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.

Program structure

The program is run in three stages:

  1. planning
  2. development
  3. commercialisation.

What you can get

You can get:

  • up to $30,000 in government grant funding
  • up to $2,600 in advisory services from a pre-approved advisor
  • access to services that connect you with other businesses and experts.

Before you apply

You must read and accept the program terms and conditions.

Business Innovation Program terms and conditions PDF (1.2 MB)
Business Innovation Program terms and conditions DOCX (1.3 MB)

Who can apply

You can apply if you:

  • are an NT business
  • have a valid Australian business number
  • have completed the Immediate Business Acceleration Program.

How to apply

To apply, go to the Smartygrants website.

Enrolment process

During the enrolment process, you will choose an advisor from a pre-approved list to help you through stage one.

Once enrolled, you will get a $300 voucher to meet with your advisor and discuss your project. If they accept you as a client, you will move on to stage one of the program.

Program stages

You will need to develop an innovation project plan that will be submitted for grant funding.

You will get up to $2,000 towards advisory services provided during stage one. Your advisor will help you develop:

  • your plan
  • a short presentation.

When your plan and presentation are finalised, they will form your application. You will need to submit them to apply for grant funding.

Innovation project plans are assessed competitively. Shortlisted plans must demonstrate they:

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

If your plan is shortlisted, you will be offered grant funding and the opportunity to move to stage 2 of the program.

During stage 2, you will get financial help to develop a product that is investment ready and viable.

You can get up to $30,000 to develop your product to an investment ready stage.

You will enter into a formal funding agreement that will outline milestone and reporting requirements.

When your innovation has been developed and your advisor considers it to be investment-ready, you will move to stage 3 of the program.

During stage 3, you will get opportunities to:

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

When you have achieved product sales or third party investment of $50,000 or more, you will graduate from the program.

Register as an advisor or supplier

If you're a business that provides advisory services, or goods and other services, you can register to take part in the program.

You must register your business as a provider of advisory services to participate in the program.

You should read, understand and agree to the program terms and conditions. You can find these under ‘before you apply.’

To register, go to the SmartyGrants website.

You must register your business to supply goods and services to participants during stage 2 of the program.

You should read, understand and agree to the program terms and conditions. You can find these under 'before you apply.'

You can register in early June 2022.

Contact

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

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


Last updated: 29 June 2022

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