The Albanese Government has kicked off the $392 million Industry Growth Program, aiming to bolster medical science and other priority sectors.
Announced in June, this initiative forms a part of the government's expansive $15 billion National Reconstruction Fund.
Developing early-stage companies
The program will open in January 2024 and is anticipated to play a vital role in the development of early-stage companies, contributing significantly to the investment pipeline for the National Reconstruction Fund.
It is tailored to aid businesses by providing advisory services, expertise in investment acquisition, market testing, business modelling and networking opportunities.
It offers matched funding from $50,000 to $5 million, targeting eligible startups and innovative small to medium enterprises (SMEs).
The program will be of particular interest to those companies in the life sciences space – a sector that has long struggled with amassing local capital for development and has a predominance of start-ups and early-stage companies in its midst.
The government’s initiative includes Technology Readiness Levels (TRLs) to evaluate eligible early-stage commercialisation projects. Around 80% of the nation’s 1,427 life science companies are ‘pre-revenue’, meaning that funding is vital for early-stage companies trading in innovation.
Promoting economic complexity
Commentators have noted the importance of transitioning small businesses into medium-sized entities to encourage sector diversity, sovereign capability and economic complexity in Australia.
Industry and Science Minister Ed Husic emphasised the program's role in scaling up Australian businesses to create more secure job opportunities.
"The Industry Growth Program is designed to commercialise great ideas and know-how, build stronger, Australian businesses and put them on a pathway for potential support by the National Reconstruction Fund,” he said.
“Our government is committed to transforming Australia into a nation renowned for manufacturing."
Other industry players welcomed the program, acknowledging its potential impact on the life sciences sector. The life sciences community will no doubt be keen to take advantage of this funding as further details on grant criteria emerge.