Applications open for Industry Growth Program, $6.9 million announced for four not-for-profits to assist IGP

A total of $6.9 million in grant funding was announced for four Industry Partner Organisations (IPO), alongside the opening of applications for the Industry Growth Program (IGP), on Thursday. 

In an announcement from industry minister Ed Husic, the four not-for-profits sharing in the $6.9 million were named as MTPConnect, the Advanced Robotics for Manufacturing Hub, Food and Agribusiness Network Limited (FAN), and Hydrogen Mobility Australia. The call for IPO grants was made in February.

The grant funding is delivered over over two years in exchange for “expert, sector-specific advice to support the growth of Australian SMEs” according to Husic. The organisations will “complement the work of the Industry Growth Program Advisers”.

Applications also opened for matched funding worth between $100,000 and $5 million under the IGP, which was launched as a program in November.

The two tiers of grants support “innovative startups and high-growth small and medium businesses” that operate in seven identified parts of the economy: renewables and low emissions technologies, medical science, transport, value-add in the agriculture, forestry and fisheries sectors, value-add in resources, defence capability, and enabling capabilities.

The two grant funding streams are

• Early-Stage Commercialisation grants worth between $50,000 to $250,000 “to help establish the commercial viability of an innovative product, process, or service”; and
• Commercialisation and Growth grants worth between $100,000 to $5 million “to help push ideas from prototyping through to market readiness stages.” 

(More information about accessing advice and funding is available here.)

To be eligible for funding, manufacturers must first seek advice from the Industry Growth Program Advisory Service. This delivers “advisory services and a commercialisation and growth report” to would-be grant recipients and has been used by “more than 340 businesses” so far, according to Husic. 

The $392 million IGP is a replacement for the six Industry Growth Centres (IGCs), and was announced in the 2023 budget.

Picture: credit DISR/andresr

Further reading

Non profits to join Industry Growth Program

Back to the future with Industry Growth Program

Do you have the right risk appetite? Applications open for grants up to $5 million through new Industry Growth Program