The Industry Growth Program (IGP) is one of the Federal Government’s key funding pathways for Australian SMEs looking to commercialise innovation and scale their businesses.
However, the program has shifted significantly.
Following the Federal Government’s $102 million funding reduction (MYEFO), the IGP is no longer a broadly accessible grant. It is now a highly competitive program focused on commercially viable projects with clear economic impact.
For businesses, this changes the approach entirely. The question is no longer: “Are we eligible?” but it should be: “Are we competitive enough to be funded?”.
In this article, we break down how the program works today, what has changed, and, most importantly, how to assess whether your business is genuinely positioned to succeed.
The IGP, delivered through business.gov.au, combines advisory support and matched grant funding to help businesses move from innovation to commercialisation.
In practice, the program operates as a two-stage process:
This structure reflects a clear objective from government: to fund outcomes, not just ideas. The program prioritises businesses that can demonstrate a clear pathway to market, the ability to execute, and the capacity to generate measurable economic outcomes. As a result, technical innovation alone is not enough, applications must show how that innovation translates into commercial impact.
Recent funding reductions have reshaped the Industry Growth Program.
Businesses should expect:
As a result, application quality and positioning now play a critical role in success.
Step 1: Advisory Service (mandatory)
All applicants must begin with the IGP Advisory Service.
This involves submitting an application that assesses your:
If eligible, you will work with an Industry Growth Program Adviser to:
It’s important to know this stage is mandatory once you cannot access grant funding without completing it.
Step 2: Grant Funding
Businesses that successfully progress may be eligible for one of two streams:
Early-Stage commercialisation grants
– Funding available: $50,000 – $250,000
– Objective: Supporting businesses moving toward market readiness
Commercialisation and growth grants
– Funding available: $100,000 – $5 million
– Objective: Supporting businesses ready to scale
Both streams require:
Funding is awarded on merit, and competition is strong.
To be eligible, businesses must generally:
With increased competition, successful applications typically demonstrate:
1 – Clear commercial outcomes
A defined pathway to revenue, market adoption, or industry impact
2 – Strong market and technical positioning
Evidence of demand, traction, or validated development
3 – Financial readiness
Capacity to fund your share of the project, supported by evidence and an Accountant Declaration
4 – Structured project planning
Clear milestones, timelines, budgets, and risk considerations
5 – Alignment with government priorities
A direct link to NRF sectors and broader economic outcomes
One of the most common mistakes is treating the IGP as a standard grant application.
In reality, it functions as a commercial assessment process. That’s why eligibility alone does not determine outcome success. Applications are assessed on quality, clarity, and commercial viability — which is why many businesses consider working with a grant writing consultant to strengthen their approach and overall submission strategy.
Is the Industry Growth Program right for your business?
The IGP is best suited to businesses that:
If your business is still validating early-stage ideas or lacks financial readiness, it may be worth exploring alternative pathways first.
The Industry Growth Program (IGP) is often considered alongside programs such as the R&D Tax Incentive (R&DTI).
While both support innovation, they serve different purposes:
For many businesses, these programs can be complementary when used strategically.
Navigating programs like the IGP requires more than understanding eligibility criteria. If you’re considering apply to it, the first step is understanding your position — not just your eligibility.
At FundFindrs, we work with businesses to:
Our approach is grounded in practical experience across multiple funding programs and industries.
Book a FREE consultation with FundFindrs to assess your suitability for the Industry Growth Program and build a clear strategy before applying.
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