Industry Growth Program: Support to Grow Your Business 

Contributed by: Fundfindrs

Innovation has always been an integral part of Australia’s history, and it’s at the heart of our economic future. For startups and small-to-medium enterprises (SMEs) working on new ideas or scaling your business, the Federal Government’s Industry Growth Program (IGP) could provide a pathway to growth. Delivered through business.gov.au, the program offers practical advice and funding support to help turn promising innovations into commercial success. 

With help from our expert partners FundFindrs, here is a 5-step guide to help you understand what the Industry Growth Program is, who’s eligible, and how to get started. 

1. It Starts with an Advisory Support Application 

The IGP begins with its Advisory Service. You complete and submit an IGP Advisory Service application. In this application, you address all the eligibility criteria, so your application can be considered. 

Once it’s established that your business is eligible for the IGP, you will connect with an Industry Growth Program Adviser who works with you to: 

• Test your business model 
• Identify key challenges 
• Provide tailored recommendations for commercialisation and growth. 

This report forms the foundation of the program. Completing this step is crucial; only once you’ve been through this step can you apply for funding. It makes sure you have a strong plan in place before competing for grants. 

2. There Are Two Funding Options 

Your business may be eligible for one of two grant streams and matched funding (co-contribution) is a requirement of both: 

• Early-Stage Commercialisation Grants: $50,000–$250,000 to progress an innovative idea toward market readiness. 
• Commercialisation and Growth Grants: $100,000–$5 million to scale and grow projects that are already in development. 

All grants are awarded on merit, making preparation critical. Preparing your application yourself can be a daunting task, because the IGP is based on merit and is therefore competitive. It’s important to make sure your application is as strong as possible. 

3. Is Your Business Eligible for the Industry Growth Program? 

The program is open to SMEs undertaking innovative commercialisation or growth projects in the priority areas of the National Reconstruction Fund (NRF). Broadly speaking, the eligibility criteria include: 

• Being an Australian SME with fewer than 200 employees and a combined annual turnover less than $20million for the last three financial years. 
• Undertaking projects aligned with NRF priority areas, which are: 
  • value-add in resources (e.g. mining, minerals, etc.) 
  • value-add in agriculture, forestry and fisheries 
  • transport (e.g. aircraft, road vehicles, rail vehicles or ships) 
  • medical science 
  • renewables and low emissions technologies 
  • defence capability 
  • enabling capabilities (e.g. technology, AI, robotics, biotech, space, etc.). 
• Demonstrating the potential for commercial impact and scalability. 
• Have IP ownership of access rights and GST registration. 

4. Planning and Records Matter for a Strong Application 

The strongest applications come from businesses that have taken the time to plan carefully, map their innovation to real-world outcomes, and keep thorough records of their R&D and commercialisation activity. This strengthens the Advisory Service process and provides a clear foundation for the grant application stage. 

To maximise your chances: 

• Document your innovation journey: Maintain detailed records of R&D activities, prototypes, and testing. 
• Prepare a clear project plan: Include milestones, timelines, and eligible cost breakdowns. 
• Show financial readiness: You’ll need an Accountant Declaration confirming your business is financially sustainable and can meet its share of project costs. This means preparing a funding strategy supported by evidence such as bank statements, cashflow projections, investor commitments, or approved loans. 
• Align with NRF priorities and TRL stage: Clearly demonstrate how your project fits one of the seven NRF priority areas and where it sits on the Technology Readiness Level scale. 
• Keep compliance in mind: Ensure you meet all eligibility criteria, including turnover (<$20M for the last 3 financial years), GST registration, and IP ownership or access rights. 

5. Partners in Success 

Navigating the IGP can feel daunting, particularly for first-time applicants. This is where professional support can make the difference. FundFindrs brings cross-industry expertise and provides businesses with end-to-end support, from helping to understand eligibility, to preparing documentation, and guiding you through both the advisory and grant application processes. 

They’ve walked the application path many times before and know what makes a strong submission. With their team by your side, your business is better positioned to secure the support you need to scale and succeed. 

Your Opportunity for Growth 

The Industry Growth Program is a funding opportunity and a structured pathway to build stronger, more sustainable businesses in Australia. If your business is developing an innovative project, now is the time to explore how the IGP can help and to consider who you want alongside you for the journey. 

FundFindrs has helped businesses of all sizes access funding and boost their innovation journey. If you’d like to see how they can help grow your business, book a FREE 30-minute consultation and begin building your plan today.