Seeking support for innovation?
Towers Business Development News
Companies with turnovers under $20million who operate in the “priority areas” nominated by the National Reconstruction fund (NRF) are now able to submit an application for support under the Industry Growth Program.
Companies with an innovative product, process or service that is 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 involve significant enhancements; or developments of current products, processes or services, that will enable the business to scale, transform and add value in:
- Resources
- Agriculture, forestry and fisheries
- Transport
- Medical science
- Renewables
- Defence capability
- Enabling capabilities
Firstly, a company has to apply for admission to the Industry Growth Program Advisory Service. The Advisor appointed by the government will review the company’s position and advise whether support will be given to a grant application.
As part of the preparation for these discussions, a company will need to have developed strategies related to the following questions…
What do you want to achieve from the commercialisation of your product or service?
What is the projected growth?
How would grant funding benefit your business?
Your capability and capacity to implement advice?
The Early-Stage Commercialisation Project has funding available of up to $250,000 to assist in undertaking the initial phase of the commercialisation journey.
The Commercialisation and Growth Projects has funding from $100,000-$5million to scale up the business operations.
Companies will benefit from having undertaken a review of the company’s current position relative to the innovative processes, to clearly identify commercial objectives and how those objectives might be achieved prior to submitting an application for this grant and having a meeting with an Advisor.
Towers Business Development can assist with the development of a strategy for submitting an application for this program. To find
