Business Innovation Program

If you’re a Northern Territory (NT) start-up or entrepreneur with an innovative idea, you can apply for the Business Innovation Program (BIP).

The program helps businesses develop and commercialise innovative concepts.

It provides mentoring, funding, investment and networking opportunities.

Participants can get up to $30,000 funding and help from an advisor to progress and commercialise their concept.

What you can get

You can get up:

  • $30,000 in government grant funding
  • $2,000 in advisory services from an approved advisor
  • $10,000 for expenses incurred in commercialising your innovation.

You can also get access to services that connect you with other businesses and experts.

Who can apply

You can apply if you are an NT business and have a valid Australian business number.

How to apply

Apply online via GrantsNT.

Program structure

The program is run in the following 3 stages. Before you begin, you will undergo an enrolment process.

During this process, you will nominate an advisor from an approved list to help you with stage one.

To ensure your advisor is a good fit for your business, you should contact them beforehand.

You can view the list of approved advisors on the Innovation website.

In stage 1, you will get a $2,000 voucher which will be used for your provided advisor's services.

You will work with your advisor to develop an innovation project plan and pitch presentation.

This plan and presentation will help form your application that you submit for grant funding.

To be considered, you must submit your application before the closing date.

Applications are assessed competitively based on its:

  • strong value for the Territory and
  • likely to scale-up and attract investment.

If your application is successful, you will be offered grant funding and the opportunity to move to stage 2.

During stage 2, you will get up to $30,000 to develop your innovative idea to an investment-ready product.

You will be offered a formal funding agreement which will outline your:

  • milestone and
  • reporting requirements.

This will be based on your innovation project plan.

Once your product has been developed and is investment ready, you will progress to stage 3.

During stage 3, you will get opportunities to:

  • access support to commercialise your product and
  • maximise investment opportunities.

Your advisor will help you reach at least $50,000 in revenue or of new investment.

When you have achieved this, you will graduate from the program and become an alumnus.

You will also get grant funding of up to $10,000 to cover the costs of securing funding.

Register as an advisor

If your business provides innovation advisory services, you can register as an advisor for the program.

To be an advisor, your business must be able to demonstrate experience in:

  • developing tools to pitch for investment
  • providing advice to early-stage innovators to develop an investment-ready minimum viable product
  • connecting innovators with stakeholders that can provide further investment or commercialisation support.

You should also read, understand, and agree to the program advisor terms and conditions.

Business Innovation Program - advisor terms and conditions PDF (729.3 KB)
Business Innovation Program - advisor terms and conditions DOCX (1.3 MB)

To register, go to GrantsNT.

Contact

For more information email innovation@nt.gov.au.

You can also find resources to help with innovation on the government's innovation website.

Give feedback about this page.

Share this page:

URL copied!
Related information