Business Innovation Program

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.

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.

Aim of the program

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

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

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.

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.

Program stages

The Program is open to businesses who are willing and able to scale their innovation through an investment opportunity and comprises three Stages;

In Stage 1

Applicants complete an enrolment form and are subject to due diligence assessment prior to being accepted into the Program. Enrolled applicants create an Innovation Project Plan by working with an Advisor for assistance on planning their innovation.

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.

In Stage 2

Applicants who are selected to receive government Funding use Territory suppliers to develop their MVP with assistance from an Advisor.

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.

In Stage 3

Applicants are supported to connect with the Innovation Ecosystem for the purpose of commercialising their innovation and seeking investment.  Those applicants that are endorsed as ‘investment ready’ will be connected to investors in the Ecosystem, including the Northern Territory Government’s Local Jobs Fund, and positioned on the Innovation Territory website to attract additional investment.

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.

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.