Applications now open

The Federal Government’s Industry Growth Program supports innovative small, medium and start-up businesses in National Reconstruction Fund (NRF) Priority Areas (see below) 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.  Note you need to go through the Advice program before you can apply for the grant funding

Industry Growth Program Advice

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 now open.  There are 2 parts of the program being the Early-Stage Commercialisation Grant or the Commercialisation and Growth Grant

Early Stage Commercialisation Grant

The objective of the Early-Stage Commercialisation grant is to help businesses in NRF Priority Areas (see below) to undertake the steps necessary to establish the commercial viability of an innovative product, process or service, including steps to undertake feasibility and proof-of-concept through to prototyping.   Expected outcomes of this project include:

• improve the commercialisation capabilities of participating businesses
• further develop innovative products, processes or services in preparation for commercialisation (e.g. may include prototypes, early testing, etc)
• improve capability to seek and attract investment.

The grants are from $50,000 to $250,000 on a matched basis and can be obtained with multiple rounds of funding (but only one round at a time).

The project period is 6 to 24 months.

To be eligible your project must:

• be aimed at bringing an innovative product, process or service to national and/or international markets (see below for what is an innovative product, process or service)
• directly relate to achieving the Early-Stage Commercialisation grant opportunity outcomes and objectives
• have at least $100,000 in eligible expenditure

Commercialisation and Growth Grant 

The objective of the Commercialisation and Growth grant is to help businesses in NRF Priority Areas (see below) to:

• commercialise their ideas into new products, processes and services and grow their operations
• improve their ability to engage in, or increase, their national and/or international trading operations
• better position them to seek future investment and further scaling opportunities, including through the NRF where relevant

The grants are from $100,000 to $5m on a matched basis and can be obtained with multiple rounds of funding (but only one round at a time).

The project period is 12 to 24 months.

To be eligible your project must:

• be aimed at commercialising and/or scaling up of an innovative product, process or service for entry into national and/or international markets
• directly relate to achieving Commercialisation and Growth grant opportunity outcomes and objectives
• have at least $200,000 in eligible expenditure

Projects are intended to include those that can already demonstrate completion of feasibility studies and proof-of-concept. Projects are intended to include the journey of product, process or service development from early prototyping through to actual application in its final form, and the capability to scale up to full production and grow into new markets.

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
• To receive the grants you need to have received a report via the Advice program

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 (NRF) 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 or grant component of the Industry Growth Program, click here

Wayne Wanders is an experienced Business Advisor and Outsourced CFO who can help to scale and grow your business profitably. Wayne may also be able to assist you in preparing any grant application. 

Contact Wayne on wayne@arealcfo.com.au or 0412 227 052.

Click on the below buttons to access free Resources developed by Wayne Wanders, A Real CFO to help your business scale and grow profitably

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Want a confidential discussion on your business situation, help with your grant application or to learn more about my Outsourced CFO Services, simply email me at wayne@aRealCFO.com.au or call me on 0412 227 052