Continue to directly invest in Northern Territory businesses through the Business Innovation program.
Increase regional and remote businesses supported through the program.
A comprehensive program review in October 2019 saw the Business Innovation Support Initiative (BISI) program updated and relaunched as the Business Innovation Program (BIP), providing a wrap-around service incorporating expert support and advice as well as matched funding for successful applicants.
The Business Innovation 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 and funding of up to $30,000 on a dollar-for-dollar matched funding basis to develop and implement an innovation commercialisation plan.
As of December 2020, 63 applications to the BIP program have been submitted with 48 being accepted into the program. Of these, so far 11 have been allocated a total of $323,020 in innovation grants with $134,752 paid to date.
Prior to this in the 2018/2019 financial year, 32 grants and vouchers were awarded to successful applicants including the 2018 Croc Pitch winner as part of the BISI program.