Not-for-profit industry organisations can now apply for grants to provide expert, sector-specific guidance to participating startups and scaleups as part of the Australian Government’s $392.4 million Industry Growth Program.
The newly introduced Industry Partner Organisation (IPO) grants aim to allocate funding ranging from $500,000 to $2 million over two years to eligible organisations, the government said in a media release.
This financial support is designed to assist small to medium-sized businesses in bringing innovative ideas to fruition, fostering business expansion, and contributing to the development of Australia’s manufacturing prowess for the future.
Successful IPOs will be entrusted with funds to deliver targeted advisory services within priority areas outlined by the National Reconstruction Fund (NRF).
These services may encompass forging industry connections, creating investment opportunities, providing specialised facilities, and aiding in intellectual property (IP) creation.
Minister for Industry and Science Ed Husic emphasised the role Industry Partner Organisations will play in the government’s $392.4 million Industry Growth Program.
According to him, these organisations will contribute vital sector-specific expertise to enhance the prospects of success for small and medium businesses with ambitious ideas.
“Industry organisations are completely immersed in their sectors and can offer unique and invaluable advice and support to smaller and newer operations,” Husic stressed.
“We have a proud record of innovation in Australia, and we are backing in Australian ingenuity and ideas through the Industry Growth Program,” the minister concluded.
According to the government, the overarching goal of the Industry Growth Program is to bolster small and medium-sized businesses engaged in commercialisation and growth projects.
These projects are aligned with government priorities aimed at enhancing Australian manufacturing capabilities, especially within the priority areas identified by the NRF.
With the application window for IPO grants set to close on 16 February 2024, interested parties are encouraged to visit this site business.gov.au/igp-ipo for more details and to submit their applications.
