PERTH (miningweekly.com) – The Australian government has launched a discussion paper around its new A$392-million Industry Growth Programme (IGP) asking advice on how to design and operate the programme to support industry towards commercialisation.
The IGP will support small and medium-sized enterprises (SMEs) and startups to turn ideas into real products and businesses, particularly through earlier high-risk and high-cost phases.
The programme will target priority areas under the government’s landmark A$15-billion National Reconstruction Fund, including value-add in resources, renewable and low emissions technologies and enabling capabilities.
The programme will help transform industry in Australia by providing expert business advice and matched grant funding to support enterprises to increase revenue, grow their workforce and attract investment.
Through the IGP discussion paper, the government is encouraging a wide range of views on the design and implementation of the programme, such as diversity and inclusion, programme governance and the eligibility of applicants and projects.
A new independent committee with expertise in commercialisation and industry growth will also be established to provide programme oversight and recommendations to the Department of Industry, Science and Resources on projects to receive grant funding.
“We are laying strong foundations for future economic growth and job creation through our A$392-million IGP,” said Industry and Science Minister Ed Husic.
“This is about supporting companies to navigate the difficult aspects of getting ideas to market. 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.
“This consultation is about creating the right conditions to ensure brilliant Australian entrepreneurs can grow and thrive here at home.
“By supporting projects in National Reconstruction Fund priority areas, we’re setting up the next wave of Australian businesses to thrive for years to come.”