Business Innovation Program
The Business Innovation Program (BIP) helps Northern Territory (NT) businesses develop and commercialise innovation concepts.
You can apply for mentoring and funding to support development of an innovation commercialisation plan (ICP).
The program is run in three stages:
Stage one applications are open.
Businesses can receive:
- professional mentoring
- funding of up to $30,000.
Mentoring is delivered through the Department of Trade, Business and Innovation’s (DTBI) Innovator in Residence program.
You will get one-on-one mentoring and support to help you through each stage of the Business Innovation Program.
You can find out more about the Innovator in Residence program on the DTBI website.
You can apply for up to $30,000 on a dollar-for-dollar matched funding basis.
The funding must be used to develop and implement an innovation commercialisation plan.
You must progress through one stage to get to the next.
Stage one: planning
Stage one includes a four part enrolment process:
- Declaration of eligibility as a Territory enterprise and nomination of a person to represent the enterprise in the program.
- Description of the business’ proposed innovation concept and the industry challenge it seeks to solve.
- Outline of benefits, with a focus on jobs and investment growth in the Territory as a result of the commercialisation of the business innovation concept.
- Description of previous experience in commercialising an innovation.
If you are accepted into the program, you will meet with a dedicated mentor to discuss the next steps.
This includes developing an innovation commercialisation plan (ICP). You will receive a link to an online form to complete your ICP once you have met with the innovator in residence.
Stage two: development
During stage two you will receive financial assistance and mentoring support to develop a viable prototype of your product.
Details on what can be funded will be discussed during your one-on-one mentoring session.
Approved applicants can receive up to $30,000 on a dollar-for-dollar matched funding basis.
You will get a formal funding agreement that will outline milestone and reporting requirements.
Before progressing to stage three you may be required to present a non-confidential presentation about:
- your progress through the program to date
- and stage two development experience.
The presentation will be made to members of the Business Innovation Network Northern Territory (BINNT). Find out more about BINNT on the Department of Trade, Business and Innovation website.
Stage three: commercialisation
During this stage you will determine the value of your product:
- by application in your existing business
- through market research.
To apply for stage one of the program fill in the application on the SmartyGrants website.
Any goods or services you purchase under the program must come from a Territory enterprise.
All suppliers of goods and services must be registered to participate in the program.
Check the list of registered suppliers.
You must register your business as a supplier of goods and 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 your business as a supplier, go to the SmartyGrants website.
Last updated: 23 January 2020