The Albanese Government officially opened its $392m Industry Growth Program (IGP) on 27 November 2023.
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The Program supports startups and small and medium sized businesses to develop or scale up innovative products, processes, or services.

Purpose of the Program

The purpose of the program is to support businesses in the startup and scale up stages of business to:

  • commercialise innovative products, processes, and services.
  • improve the ability to engage in, or increase, interstate and/or international trading operations.
  • better position for future investment and further scaling opportunities, including through the National Reconstruction Fund.

Eligibility

To be eligible, you must:

  • Have a combined annual turnover of less than $20 million for each of the three financial years prior to the lodgement of the application.
  • Have an Australian business number (ABN).
  • Be non-income-tax-exempt.
  • Be registered for the Goods and Services Tax (GST).

You must also be:

  • A company incorporated in Australia.
  • A co-operative.
  • An incorporated trustee applying on behalf of a trust.

Target industry sectors

Target industry sectors are:

  • Value-add in resources.
  • Value-add in agriculture, forestry, and fisheries.
  • Transport.
  • Medical science.
  • Renewables and low emission technologies.
  • Defence capability.
  • Enabling capabilities.

How to access the Program

The IGP offers advisory services and matched grant funding. The program is open and ongoing.

Grant funding is offered through two streams:

  • $50,000 - $250,000 to support early-stage commercialisation projects.
  • $100,000 - $5m for commercialisation and growth projects.

For full information please see the Industry Growth Program website.

Making an application

While the grant funding streams are due to open in early 2024, the first step towards securing grant funding is through advisory services. To initiate this process, you’ll need to fill out an application form. This form will request details about you, the business, its founders, and recent trading performance.

A crucial part of the application is the project overview. Here, you’ll need to articulate the innovative aspects of your product, process, or service. Additionally, you’ll need to demonstrate how these elements and your project align with the priority industry sectors of the National Reconstruction Fund.

Tips and tricks

Remember, while the first step is applying for advisory services, your responses form the foundation of your future grant application. Ensure your responses align with the program’s objectives and reflect a clear understanding of the broader policy landscape.

This includes the objectives of the Industry Growth Program and the National Reconstruction Fund, as well as other relevant Australian government initiatives. Given the word count limitations, it’s essential to make your points succinctly and effectively.

Learn more

Want to know more about the program or need some help understanding whether your project aligns? Please reach out today.  

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Learn more about how our Innovation Incentives services can help you

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