Joint media release with the Hon Julie Collins, Minister for Small Business.
The Albanese Government has officially opened the $392 million Industry Growth Program to help start-ups and small businesses commercialise and grow their companies.
The opening of the program takes place as a new report finds that businesses in Australia often face barriers in scaling up.
The report from the Industry Innovation and Science Australia Board recommends the Government identify businesses with the need and risk appetite to innovate and deliver novel products and services.
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 Albanese Government is supporting businesses to grow.
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.
- the delivery of matched grant funding ranging from $50,000 to $5 million to eligible startups and innovative SMEs.
Supporting projects under National Reconstruction Fund priority areas, the Industry Growth Program will help expand the pipeline of businesses working to transform and diversify Australia's economy.
