The Federal Government’s Industry Growth Program is now open for business, with businesses eligible for grants for early-stage commercialisation projects and commercialisation and growth projects
Stage one of the program invites start-ups and innovative small-to-medium businesses to apply for expert advice to support getting their ideas to market, including: commercialisation and growth strategies; funding avenues; market testing; business models; and building networks.
Stage two will focus on matched grant funding for SMEs which are operating in priority areas identified under the National Reconstruction Fund, namely: value-add in resources; value-add in agriculture, forestry and fisheries; transport; medical science; renewables and low-emissions technologies; defence capability; and enabling capabilities.
Once eligible businesses have completed stage one, they may be able to apply for grants of $50,000 to $250,000 to support early-stage commercialisation projects; and grants of $100,000 to $5 million for commercialisation and growth projects.
Under the program, an innovative product, process or service must be “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.
Commercialisation and growth projects, meanwhile, 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.
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.
To be eligible, applicants 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); are non-income-tax-exempt; and are registered for the Goods and Services Tax (GST).
You must also be a company, incorporated in Australia; a co-operative; or an incorporated trustee applying on behalf of a trust.
To apply click here.
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