The federal government has officially launched the $392 million Industry Growth Program to help start-ups and small businesses commercialise and grow their companies.
It follows the release of a new report which found businesses in Australia face barriers in scaling up.
The report also details ways Australia can take steps to translate its world class research performance into commercialisation outcomes, helping to grow a diverse economy while at the same time delivering well-paid jobs.
The Industry Growth Program includes the delivery of advisory services by a national network of expert business growth and commercialisation advisers that will provide guidance on seeking investment, market testing, business models, and networking.
It also includes the delivery of matched grant funding ranging from $50,000 to $5 million to eligible startups and innovative SMEs.
Science & Technology Australia CEO Misha Schubert said the new program can turn great ideas and innovations into the products, services, and jobs of tomorrow.
“STA is also very pleased the new program will gather diversity data from the outset – something we championed strongly in the program design,” she said.
Businesses can apply for expert advice now by visiting www.business.gov.au, with grant funding opening in early 2024.
Minister for Industry and Science, Ed Husic, said Australians want their country to be a nation that makes things, and the government is determined to make that happen.
Minister for Small Business, Julie Collins, said Australia’s small businesses are known for their ingenuity and innovation.
“The Industry Growth Program will help turbocharge this innovation,” she said.