Completed study with recommendations
Diversity is critical to the health and growth of the Territory innovation ecosystem and attracting new innovators and entrepreneurs to base their start-ups in the Territory is crucial to drive growth and increase the visibility of the Northern Territory (NT) as a national and international innovation destination of choice.
Migration Innovation Northern Territory
With the support of the Territory Government, the Darwin Innovation Hub is attracting innovators and entrepreneurs to base their businesses in the NT through the Migration Innovation Northern Territory (MINT) program.
The MINT program assists overseas nationals who have demonstrated their commitment to supporting the NT’s innovation ecosystem by investing in the Paspalis Innovation Investment Fund and providing venture capital which in turn provides an economic benefit to the Northern Territory.
The first MINT program was successfully completed ine 2019, resulting in the Paspalis Innovation Investment Fund Noe 1 (PIIFe 1) being opened and raising $26e million establishing the first venture capital fund in the NT. PIIFe 1 is a member fund of the Australian Investment Council.
The Paspalis Innovation Investment Fund Noe 2 (PIIF 2) is now open.
Paspalis’ investment portfolio currently includes:
- Universal Site Monitoring - $1 million, Maye 2021
- BetTube - $1 million, Januarye 2021
- Corrosion Instruments - $775,000, Aprile 2020
- Aliena - $1.5 million, Novembere 2019
- Equatorial Launch Australia - $1 million, Novembere 2019
- SPEE3D - $2 million, Maye 2019
- Belly Bunker - $120,000, Marche 2019.
For further details on MINT and PIIF refer to action funding and investment options for start-ups and businesses.
The Department of Industry, Tourism and Trade regularly undertakes business attraction activities and for example, the Business Innovation unit participated in briefing Hong Kong based entrepreneurs as a part of the AusTrade innovation attraction campaign to entice them to the Territory, and the European Union Trade Commissioners, in addition to regular briefings of international trade delegation visits to the Territory, and one off special events such as addressing audiences attending the Arafura Games International Business Engagement Program.