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Improving Your Business - Issue 030

Welcome to “IMPROVING YOUR BUSINESS” a message from Peter Towers, Managing Director Towers Business Development Pty Ltd an experienced Accountant, Chief Financial Officer, Company Director, Company Secretary, and Business Coach.  Details of the services provided by Towers Business Development are summarised at

In this edition we are introducing Company Directors and Leadership Team members to the Industry Growth Program which was launched earlier this week as a replacement to the Accelerating Commercialisation Grant which was terminated by the Australian government in May 2023.

Help Small BusinessThe grant supports innovative SMEs, with turnovers under $20 million, undertaking commercialisation and or growth projects within the ‘priority areas’, as nominated by the National Reconstruction Fund, can make an application to secure assistance from government appointed advisors and obtain grant funding on a 50-50 basis.

After receiving advice from the program advisors applicants will be able to apply for:

  • Grants of $50,000-$250,000 to support ‘early-stage commercialisation projects’;
  • Grants of $100,000 – $5 million for ‘commercialisation and growth projects’.

Innovative product, process or service is defined as:

  • New, unique or significantly different to any other previous product, process or service in the market or industry where the product is intended to be sold / traded; or
  • Involves significant enhancements or developments of current products, processes or services that will enable the business to scale and transform.

The priority areas for the program are:

  • Value-add in resources
  • Value-add in agriculture, forestry and fisheries
  • Transport
  • Medical science
  • Renewables and low emissions technologies
  • Defence capability
  • Enabling capabilities

This new grant is welcome news to SMEs – it has been six months since the predecessor program was closed.

Early StageFunding for Early-Stage Commercialisation will normally relate to activities beyond the initial R&D activities will be able to be applied for by companies with turnovers less than $20 million, as part of the ‘Industry Growth Program’.

Projects are intended to include the journey from feasibility studies and the development of proof of concept, through to the production and testing of early prototypes in a simulated or theoretical environment.

Testing should validate the commercial viability of the innovative product, process or service.

The Early Stage Commercialisation funding is a grant on a 50-50 basis of $50,000 - $250,000 for eligible applicants generally for activities which are described as:

Critical Function or Proof of Concept Established: applied research and early-stage development begins. Studies and laboratory measurements validate analytical predictions of separate elements of the technology. Examples include research on materials, components, or processes that are not yet integrated.

Laboratory Testing/Validation of Alpha Prototype: design, development and lab testing of technological components are performed. Results provide evidence that applicable components/process performance targets may be attainable based on projected or modelled systems.

Laboratory Testing of Integrated/Semi-Integrated System: system components and/or process validation is achieved in a relevant environment.

Prototype System Verified: system/process prototype demonstration in an operational environment.

pictureThe “Commercialisation and Growth Projects” can attract a government grant of $100,000 – $5 million on a 50-50 basis.  These grants are available to qualifying companies that are involved in the “priority areas”:

  • value – add in resources
  • value-add in agriculture, forestry and fisheries
  • transport
  • medical science
  • renewables and low emission technologies
  • defence capability
  • enabling capabilities

The funding is available for activities which are described as:

  • laboratory testing/validation of alpha prototype – design, development and lab testing of technological components.
  • Laboratory testing of integrated/semi-integrated system – system components and process validation.
  • Prototype system verified – system/process prototype demonstration in an operational environment.
  • Integrated pilot system demonstrated – in an operational environment.
  • System incorporated in commercial design – system/process completed and qualified through test and demonstration.
  • System proven and ready for full commercial deployment.

Whilst advisers are to be appointed to give assistance to companies once they have been accepted into the project, many companies will benefit by obtaining advice on this program and in identifying the Directors’ Key Objectives and vision so that these can be outlined in the discussion with the Industry Growth Program Advisor.

Also, we do not believe that the Government Appointed Advisers will assist the company in the preparation of Business Plans, Predictive Accounting Reports (Budgets, Cash Flow Forecasts and Projected Balance Sheets) nor the evaluation of the company’s opportunities to raise capital direct from the market utilising “Early Stage Innovation Company,” “Crowd Sourced Funding Equity Raising” or section “708 of the Corporations Act”.

Towers Business Development Pty Ltd can assist in advising on the intricacies of the Industry Growth Program grant and in the preparation of supplementary documentation that most companies will need to undertake.

If you would like to know more, please do not hesitate to contact Peter Towers.

Stay safe!

Peter Towers,

Accountant, Chief Financial Officer, Company Secretary,

Company Director, Business Coach

Towers Business Development Pty Ltd


Telephone:        1800 232 088

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