Science & Technology Australia - as the peak body for the nation's science and technology sectors - has warmly welcomed the opening of the Industry Growth Program as "a powerful accelerator for more R&D" in Australia.
The $392 million Industry Growth Program, which opened today, aims to support start-ups and small business to scale their operations with economy-boosting R&D. It will provide matched grant funding of up to $5 million to innovative Australian businesses.
The program was officially opened today by Industry and Science Minister Ed Husic and Minister for Small Business Julie Collins.
Science & Technology Australia CEO Misha Schubert said the new program was designed to help propel commercialisation and enable more businesses to scale.
"The new Industry Growth Program will be a powerful spur for more and better R&D in Australia - and has been designed to help more of our country's remarkable innovative small businesses to become medium-sized businesses," said STA CEO Misha Schubert.
"It can turn more great Australian ideas and innovations into the products, services, and jobs of tomorrow – strengthening complexity in our economy and securing tomorrow's prosperity."
"STA has long advocated for greater support to help outstanding Australian research to bridge the 'valley of death' to commercialisation and to connect up existing programs to deliver mass and momentum."
"This program will powerfully advance that goal - and be a powerful complement to Science & Technology Australia's bold vision of training Australia's first entire generation at scale of 'bench-to-boardroom' scientist-entrepreneurs."
"STA is also very pleased the new program will gather diversity data from the outset - something we championed strongly in the program design."
