While federal programs like the R&D Tax Incentive support technical exploration, many innovative SMEs and deep tech startups face a critical hurdle: commercialising and scaling. This is where the Industry Growth Program (IGP) steps in.
Launched in November 2023 with a $392 million budget over four years, the IGP is designed to fill the so-called “missing middle” — moving companies from prototype to market-ready scale. With grant funding available from $50K to $5M, it’s a game-changer for founders ready to level up.
🔧 What Can You Get?
The IGP works in two stages:
Stage 1: Advisory Service
Eligible startups and SMEs receive a tailored commercialisation and growth report from an Industry Growth Program Adviser. These advisers bring deep sector experience—from medical science to renewables—and help shape strategies around market entry, IP strategy, and investment-readiness.
Stage 2: Matched Grant Funding
Once you’ve received the advisory report, you can apply for one of two grant streams:
- Early-Stage Commercialisation: $50K–$250K, designed for experimentation and feasibility work (TRL3–6).
- Commercialisation & Growth: $100K–$5M, for ventures nearing market-readiness or scaling operations.
To qualify, businesses must:
- Be operating in one of the National Reconstruction Fund’s priority sectors (like clean energy, medical science, advanced manufacturing, agri‑value-add, transport, defence, or enabling technologies)
- Have ABN, trackable IP, and financial capacity to co-fund their portion
- Demonstrate innovation beyond incremental changes
🧠 What Entrepreneurs Should Know
⚫ Strategic Momentum
The IGP aligns exploration (via R&D tax offsets) with execution funding. You can claim R&D for technical development while using matched grant capital to validate, prototype, pilot—and ultimately launch.
💼 Credibility Through Advice
The advisory service report isn’t just a pre-qualification step—it’s a strategic blueprint. Grants are awarded on merit, and the program’s independent assessment committee weighs this early-stage document heavily.
🔄 Flexible Funding Scale
Mix and match: emerging ventures can access Stage 1 for advisory only, then later qualify for Stage 2 grants (whether they be $250K prototyping projects or multi-million-dollar scale plans).
📈 Alignment with the NRF
The IGP dovetails with Australia’s National Reconstruction Fund, creating pathways to larger co-investment opportunities for mature projects.
📝 Practical Steps to Engage
- Apply for advisory services early — don’t wait until you need the funding.
- Align your project scope with NRF priorities. Early prototyping? Consider the $50K–250K stream. Scaling to market? Aim for $100K–$5M.
- Ensure you own or control necessary IP and have documented capability to co-fund your portion.
- Treat the advisory report as a strategic asset — it becomes part of your formal grant application and investor evidence.
🔍 Example Snapshot
A cleantech startup developing a novel energy storage process could:
- Use R&D refunds to validate lab results and run beta trials
- Engage IGP advisory services to refine business model and investment strategy
- Apply for Commercialisation & Growth funding to build pilot assets and secure first-facing contracts
Together, this approach avoids equity dilution while accelerating growth progression.
🤝 How Noah Connect Complements the IGP
Noah Connect can support you by:
- Making sure your R&D Tech Incentive and IGP applications are aligned and mutually reinforcing
- Preparing wholistic applications that split core R&D, supporting costs, and grant outcomes effectively
- Helping you articulate the technical and commercial narrative through your adviser report and funding proposal
- Mapping your growth funding stack—IGP, R&D tax offset, and other grants—for maximal value
📩 Ready to explore how your project maps to the Industry Growth Program? Book a free advisory call with Noah Connect today.
