Actions
Intensify

Investigate funding and investment options for start-ups and businesses

Measure

Completion of study with recommendations.

Implemented

Summary

In 2018 a consultant was engaged and completed the study into funding options for small and medium start-up enterprises in the Northern Territory (NT). Information on funding and investment options was aggregated and made available on our funding page.

In 2020 a consultant was engaged and completed a study with regards to options for Angel Investor Network activation in the NT.

Outcomes

Recommendations led to the following Department of Industry, Tourism and Trade innovation focussed grants, programs, outcomes, initiatives and partnerships.

Business Innovation Program

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. Innovators in Residence provide support to applicants in their planning, development and commercialisation phases of the start-up journey.

Business Innovation participants Universal Site Monitoring and Effusiontech Pty Ltd (Speed3d) have successfully commercialised and been referred to the Local Jobs Fund.

Migration Innovation Northern Territory Program

The Migration Innovation Northern Territory (MINT) program is an initiative owned by the Paspalis Group and supported by the Territory Government.

The MINT program assists overseas nationals who have demonstrated their commitment to supporting the Territory’s innovation ecosystem by investing in the Paspalis Innovation Investment Fund which invests in venture capital projects that provide an economic benefit to the Territory innovation ecosystem.

The first MINT program was successfully completed in 2019, resulting in the Paspalis Innovation Investment Fund No.1 being opened and raising $26 million establishing the first venture capital fund in the Northern Territory.

Paspalis Innovation Investment Fund

Paspalis Innovation Investment Fund was established following a partnership between Paspalis, the NT Government and Charles Darwin University which focused on two-way innovation and investment opportunities between the Asia Pacific and northern Australia.

The fund invests in Australian companies seeking growth in the Asia Pacific region and Asia Pacific companies looking to relocate to Australia where those companies are involved in ventures that provide an economic advantage to the Northern Territory.

Northern Territory Angel Investor Network

A number of angel investors with an interest in becoming active in the NT have been identified. For outcomes of the angel investor network study refer to action establish a Northern Territory angel investor network.

In 2020 the Northern Territory Angel Network was launched by the Darwin Innovation Hub.

Last updated on 15 December 2021