Australian government seeks comment on $392M Industry Growth Program

The federal Department of Industry Science and Resources is seeking comment from industry on its new $392 million Industry Growth Program (IGP). The closing date for comments and consultation is 30 July.

The IGP, which replaces the Department’s previous Entrepreneur’s Program, is designed to help Small and Medium sized Enterprises (SMEs) and start-ups to turn ideas into real products and businesses, particularly through earlier high-risk and high-cost phases.

A discussion paper launched in late-June is asking how the program should be designed and operate to get the best outcomes.

“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,” said Minister for Industry and Science Ed Husic.

“This consultation is about creating the right conditions to ensure brilliant Australian entrepreneurs can grow and thrive here at home. 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 program will target priority areas under the Government’s landmark $15 billion National Reconstruction Fund including:

• value-add in agriculture, forestry and fisheries
• value-add in resources
• transport
• medical science
• renewables and low emission technologies
• defence capability
• enabling capabilities

Through the IGP Discussion Paper, the Government is encouraging a wide range of views on the design and implementation of the program, such as diversity and inclusion, program governance and the eligibility of applicants and projects.

A new independent committee with expertise in commercialisation and industry growth will also be established to provide program oversight and recommendations to the Department of Industry, Science and Resources on projects to receive grant funding.

The discussion paper is available at https://consult.industry.gov.au/industry-growth-program and consultations close on 30 July 2023.