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Business Innovation Program launched

Business Innovation Program

Today, the Department of Trade, Business and Innovation launched its new Business Innovation Program (BIP) which will replace its existing Business Innovation Support Initiatives Program and provide a wraparound mentoring and funding support to assist businesses to commercialise business innovation concepts.

BIP 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.

To be eligible for support you will need to have an innovative idea, a registered ABN for at least six months and be a Territory enterprise.

Stage 1 applications open on 1 November 2019.

To find out more about the Business Innovation Program, go to the Northern Territory Government website or email innovation@nt.gov.au