Non profits to join Industry Growth Program

The federal government has announced that not-for-profit industry organisations can now apply for grants to provide expert, sector-specific advice to startups and scaleups taking part in its $392.4 million Industry Growth Program.

The programme, a replacement for the six Industry Growth Centres (IGCs), will now make available Industry Partner Organisation (IPO) grants of between $500,000 and $2 million over two years.

The grants aim to help innovative small to medium businesses to get their ideas off the ground, grow their businesses and help build manufacturing capability for the future.

Successful IPOs will receive funding to provide specialised advisory services in priority areas for the National Reconstruction Fund (NRF), which could range from industry connections and opportunities for investment, through to specialised facilities and support with IP creation.

They will provide additional sector-specific links and knowledge to complement the work of the recently appointed Industry Growth Advisers, who provide advice and support to SMEs to commercialise ideas and grow.

Minister for Industry and Science Ed Husic said: “Industry Partner Organisations will play a significant role in the Government’s $392.4 million Industry Growth Program.

“They will add critical sector-specific know-how to ensure small and medium businesses with big ideas have the best chance of success.

“Industry organisations are completely immersed in their sectors and can offer unique and invaluable advice and support to smaller and newer operations.”

Applications for the IPO grant opportunities close on 16 February 2024.
Quotes attributable to the Hon Ed Husic,

Further reading:
Back to the future with Industry Growth Program

Picture: Ed Husic