The Industry Growth Program, explained

The Industry Growth Program is an Australian Government initiative that helps innovative small and medium-sized enterprises (SMEs) commercialise their ideas and scale into new markets. It offers two streams: free expert advisory services and matched grant funding of $50,000 to $250,000 for eligible commercialisation and growth projects. Delivered by the Department of Industry, Science and Resources, the program targets businesses operating within the National Reconstruction Fund (NRF) priority areas.

This guide explains what the program is, who it targets, and the practical steps you can take to engage with it. It draws on official sources such as the Industry Growth Program page on business.gov.au, the Department of Industry, Science and Resources overview, and the Grant Opportunity Guidelines 2024. All information here is general in nature and does not constitute tax, financial, or legal advice. You should always confirm details and your own eligibility with a registered tax agent or business advisor before acting.

Prerequisites

Before you begin, you will need to have several foundations in place. These are not formal application requirements, but they will make your engagement with the program smoother and help you present a credible project.

• Australian Business Number (ABN) and GST registration. The program expects you to be a legal trading entity. If you are unsure about your GST obligations, the Australian Taxation Office provides clear guidance for small businesses.
• Financial records in order. Up-to-date accounting data is essential. Many applicants connect their existing accounting software (Xero, MYOB, QuickBooks) to make the process easier. GrantsMAX links to these systems through a secure, read-only browser connector so that you can instantly see what funding opportunities align with your real financials.
• A clear project idea that aligns with the NRF priority areas: value-adding in resources, transport, medical science, renewables and low emission technologies, defence capability, and enabling capabilities (including artificial intelligence, robotics, and advanced manufacturing), as well as agriculture, forestry, fisheries, food, and fibre. The National Reconstruction Fund Corporation explains how the program fits within these priority areas.
• Evidence of your business capability. The program wants to see that you have the technical expertise, team, and commercial pathway to succeed. This includes intellectual property ownership or a licence to use it. IP Australia can help you understand how to protect your innovations.

Pro tip: Even before you formally apply, begin gathering supporting documents: business plans, financial statements, IP registrations, letters of support, and project plans. GrantsMAX can help you build an audit-ready evidence trail that ties every cost line to a source document.

Step 1: Understand what the Industry Growth Program is and who it is for

The Industry Growth Program supports businesses that are ready to move from prototype to first customer, or from early revenue to scale-up. The program’s official purpose, as detailed by the Department of Industry, Science and Resources, is to invest in Australian businesses that can generate economic growth, create future-focused jobs, and strengthen Australia’s sovereign capability.

It is not a grant for everyday business costs or research that stays in a lab. It targets the “valley of death” between research and commercialisation. The program is open to SMEs with an aggregated turnover of less than $20 million per annum. Your business must be non-tax-exempt, incorporated, and trading in Australia.

The two streams are:

1. Advisory services: Free, one-on-one advice from industry experts who help you refine your commercialisation strategy, build partnerships, and prepare for growth.
2. Matched grant funding: Once you have engaged with the advisory service and been invited to apply, you can seek a grant of $50,000 to $250,000 (GST exclusive) to cover up to 50% of eligible project costs. The grant is paid on a reimbursement basis, so you need to have the balance of funds available.

You do not apply directly for the grant stream. Instead, you first go through the advisory stage, and only those deemed ready and aligned with program objectives are invited to progress.

Step 2: Determine your eligibility and align with priority areas

Check these points before you invest significant time:

• Business size: Aggregated turnover below $20 million.
• Entity type: A company incorporated under the Corporations Act 2001.
• GST registered: As a rule of thumb, you must hold an active ABN and be registered for GST.
• Project location: The project must be carried out in Australia.
• Priority area: Your project must fall within one or more of the NRF priority areas. These are broad categories, and the program welcomes applications from software-enabled businesses, manufacturers, clean energy innovators, medical device companies, agritech firms, and many others.
• Maturity: You must be beyond the concept stage. The program expects that you have already developed a prototype or minimum viable product and have evidence of market demand.

Warning: Do not assume you will receive funding just because you tick these boxes. The advisory stage is competitive, and advancing to the grant stage depends on the strength of your project and its alignment with the government’s investment priorities.

If you are unsure where your business stands, an eligibility assessment can help. GrantsMAX’s eligibility engine uses your own accounting data to flag what you may be eligible for and highlight areas a reviewer would scrutinise. It won’t make the decision for you, but it gives you a realistic starting point to discuss with your accountant.

Step 3: Engage with the Industry Growth Program Advisory Service

The advisory service is your entry point. There is no cost. Here is how it works:

• Submit an expression of interest (EOI) using the online form on business.gov.au. You will need to describe your business, your innovation, your target market, and how the NRF priorities apply to you. The form is not the full application; it is a short request for a conversation.
• Initial assessment: The program team reviews your EOI. If your business fits, an advisor will contact you to schedule an in-depth consultation.
• Advisory sessions: Over a period of weeks or months, you will work with an industry expert who will challenge your assumptions, help you refine your business model, and pinpoint the best path to commercialisation. Many businesses find this advisory phase as valuable as the potential grant money because it provides independent, experienced insight.
• Potential invitation to apply: If the advisor and program delegates believe your project is ready for a matched grant, you may be invited to submit a formal application.

During this process, keep detailed notes and records. Every meeting, milestone, and piece of market feedback can later become part of your application evidence.

Step 4: Develop your project and prepare for the grant application

If you receive an invitation to apply, you will need to present a detailed, costed project plan. The grant opportunity guidelines (available on the Federal Register of Legislation) set out exactly what is required. A strong application typically includes:

• A project description that explains the innovation, the commercial opportunity, and how the project fits into the NRF priorities
• A market analysis showing demand, competitors, and your go-to-market strategy
• A detailed budget that separates eligible and ineligible costs
• Milestones and deliverables tied to the grant term (usually up to two years)
• Evidence of your ability to co-fund the remaining 50% of project costs, such as cashflow forecasts, investor commitments, or bank statements

At this stage, accuracy is critical. The grant is paid against documented expenditure, so your financial data must be consistent and well-organised. GrantsMAX’s AI application pack drafting can pull transaction data from your accounting software and structure it into a project budget and cost allocation, saving you weeks of manual work. It does not lodge anything; it prepares the pack so that your registered accountant or tax agent can review, refine, and lodge it in the shared Accountant Review & Lodge Workflow.

Step 5: Prepare an evidence-backed application pack

This is where many first-time applicants struggle. The program expects clear, objective evidence that supports every claim you make. You are essentially building a business case that will be scrutinised by government assessors.

You will need to provide:

• Technical evidence: engineering reports, test results, data sheets, or research papers that demonstrate the viability of your innovation
• Commercial evidence: letters of intent, customer contracts, expressions of interest, market research
• Financial evidence: up-to-date profit and loss statements, balance sheets, and business activity statements that prove your business is solvent and can manage the co-funding requirement
• IP evidence: patent filings, trade mark registrations, or licensing agreements. IP Australia is the definitive resource for securing and managing intellectual property rights in Australia.

GrantsMAX can dramatically reduce the time it takes to compile this evidence. Because it connects to your operational systems through secure, read-only MCP connectors, it can automatically index invoices, timesheets, and emails, then cross-reference them against the program’s cost categories. The result is an audit-ready evidence trail that your accountant can stand behind if the grant is ever reviewed. Remember, only a registered tax agent or accountant can lodge the application, and the business always owns the claim.

Pro tip: Assume the assessor knows nothing about your company. Write your application so that a stranger can understand your technology, your market, and your financials. GrantsMAX’s approach is to produce first drafts that are clear and jargon-light, ready for your accountant’s expert touch.

Step 6: Submit your application through GrantsConnect

Once your accountant is satisfied, they will lodge your application on your behalf via the Australian Government’s central grants portal, GrantsConnect. This is the official channel for all Australian Government grants.

You cannot lodge the industry growth program application by emailing a PDF; it must be submitted through the portal with all required attachments. The timeline from submission to an outcome varies, but you can generally expect a response within 8 to 12 weeks. During that period, an assessor may request clarification or extra documentation. Respond promptly and always loop in your accountant.

Step 7: Manage your grant and meet your obligations

If your application is successful, you will enter into a grant agreement with the Commonwealth. This is a legally binding contract. It sets out:

• The approved scope, budget, and milestones
• Reporting requirements (progress reports, financial acquittals)
• Conditions for payment (usually milestone-based, against actual expenditure)
• Your obligations around record-keeping and compliance

You must retain all records for at least five years after the grant ends. The agreement may also require you to participate in program evaluation activities or to acknowledge the government’s support in public communications.

Failure to meet the terms can result in the grant being suspended or even repaid. This is another reason why working closely with an accounting professional is wise. An accountant who understands the program’s compliance framework can help you stay on track.

Conclusion: key takeaways

The Industry Growth Program is a significant opportunity for Australian SMEs with a commercial-ready innovation. It is not a simple cash handout; it is a structured support system that invests in businesses that can demonstrate a clear path to growth.

Here are the essential points to remember:

• The program has two parts: advisory services (free) and matched grant funding ($50,000 to $250,000). You must engage with the advisory service first.
• Eligibility is tied to the NRF priority areas and an aggregated turnover below $20 million.
• Applications require substantial evidence: financials, technical data, commercial traction, and IP.
• An accountant or registered tax agent should review and lodge your application; AI tools like GrantsMAX can prepare the evidence pack, but a human professional remains in control of the lodgement.
• The grant is paid on reimbursement, so you need to have your share of the project budget available.
• Compliance is ongoing: you must keep records and report on progress.

If you are ready to explore what the Industry Growth Program could mean for your business, start by getting your data in order. GrantsMAX connects to your Xero, MYOB, or QuickBooks, discovers the grants and R&D incentives you may be eligible for, and prepares an evidence-backed application pack for your accountant to review and lodge. Join the GrantsMAX waitlist to be among the first to access this capability and take a structured step toward government-backed growth.