As part of the 2023-24 May Budget, the Australian Government announced a new $392.4 million Industry Growth Program to replace the Entrepreneurs’ Programme.
This program will offer advice and grants to innovative small and medium enterprises (SMEs) to help them commercialise their ideas and expand their businesses.
This will support emerging businesses in their most challenging development phases.
The program’s strong focus on commercialisation and early-stage business growth advice will be a high-impact, cost-effective way to back Australian ideas and build capability.
The program will support projects in National Reconstruction Fund (NRF) priority areas:
- value-add in resources
- value-add in the agriculture, forestry and fisheries sectors
- transport
- medical science
- renewables and low emission technologies
- defence capability
- enabling capabilities.
The program will put innovative, early-stage Australian businesses on a sustainable path to growth. This will better position them to seek potential funding through the NRF or gain other investment interest in the future.
We seek your feedback to inform the development and implementation of this program.