The Australian government has begun soliciting comments on the new Industry Growth Program (IGP), which will support small businesses in realising and commercialising their product ideas.
In a discussion paper launched today, the government seeks recommendations on how the $392 million program should be designed and implemented to get the best outcomes.
IGP is intended to support small and medium-sized enterprises and startups through earlier high-risk and high-cost phases by providing expert business advice and matched grant funding to support enterprises to increase revenue, grow their workforce, and attract investment.
“We are laying strong foundations for future economic growth and job creation through our $392 million Industry Growth Program,” said Minister for Industry and Science Ed Husic. “This is about supporting companies to navigate the difficult aspects of getting ideas to market.”
The program will target priority areas under the government’s landmark $15 billion National Reconstruction Fund, which include value-add in agriculture, forestry and fisheries; value-add in resources; transport; medical science; renewables and low emission technologies; defence capability; and enabling capabilities.
A new independent committee specialising in commercialising and industry growth will be created to provide program oversight and recommendations to the Department of Industry, Science and Resources on projects to receive grant funding.
“We’re particularly keen to help bridge the ‘valley of death’ – where great ideas, often backed by solid research, are hamstrung only by a lack of funding and expertise,” Husic said.
The discussion paper on IGP seeks a wide variety of views on the design and operation of the program involving diversity and inclusion, program governance, and eligibility of applicants and projects.
“This consultation is about creating the right conditions to ensure brilliant Australian entrepreneurs can grow and thrive here at home,” the minister added.
“By supporting projects in National Reconstruction Fund priority areas, we’re setting up the next wave of Australian businesses to thrive for years to come.
The consultation paper can be accessed at consult.industry.gov.au/industry-growth-program and responses will be accepted until 30 July.
