Unlocking Opportunities:
Explore Our Featured Grants for Business Growth!
Support for innovative SMEs to commercialise and grow their business
The program supports innovative small and medium enterprises undertaking commercialisation and/or growth projects within the National Reconstruction Fund priority areas through advisory services and opportunities for matched grant funding. Minor changes or improvements to existing products or services are not considered innovative.
What do you get?
You will be connected to an Industry Growth Program Adviser who will provide tailored advice to support your commercialisation and/or growth project.
Once you have received this advice, you may also be able to apply for:
grants of $50,000 to $250,000 to support early-stage commercialisation projects
grants of $100,000 to $5 million for commercialisation and growth projects.
Industry Growth Program Grants will open in 2024.
Who is this for?
Innovative small and medium enterprises with commercialisation and/or growth projects in one or more of the National Reconstruction Fund priority areas.
Overview
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 National Reconstruction Fund. The program supports innovative small and medium enterprises undertaking commercialisation and/or growth projects through advisory services and opportunities for matched grant funding. Under the program:
An innovative product, process or service:
is 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. Testing should validate the commercial viability of the innovative product, process or service. Various scales are typically referenced to demonstrate technology readiness or market readiness, with one example commonly referenced being Technology Readiness Levels (TRLs). As a guide, early-stage commercialisation grant projects are intended to broadly include the journey through TRL3 to TRL6.
Commercialisation and growth projects 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. Various scales are typically referenced to demonstrate technology readiness or market readiness, with one example commonly referenced being Technology Readiness Levels (TRLs). As a guide, commercialisation and growth grant projects are intended to broadly include the journey through TRL4 to TRL9.
The program targets businesses beginning to, or with capacity to, scale as described above but does not include routine business growth or application of existing innovations.
Participating businesses may also apply for matched grant funding to undertake commercialisation and/or growth projects.
The program will complement the NRF’s mission to drive investment in projects that develop Australia’s industrial and manufacturing capability, helping to transform Australia’s industry and economy.
The government's priority areas targeted by this program are:
value-add in resources
value-add in agriculture, forestry and fisheries
transport
medical science
renewables and low emissions technologies
defence capability
enabling capabilities.
Feel free to reach out if you need more information or require assistance in submitting the grant application.
