Deadline: 16-Apr-23
The Northern Territory Government is inviting applications for the Business Innovation Program to provide 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.
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 Program is open to businesses that are willing and able to scale their innovation through an investment opportunity and comprises three Stages;
Program Objectives
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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:
- Stage 1 Planning: 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.
- Stage 2 Development: applicants who are selected to receive government Funding use Territory suppliers to develop their MVP with assistance from an Advisor.
- Stage 3 Commercialisation: 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.
Funding Information
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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.
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Stage 1 Planning
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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.
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You will get up to $2,000 towards advisory services provided during stage one. Your advisor will help you develop:
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In Stage 2 Development
- You can get up to $30,000 to develop your product to an investment ready stage.
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In Stage 3 Commercialisation
- When you have achieved product sales or third party investment of $50,000 or more, you will graduate from the program.
Eligibility Criteria
- Is a legal entity that holds a valid Australian Business Number (ABN) and;
- Is a Territory Enterprise and;
- Is not an Excluded Recipient and;
- Includes the additional meaning set out in each of the Stages. An Excluded Recipient means government agencies and government owned bodies, and statutory corporations.
- An Excluded Recipient means government agencies and government owned bodies, and statutory corporations. Excluded Works means
- Wages/salaries or fees to employees or owners of the business
- For general operational costs of the business, and ‘business as usual’ costs
- Works that are to be carried out by the Eligible Recipient on a ‘Do it Yourself’ basis That is, Funding is available to pay for goods and/or services that are provided to the participant by Independent Suppliers in the course of Stage 2 of the Program.
For more information, visit Northern Territory Government.