Industry Growth Program

In today’s competitive landscape, innovation is key to success, and every business needs the right resources to thrive and expand. The Australian Government’s Industry Growth Program: Commercialisation and Growth is a fantastic opportunity for small and medium-sized enterprises (SMEs) aiming to scale their operations and take their products or services to both national and international markets.

Whether you’re an entrepreneur with a groundbreaking idea or a growing business ready to take the next step, this grant could provide the financial backing you need to accelerate your growth journey. Here’s everything you need to know about the program, from eligibility criteria to how you can apply.

What is the Industry Growth Program: Commercialisation and Growth?

The Industry Growth Program is an initiative administered by the Department of Industry, Science and Resources, designed to support SMEs in the commercialisation and growth stages of their business. Specifically, this grant assists businesses in developing strategies to:

• Enter new markets—both domestic and international.

• Accelerate business growth and scale operations.

• Leverage intellectual property (IP) to create a competitive edge in the marketplace.

The program is aimed at participants who are already involved in the Advisory Service and are ready to take their projects to the next level with grant funding ranging from $100,000 to $5,000,000.

Eligibility Criteria

To apply for funding under the Industry Growth Program, your business needs to meet the following eligibility requirements:

1. Business Type:

   • You must have an Australian Business Number (ABN).

   • Your business must be non-income-tax-exempt.

   • You need to be registered for GST.

2. Eligible Entities:

   • Your business should be one of the following:

     • A company incorporated in Australia.

     • A co-operative.

     • An incorporated trustee applying on behalf of a trust.

3. Financial Requirements:

   • Your business must have a combined annual turnover of less than $20 million for each of the three financial years prior to the submission of your application.

4. Program Participation:

   • You must have already received a report through the program’s Advisory Service to demonstrate that your project aligns with the objectives of the program.

5. Intellectual Property:

   • Your business should either own or have access to any IP necessary for the commercialisation and growth of the project, and you must either own or have exclusive rights to commercialise any IP generated.

6. Financial Capability:

   • You must provide evidence of your ability to fund at least your share of the project’s eligible expenditure. This includes providing documents like a funding strategy and a bank statement or loan agreement. Additionally, an accountant declaration will be required to confirm your financial capacity to support the project.

Grant Amounts & Funding

The Industry Growth Program offers grants ranging from $100,000 to $5,000,000 to eligible SMEs. The amount awarded will depend on the scale of the commercialisation or growth project and the associated costs. These funds can be used for a variety of purposes, including market entry strategies, product development, business expansion, and other initiatives aimed at growing your business.

How to Apply

If your business meets the eligibility criteria and is ready to take the next step in its growth journey, the application process is straightforward.

1. Access the Application Portal: You can start your application by visiting the official portal at business.gov.au.

2. Prepare Your Documents: Make sure to have all necessary documents ready, including your business financial statements, an accountant’s declaration, and any required reports from the Advisory Service.

3. Submit Your Application: Once your application is complete, submit it via the online portal. The program operates on an open non-competitive selection process, meaning applications are accepted on an ongoing basis.

Program Benefits

The Industry Growth Program can provide your business with the support it needs to turn innovative ideas into market-ready products or services. By receiving funding for commercialisation and growth, your business can:

• Access vital capital to fund business expansion.

• Develop effective market entry strategies that position your company for success in both local and international markets.

• Strengthen your intellectual property position to maintain a competitive advantage in the market.

• Build the capability to scale operations, hire additional staff, and invest in new technologies.

Conclusion

The Industry Growth Program is a valuable opportunity for Australian SMEs looking to expand their operations, enter new markets, and scale their businesses to new heights. If you meet the eligibility criteria and have a solid growth plan, this grant could be the catalyst you need to propel your business into the future.