The Albanese Government has officially opened the $392 million Industry Growth Program to help start‑ups and small businesses commercialise and grow their companies.
The opening of the program takes place as a new report finds that businesses in Australia often face barriers in scaling up.
The report from the Industry Innovation and Science Australia Board recommends the Government identify businesses with the need and risk appetite to innovate and deliver novel products and services.
The report also details ways Australia can take steps to translate its world class research performance into commercialisation outcomes, helping to grow a diverse economy while at the same time delivering well‑paid jobs.
The Albanese Government is supporting businesses to grow.
The Industry Growth Program includes:
- the delivery of advisory services by a national network of expert business growth and commercialisation advisers that will provide guidance on seeking investment, market testing, business models, and networking.
- the delivery of matched grant funding ranging from $50,000 to $5 million to eligible startups and innovative SMEs
Supporting projects under National Reconstruction Fund priority areas, the Industry Growth Program will help expand the pipeline of businesses working to transform and diversify Australia’s economy.
Businesses can apply for expert advice now by visiting www.business.gov.au, with grant funding opening in early 2024.
The report from Industry Innovation and Science Australia can is available on the Department of Industry, Science and Resources website.
Quotes attributable to the Hon Ed Husic, Minister for Industry and Science:
“The challenge for our economy long term is to scale‑up our businesses and help them create more secure jobs.”
“The Industry Growth Program is designed to commercialise great ideas and know‑how, build stronger, Australian businesses and put them on a pathway for potential support by the National Reconstruction Fund.
“Our government knows Australians want our country to be a nation that makes things, and we are determined to make that happen.”
Quotes attributable to the Hon Julie Collins, Minister for Small Business:
“Australia’s small businesses are known for their ingenuity and innovation - how adaptive, resilient and passionate they are. The Industry Growth Program will help turbocharge this innovation.”
“This is good for jobs, good for our economy and good for Australia’s small businesses. This is another way our Government is backing Australia’s small businesses to succeed.”
Quotes attributable to Industry Innovation and Science Australia Chair, Mr Andrew Stevens:
“While we outperform in the creation of start‑ups and small businesses against other OECD countries, our industry structure is overly skewed to small businesses with less than 20 employees. It’s hard to compete when you are small.”
“The outcome we need right now is the scaling of small businesses into medium sized businesses. This will build sovereign capability and economic complexity in Australia.