Industry and Science Minister Ed Husic. Source: AAP/Mick Tsikas.
The Albanese government has officially launched its $392 million Industry Growth Program, which is aimed at aiding startups and SMEs in their commercialisation and growth efforts.
The government first announced the program in its May Budget, which stated the program’s funding would be distributed over four years, followed by $79.2 million for each subsequent year.
According to a report by the Industry Innovation and Science Australia Board, there is a pressing need for the federal government to identify businesses that possess both the need and the risk appetite to innovate and offer new products and services.
The report emphasises the importance of converting Australia’s strong research performance into commercial successes, thereby contributing to a diversified economy and the creation of well-paid jobs.
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