The Industry Growth Program (IGP) has just launched and is designed to support innovative small to medium enterprises (SMEs) in their commercialisation and/or growth projects within the National Reconstruction Fund’s (NRF) priority sectors. The program provides advisory services and potential access to matched grant funding, enabling these enterprises to overcome potential challenges and scale their businesses effectively.
The program defines innovation as the creation of a product, process, or service that is either novel, significantly different from existing market offerings, or involves substantial enhancements of current products, services, or processes. It is noteworthy that minor improvements or incremental changes do not qualify as innovative under the IGP’s guidelines.
Two types of grant opportunities are available under the IGP:
Early-Stage Commercialisation Grants: These grants range from $50,000 to $250,000 and are intended to support projects focused on early prototype development, testing, and validation. Early-stage commercialisation grant projects are intended to broadly include the journey through TRL3 to TRL6. This financial aid can help businesses transition from proof-of-concept to early commercial viability.
- Commercialisation and Growth Grants: These grants range from $100,000 to $5 million and aim to support more mature commercialisation and business growth projects. Commercialisation and growth grant projects are intended to broadly include the journey through TRL4 to TRL9. These grants target businesses intending to scale up production and expand into new markets.
To be eligible for these grants, businesses must meet specific eligibility criteria including:
- Participation in the Advisory Services
- Meeting the co-funding contribution requirements
- Falling within turnover limits
- Seeking to commercialise and/or grow an innovative product, process or service in an NRF priority area.
To access the IGP grants, you must have first participated in the IGP’s Advisory Services.
The Advisory Service connects eligible companies with an Industry Growth Program Adviser who will work closely with the business to develop commercialisation and growth strategies tailored to their specific innovation project. The adviser will conduct an in-depth review of the company’s business plan and commercialisation needs. Companies will receive assistance with areas like intellectual property, business model development, market testing, funding opportunities, and establishing partnerships. At the end of the advisory period, the company will receive a detailed report from the adviser outlining recommendations, next steps, and a roadmap focused on successfully progressing the innovation to market and achieving growth. The hands-on guidance aims to equip companies with the strategies, connections and capabilities needed to maximize their commercialisation success.
Eligibility for the Industry Growth Program – Advisory Service
Who is eligible to apply for Advisory Services?
To be eligible for participation in the program’s Advisory Service you must:
- have an Australian Business Number (ABN)
- be non-income-tax-exempt
- be registered for the Goods and Services Tax (GST)
and be one of the following entities:
- a company, incorporated in Australia
- a co-operative
- an incorporated trustee applying on behalf of a trust
Additional eligibility requirements
Applications are only accepted where you:
- 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 innovative product, process or service that you are seeking to commercialise and/or grow in one or more of the following NRF priority areas:
- value-add in resources
- value-add in agriculture, forestry and fisheries
- medical science
- renewables and low emission technologies
- defence capability
- enabling capabilities.
Get Expert Help With Your Grant Application!
Once you’ve been through the advisory process and have been approved to apply for a grant, we’re here to help. Preparing a strong application for the Grant requires deep knowledge of both the merit criteria, evidence requirements, and government funding processes.
At NOAH Connect, we have extensive expertise guiding clients through every stage of the funding application journey.
Our consultants can help you:
- Identify eligible projects and expenditure
- Develop your application and evidence package including working together with you to create comprehensive business plans, timelines, budgets and milestones
- Ensure that your application addresses the key merit criteria and aligns with the grant objectives
- Liaise with government around feedback and process and facilitate with ongoing reporting requirements
- Secure your best chance at being awarded grant funding
With a success rate consistently above industry averages, NOAH Connect helps innovative companies get ideas out of the lab and into the market.
Get in touch today for an obligation-free eligibility assessment and funding strategy session.
Click here to learn about what other government grant funding is available!