Another step has been taken towards launching the $392 million Industry Growth Program (IGP), with a discussion paper launched asking how the program should be designed and operate to get the best outcomes.
Through the Industry Growth Program Discussion Paper, the government is seeking a wide range of views on the design and implementation of the program, such as diversity and inclusion, program governance and the eligibility of applicants and projects.
The Industry Growth Program was announced in the 2023-24 Budget, replacing the Entrepreneur’s Program.
The IGP will support small and medium sized enterprises (SMEs) and start-ups to turn ideas into real products and businesses, particularly through earlier high-risk and high-cost phases, and will help transform industry in Australia by providing expert business advice and matched grant funding to support enterprises to increase revenue, grow their workforce and attract investment.
The program will target priority areas under the government’s landmark $15 billion National Reconstruction Fund (NRF) including:
- Value-add in agriculture, forestry and fisheries;
- value-add in resources;
- transport;
- medical science;
- renewables and low emission technologies;
- defence capability and
- enabling capabilities.
The NRF was first tabled in parliament in early December 2022 and is the cornerstone of the government’s “Future Made in Australia” agenda. The fund passed the senate in March.
A new independent committee with expertise in commercialisation and industry growth will also be established to provide program oversight and recommendations to the Department of Industry, Science and Resources on projects to receive grant funding.
The Industry Growth Program Discussion Paper is available online and consultations close on 30 July.
