Grants and funding, Manufacturing News

Applications open for $392.4m Industry Growth Program

The Government’s $392.4m Industry Growth Program, not-for-profit industry organisations can now apply for grants.

As part of the Government’s $392.4m Industry Growth Program, not-for-profit industry organisations can now apply for grants to provide expert, sector-specific advice to participating startups and scaleups.

The Industry Partner Organisation (IPO) grants will provide eligible organisations between $500,000 and $2 million over two years to help innovative small to medium businesses to get their big ideas off the ground, grow their businesses and help build Australia’s manufacturing capability for the future.

Successful IPOs will receive funding to provide specialised advisory services in priority areas for the National Reconstruction Fund (NRF), which could range from industry connections and opportunities for investment, through to specialised facilities and support with IP creation.

They will provide additional sector-specific links and knowledge to complement the work of the recently appointed Industry Growth Advisers, who provide advice and support to innovative SMEs to commercialise ideas and significantly grow their business operations.

Minister for industry and science, Ed Husic stated, “Industry Partner Organisations will play a significant role in the Government’s $392.4 million Industry Growth Program.

“They will add critical sector-specific know-how to ensure small and medium businesses with big ideas have the best chance of success.

“Industry organisations are completely immersed in their sectors and can offer unique and invaluable advice and support to smaller and newer operations.”

The Industry Growth Program aims to support innovative small and medium businesses undertaking commercialisation and/or growth projects that align with government priorities to build Australian manufacturing capabilities and within priority areas for the NRF.

Applications for the IPO grant opportunities close on 16th of February 2024. For more information or to apply, visit: https://business.gov.au/igp-ipo.

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