As part of the 2023-24 May Budget, the Australian Government announced a new $392.4 million Industry Growth Program for small and medium enterprises (SMEs) and startups. This new initiative will launch in late 2023. It will provide advice and matched grant funding for SMEs and startups to commercialize their ideas and grow their businesses.

Innovative SMEs and startups play a crucial role in the economy, but many have difficulty bringing their ideas to market. The Industry Growth Program will support early-stage businesses in their most challenging development phase.

Projects in the priority areas of the National Reconstruction Fund will be eligible for the Industry Growth Program: renewables and low emissions technologies，medical science，transport, value-add in the agriculture, forestry and fisheries sectors，value-add in resources，defence capability，enabling capabilities.

The program will have these following key design features:

l  directly contracted experienced advisers to guide SMEs and startups on commercialization and early-stage business growth;

l  an additional source of industry advice, leveraging sector expertise from not-for-profit industry bodies;

l  a new independent committee to give recommendations on projects to receive grant funding;

l  an Executive Director to manage and oversee program advisers, and share expertise;

l  a Centre of Expertise to build real-world commercialization capability within the department and broader Australian Public Service.

As part of this announcement, the Entrepreneurs’ Programme has now closed, which enables funding to be better targeted to support SMEs through the new Industry Growth Program.