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 3 stages:

  1. planning
  2. development
  3. commercialisation.

What you can get

You can get:

  • up to $30,000 in government grant funding
  • up to $2,300 in advisory services from a pre-approved advisor
  • access to services that connect you with other businesses and experts.

Who can apply

You can apply if you:

  • are an NT business
  • have a valid Australian business number.

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.

To view a list of advisors, go to the Innovation website.

Once enrolled, you will meet with your preferred advisor to discuss your idea and ask them to take you on as a client.

You will get a $300 voucher to cover this meeting.

If they accept you as a client, you can proceed to the planning stage.

If you're not accepted, the advisor will tell you what to do next.

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.

You must submit your plan before the closing dates each year:

  • round 1 - 30 October 2022
  • round 2 - 30 April 2023
  • round 3 - 30 November 2023
  • round 4 - 30 April 2024.

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.

Your advisor will help you:

  • achieve at least $50,000 in revenue or
  • attract at least $50,000 of new investment in your innovation.

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.

The department will invite you to register as a supplier if the client has identified you in their innovation project plan (IPP).

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

For a printable copy of the step process, get the BIP roadmap PDF (704.2 KB).

Contact

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

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


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