Business Innovation Program

Business Innovation Program

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Call 1300 658 508

 

What is the Business Innovation Program?

The Business Innovation Program is an initiative which aims to help businesses develop and commercialise innovative concepts.

 

Background

The Business Innovation Program is an initiative of the Northern Territory Business Innovation Strategy, managed by the Department of Industry, Tourism and Trade on behalf of the Northern Territory Government.

The Business Innovation Program provides advisory, Funding, investment and Innovation Ecosystem opportunities in an integrated program to support businesses to develop and commercialise innovation, and increase investment in Northern Territory’s Start-Ups.

 

Program Stages

Stage 1: Planning

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.

Stage 2: Development

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.

Stage 3: Commercialisation

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.

 

Objectives

The Business Innovation Program aims to:

  • Support development and commercialisation of innovation in the Northern Territory
  • Diversify the Territory’s Innovation Ecosystem, through new knowledge transfer into the Territory
  • Attract additional investment into innovation in the Northern Territory

Need Assistance?

Call 1300 658 508

Business Innovation Program

Funding

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.

 

Eligibility

You can apply if you:

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

 

More Information

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