The federal government has released a discussion paper and is seeking feedback on how the upcoming Industry Growth Program should operate.
The $392 million IGP was a surprise inclusion in the May budget, and will replace the Entrepreneur’s Programme.
According to its web page the IGP will provide advice and grants to SMEs to commercialise ideas, “particularly through earlier high-risk and high-cost phases”. It seeks to complement the $15 billion National Reconstruction Fund “by driving early-stage investment in NRF priority areas”.
These seven areas include value-add in resources, medical science, and renewables and low emission technologies.
“We’re particularly keen to help bridge the ‘valley of death’ – where great ideas, often backed by solid research, are hamstrung only by a lack of funding and expertise,” said industry minister Ed Husic on Wednesday morning.
“This consultation is about creating the right conditions to ensure brilliant Australian entrepreneurs can grow and thrive here at home.”
Consultations will continue until July 30. The paper can be read here.
The statement from Husic added that an independent committee “with expertise in commercialisation and industry growth” will be formed to oversee the upcoming program and provide recommendations to the Department of Industry, Science and Resources on which projects should receive grant funding.
Picture: credit DISR/andresr