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Boost businesses innovation by providing seed funding through the Business Innovation Program to de-risk research and development activity

Measure
  • Continue to directly invest in Northern Territory businesses through the Business Innovation program.
  • Increase regional and remote businesses supported through the program.
Implemented

The Business Innovation Program (BIP) is a $600,000 per annum grant program that supports Territory businesses to develop and commercialise innovation through a wrap-around service incorporating expert support and advice as well as matched funding for successful applicants.

The program aims to assist Territory businesses to develop and commercialise business innovation concepts, driving opportunities to grow private investment and create jobs through innovation.

Businesses can receive professional mentoring by the department’s Innovator in Residence (IiR) and funding of up to $30,000 on a dollar-for-dollar matched funding basis to develop and implement an innovation commercialisation plan.

BIP is an open competitive grant round comprising three stages:

  1. planning
  2. development
  3. commercialisation

An IiR provides support to program participants at each stage of the program.

The planning IiR is Doug Adamson. Doug has the skillset to assist program participants to develop their innovation commercialisation plan, which is the roadmap from taking an innovation from concept to commercialisation.

The development IiR is Steve Rogers. Steve will assist participants to develop their concept in line with the innovation commercialisation plan that was developed in the planning stage.

The commercialisation IiR is Geoff Thomas. Once program participants reach the commercialisation stage, Geoff will work with them to identify opportunities, networks and connections to help them commercialise, and guide them on the journey towards successful commercialisation.

Outcomes

As of 14 September 2021, 123 applications have been received into the program. Of these, 18 are in planning, five approved clients are currently in development, four are in commercialisation, and six have successfully commercialised and graduated from the program. $442,977 has been approved for funding, with $356,108 expended since the programs commencement in November 2019.

Next steps

In December 2020, the Business Innovation unit undertook a review of the BIP, evaluating existing program data, program processes, and surveys of recipients and IiRs. The review identified key areas for improvement, which are informing the design and development of a revised and improved format of BIP (BIP 2.0).

News items

Last updated on 07 October 2021