Business Innovation Program NT

The Business Innovation Program (BIP) in the Northern Territory (NT), Australia, is designed to support NT start-ups and entrepreneurs with innovative ideas by helping them develop and commercialise these concepts. The program offers mentoring, funding, investment, and networking opportunities to foster business growth and innovation.

Objectives:

• To assist businesses in developing and commercialising innovative ideas.
• To provide financial support and expert advisory services.
• To connect innovators with investment and commercialisation opportunities.
• To promote economic growth and value creation in the NT.

Target Beneficiaries:

• NT-based businesses with a valid Australian Business Number (ABN).
• Start-ups and entrepreneurs with innovative concepts seeking development and commercialisation support.

Key Features:

• Up to $30,000 in government grant funding.
• $2,000 in advisory services from approved advisors.
• Up to $10,000 for expenses related to commercialising the innovation.
• Access to a network of businesses and experts.
• Program structured in three stages: Planning, Development, and Commercialisation.
• Advisors assist participants in developing project plans, pitching, and reaching investment readiness.
• Graduates become program alumni after achieving revenue or investment milestones.

Application Process:

• Applicants must read and accept program terms and conditions.
• Apply online via GrantsNT portal.
• Enrolment includes selecting an approved advisor.
• Stage 1 involves developing a project plan with advisor support using a $2,000 voucher.
• Successful applicants receive grant funding to develop their product in Stage 2.
• Stage 3 focuses on commercialisation support and achieving investment or revenue targets.
• Advisors must demonstrate experience in investment pitching, product development, and stakeholder connections.

Contact and Additional Resources:

• Email: innovation@nt.gov.au
• Innovation resources available on the NT government innovation website.

This program is a comprehensive support system for innovative NT businesses to grow from concept to commercial success with financial, advisory, and networking assistance.