Preview: Victoria’s 2025 Industry Development Fund
In the state of Victoria, new grants are set to be unveiled in the coming weeks, with the aim of strengthening the state’s manufacturing capabilities and growing local business.
“As a state, we have so much to offer. But as we heard from industry – we can do even more to attract new investment, and back new opportunities for existing business. It’s why we’re opening the door and rolling out the welcome mat – giving businesses certainty that ours is a state where they can invest, expand and innovate,” the state Government wrote on their website last December.
The Industry Development Fund (IDF) is Victoria’s way of realising this vision. Details for the $20 million pool (including full eligibility criteria) are yet to be released – though similar criteria to past incentives is anticipated.
Victoria’s Industry Development Fund: the big picture
Five priority sectors have been highlighted for the IDF grants, including:
- Advanced manufacturing and defence
- Health technologies and medical research
- Digital technologies
- Circular economy
- Agribusiness
Exact grant amounts are to be confirmed – however, based on previous grants, amounts of $50,000 – $250,000 are expected. A 2:1 match ratio is also assumed from previous rounds. The total pool for the Vic Industry Development Fund is $20 million across all five priority sectors.
With a goal to boost productivity in these sectors, Victoria’s industry and skilled labour market is anticipated to grow. Businesses with high growth potential are favoured.
Navigating industry grants successfully takes skill
Industry grants can be an invaluable tool for manufacturing companies. We’ve seen the difference they make first-hand, and have helped many customers access grants like the Stimulus Packages available during COVID.
Edencraft’s CMS Poseidon is one of the investments enabled by government funding. With our help, Josie and her team secured a grant that unlocked its acquisition, leading to a stream of new opportunities. From this one machine, the company expanded its operations; forming Edencraft Creative as a subsidiary that serves other companies in need of large-format 5 axis CNC machining. Their recent partnership with Ribcraft was also catalysed by the machine’s acquisition.
As we wait for details of the Industry Development Fund to be released, it’s worth considering how you could boost productivity and grow in the future. Grant applications take time, and the sooner you can prepare for them, the better your chances of securing the assets required to take your business to the next level.
Do your research, identify opportunities, and consult with our reps to explore your options. Once the eligibility criteria comes in, Victorian businesses are going to be scrambling to secure the grant – and the better prepared you are, the more chance you have of being one of the lucky recipients.
