Establish an Angel Investment Network in the Northern Territory.
Background
The Territory Innovation Challenges Program aims to position the Territory for future investment leading to jobs and economic growth.
The Angel Investment Network will boost the Territory economy and:
- stimulate entrepreneurship
- drive innovation
- create jobs, retain local talent
- foster economic development by providing crucial early-stage funding and expertise to start-ups and small businesses.
The Angel Investment Network will bridge the gap between early seed funding and late-stage venture capital investment in the Territory.
The challenge
Businesses, investors, and industry stakeholders are invited to participate in the Northern Territory Government’s challenge to create an Angel Investment Network to support the development of $4 billion innovation ecosystem in the Territory.
The winning design will be judged based on which concept provides the most value for the Territory.
The winning consortium has the opportunity to negotiate a contract to procure the outcome proposed in the winning design with the Northern Territory Government.
Challenge criteria
The solutions must include:
A consortium of partners must include all of the following:
- an angel investment network lead with a track record in start-ups
- a network which successfully attracts venture capital investment into start-ups with a presence in the Territory (e.g. at least one employee)
- at least one Territory enterprise
- other partners considered necessary to deliver the solution
- how the network will support the establishment of start-ups, the development and commercialisation of products developed by supported by start-ups
- how the network will be staffed and managed
- an indicative cost which will achieve two deliverables over 2 years.
The design must align with the following design principles:
- Think big, start small, learn fast, scale up, through open innovation, human centred design, and 4.0 technology.
- Support, diversify, and grow our innovation ecosystem to empower Territorians to innovate and commercialise more efficiently and effectively.
- Collaborate locally, nationally, and internationally to solve our own problems, strengthen our weaknesses, build on our capabilities.
- Deliver innovation to support priority Northern Territory Government strategic objectives including Territory Economic Reconstruction, Digital and Terabit Territory, STEM in the Territory, and climate change.
The solutions must align with the Northern Territory Department of Industry, Tourism and Trade’s strategic priorities:
- To grow a skilled, agile and capable workforce to meet industry needs.
- To foster and building capability and capacity of businesses to be profitable, resilient and sustainable.
- To champion the adoption of innovation, science and technology to enhance the Territory’s competitive advantage and productivity.
View the Innovation Strategy.
What's in it for you?
Your winning design will be offered the opportunity to negotiate a contract with the Northern Territory Government for the procurement of the outcomes proposed in the winning design. Upon execution of the contract, you will receive $100,000 in seed funding, in addition to any other payments negotiated.
The model for procurement will form part of the negotiation of the contract for procurement. Options could include, however are not limited to fee for service, subscription membership, equity stake, or payments on milestones achieved.
The Territory Government will purchase the outcomes and will not take ownership of any IP developed by the consortium to deliver the outcomes.
How it works
An overview of the how Territory Innovation Challenges Program works can be found on the Northern Territory Government website.
Before you apply
You must read and understand all judging criteria which comprises the challenge criteria set out above, and the program terms and conditions.
Territory Innovation Challenges Program terms and conditions (PDF 736KB)
Territory Innovation Challenges Program terms and conditions (DOCX 191KB)
One organisation must be the consortium lead for for matters related to the submission.
How to apply
- Register your interest - your details will be listed below to show your interest in collaborating.
- Submit you challenge solution using the online application on the Smartygrants website.
Businesses interested in joining a cluster
ACTIO Group is a management and operational advisory firm located in the Northern Territory. Through ACTIO Capital we connect ambitious companies with specialised funding partners for both equity and debt financing solutions, leveraging our extensive experience in commercialisation and scaling businesses across diverse sectors.
ACTIO Group will oversee the network's strategic direction, facilitate seamless operations and foster a dynamic ecosystem where investors and startups connect effectively. This will include curating investment opportunities, orchestrating mentorship programs, and ensuring a robust framework for due diligence and compliance, all tailored to accelerate the growth and innovation within the Northern Territory's entrepreneurial landscape.
The Darwin Innovation Hub is the meeting point for commercialising business in Northern Australia.
We support companies in locating funding opportunities and scaling operations, fostering the journey from concept to market expansion. DIH's Start NT program gets Start-Ups investment ready with mentoring and SAFE Note Investment.
Our mission is to foster a vibrant ecosystem where entrepreneurs and investors can collaborate to bring transformative ideas to life, driving economic growth and innovation throughout the region.
The DIH 'Meet. Mentor. Match.' approach streamlines the investor engagement process by first facilitating a meeting to understand investors' ambitions, followed by an opportunity to mentor promising startups aligned with their interests. This hands-on mentorship paves the way for meaningful investment matches, where investors can directly invest in ventures they are passionate about and have personally guided towards growth and success.
Innovation Bay brings over 20 years of expertise in building and nurturing the innovation community in Australia, offering a rich tapestry of connections, insights, and proven strategies for accelerating start-up and investor success.
As part of the Territory Angel Investor Network consortium, Innovation Bay will leverage its 2 decades of experience to expand the innovation ecosystem, providing unparalleled access to a vibrant community of investors and founders, and facilitating impactful investments and collaborations in the Territory.
Rust490 helps entrepreneurial people in 4 ways: ideas discovery activation; strategic analysis leveraging innovation models and incorporating the regenerative economy; advisory support including personal wellbeing; creative and strategic business transformation.
Established in 2014 in Darwin as an entrepreneurial hub and co working space, Rust490 has flexed its own business model to continue offering advice and support to people with ideas, incorporating key elements of strategies for success, including capitalisation and financing.
Understanding of the Territory innovation ecosystem informed by:
- Experience of an IP patents commercialisation journey from 2000s while building a successful boutique consulting company using our own technology to measure corporate impact an operating nationally from Darwin.
- Assisting entrepreneurs to find and pursue business models and strategies with market leverage from Darwin through co work group and one-on-one work, frequently using angel investment and innovation industry partnering strategies.
- Advising ministerially on the development of the Territory’s digital economy.
- Activism and connectedness in national and regional innovation networks
- Advisor to Deloitte’s project Establishing an Angel Investment Network for the Northern Territory in 2020.
Understanding of the drivers for the Territory’s innovation economy by 2030, and its backbone of the longstanding Economic Development Framework.
Experienced in working with women entrepreneurs and with First Nations networks, and familiar with cluster development practice.
Spinifex Valley is a 'full stack' project management agency with capacity across: strategy development, tech and digital, energy solutions, scoping & costing (NPV), IP management, creative services and communication.
Principal consultant, Edan Baxter, is presently the Chairperson of the Innovation Central Australia Network (ICAN) and lead author of the report 'Empowering Central Australian Innovation: 2024 Roadmap & Identified Priorities/Initiatives for Ecosystem Development'.
Spinifex Valley brings over 15 years of experience in the Territory's innovation sector and extensive digital development experience to the table. In particular, Spinifex Valley is keen to help ensure the Territory's regions (especially Alice Springs!) have a central role to play in the Angel Investment model that emerges from this challenge.
We support regional startups access capital, counsel and connections through our recurring Regional PitchFest roadshow of industry events, workshops and pitch sessions and pre-accelerator program offering.
Leveraging our experience in building an effective angel investment community across regional Australia, we will work with local partners to support building the capacity and capability of innovators and investors in the NT to be investment and industry / first customer ready.
Paspalis is one of Australia’s leading private investment firms. Our business aligns its interests with those of our investors and partners for lasting impact in Australia’s North.
Paspalis facilitates deal flow origination, and provides the ability to provide direct venture capital investment to support angel investment activity. Paspalis can further provide co-investment opportunities with other angel networks and venture capital investors interstate and overseas.
Angel Investor Network. Network of 8 NFP Angel Groups in QLD and NSW. Connections to the national network of 18 groups.