On 27 November 2023, Department of Industry, Science and Resources officially opened the application for Industry Growth Program (IGP) and released the eligibility guidelines.
This program is designed for highly innovative and limited capital start-ups and SMEs that need assistance in bringing a new product or service to the market.
The Industry Growth Program will provide two distinct but complementary services:
These will be available for innovative small and medium-sized businesses pursuing commercialisation and/or growth initiatives. These initiatives must be aligned to the priority sector list of the National Reconstruction Fund (NRF).
IGP target businesses
To qualify as an innovative SME, applicants must have an innovative product, process or service which:
Applicant SMEs must also be pursuing commercialisation of their innovation, either via:
What are NRF priority areas?
IGP Advisory and Grant offerings
Participants may apply for one of both of the IGP’s advisory and grant offerings based on their commercialisation and growth prospects.
IGP Advisory Service
The department's IGP Advisers will assist innovative SMEs commercialise and expand in NRF priority areas. Program’s grant opportunities require participation in the Advisory Service, which is open to all eligible businesses. It will be expected that program participants have considered the advice received through this element of the program in their applications for grant funding.
IGP Grant Opportunities
The program’s Advisory Service is complemented by two grant opportunities:
Industry Growth Program Grants will open in 2024. Broad requirements for this will be the applicants to
What are eligibility criteria for IGP advisory services?
SMEs can apply if they:
They must also be:
SMEs are excluded if they are:
How to apply?
The Advisory Services and grant opportunity process will be administered by the Department of Industry, Science and Resources.
Guidelines for each grant opportunity, including the application procedure, will be posted on business.gov.au and GrantConnect.
The application must be submitted through the online portal. The applicant needs to set up an account when first log into the portal. The portal allows the applicant to apply for and manage a grant or service in a secure online environment.
It is advisable to exercise caution when engaging the services of consultants who claim to be able to assist you with an application. This is something your allocated adviser will assist you with for free.
Hnin Nwe Oo is Ai Group’s Economic Policy Analyst. She contributes to the broad work of the Research and Economics team, including overseeing the monthly economic newsletter. Hnin's professional experience includes working to facilitate international trade, most recently at Austrade. She is enthusiastic about economic development and collaborating with stakeholders from both the public and private sectors to achieve the best outcomes. Hnin holds a Master of Business Administration (Strategy) from the Asian Institute of Technology.