Industry Growth Program
The program supports innovative small and medium enterprises undertaking commercialisation and/or growth projects within the National Reconstruction Fund priority areas through advisory services and opportunities for matched grant funding. Minor changes or improvements to existing products or services are not considered innovative.
What do you get?
You will be connected to an Industry Growth Program Adviser who will provide tailored advice to support your commercialisation and/or growth project.
Once you have received this advice, you may also be able to apply for:
- grants of $50,000 to $250,000 to support early-stage commercialisation projects
- grants of $100,000 to $5 million for commercialisation and growth projects.
Industry Growth Program Grants will open in 2024.
Who is this for?
Innovative small and medium enterprises with commercialisation and/or growth projects in one or more of the National Reconstruction Fund priority areas.
Overview
The Industry Growth Program will support innovative small and medium enterprises undertaking commercialisation and/or growth projects within the National Reconstruction Fund (NRF) priority areas. Participating businesses will have access to Advisory Services to help them overcome significant challenges that may be associated with their projects. Under the program:
- An innovative product, process or service:
- is new, unique or significantly different to any other previous product, process or service in the market or industry where the product is intended to be sold/traded; or
- involves significant enhancements or developments of current products, processes or services that will enable the business to scale and transform.
Minor changes or improvements to existing products or services are not considered innovative. - Early-stage commercialisation projects are intended to include the journey from feasibility studies and the development of proof-of-concept through to the production and testing of early prototypes in a simulated or theoretical environment. Testing should validate the commercial viability of the innovative product, process or service. Various scales are typically referenced to demonstrate technology readiness or market readiness, with one example commonly referenced being Technology Readiness Levels (TRLs). As a guide, early-stage commercialisation grant projects are intended to broadly include the journey through TRL3 to TRL6.
- Commercialisation and growth projects are intended to include those that can already demonstrate completion of feasibility studies and proof-of-concept. Projects are intended to include the journey of product, process or service development from early prototyping through to actual application in its final form, and the capability to scale up to full rate production and grow into new markets. Various scales are typically referenced to demonstrate technology readiness or market readiness, with one example commonly referenced being Technology Readiness Levels (TRLs). As a guide, commercialisation and growth grant projects are intended to broadly include the journey through TRL4 to TRL9.
The program targets businesses beginning to, or with capacity to, scale as described above but does not include routine business growth.
Participating businesses may also apply for matched grant funding to undertake commercialisation and/or growth projects.
The program will complement the NRF’s mission to drive investment in projects that develop Australia’s industry capability, helping to transform Australia’s industry and economy.
The NRF priority areas targeted by this program are:
- value-add in resources
- value-add in agriculture, forestry and fisheries
- transport
- medical science
- renewables and low emissions technologies
- defence capability
- enabling capabilities.
Advisory Service
The program’s Advisory Service provides eligible, innovative SMEs with access to advice and support to help commercialise ideas and/or grow their business operations.
You will be connected to an Industry Growth Program Adviser (Adviser) who will work with you to develop recommendations and a plan for commercialisation and/or growth.
Advice will be tailored to your business and may include:
- commercialisation and growth strategies, including business model validation
- funding avenues, potential investors and capital raising
- building networks and establishing collaborative partnerships
- commercialisation of intellectual property
- market testing
- development of compelling value propositions.
During your service period, your Adviser will provide you with a report outlining opportunities, recommendations and a plan for your business.
Advisers
Advisers are business experts who have walked in your shoes. They provide independent and objective business expertise. They are located across Australia.
Check if you can apply
You can apply if you meet the eligibility criteria. The eligibility criteria are a set of rules that describe who we can consider for the Advisory Service. You can apply if you:
- are an eligible entity
- have an eligible innovative product, process or service in one or more of the NRF priority areas.
The rules are in the program information guide.
