Northern Territory start-ups have improved access to funding through Darwin Innovation Hub.
Summary
The Department of Industry, Tourism and Trade represents the Territory Government as a founding member of the Darwin Innovation Hub (DIH). The department is a key partner in stimulating and supporting the development and growth of the Territory innovation ecosystem through the Paspalis Innovation Investment Fund which invests in Territory treasury bonds and Innovation start-ups which present good prospects of delivering value for the Territory.
Outcomes
The Territory is developing a clear role in facilitating relationship building and concierge services through effective innovation ecosystem management and working in collaboration with the Darwin Innovation Hub on the following projects and events.
- Paspalis Innovation Investment Fund
Paspalis is pioneering efforts to develop the Australian venture industry, innovation and start-ups in the Northern Territory. Paspalis Innovation Investment Fund invests in both Australian and Offshore high growth companies looking to grow their businesses in the Northern Territory. Australian companies will be considered for investment where those companies are engaged in high growth ventures that create an economic advantage to the Northern Territory.
For more information, our criteria, process and current portfolio companies go to the Paspalis website.
- NT Hydrogen Cluster
In May 2021 at the NT Hydrogen Cluster launch hosted by the Darwin Innovation Hub industry leaders put a call out for innovative projects to be submitted for review and possible funding of up to $2 million under the Paspalis Innovation Investment Fund (PIIF). Further to this the Territory Government has committed $100,000 of early-stage seed funding to support development of a project selected by PIIF for venture capital investment.
- Business Innovation Program
The Business Innovation Program is a $600,000 per annum grant program that supports Territory businesses to develop and commercialise innovation through a wrap-around service incorporating expert support and advice.
The 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 (IiR) and funding of up to $30,000 on a dollar-for-dollar matched funding basis to develop and implement an innovation commercialisation plan.
The Darwin Innovation Hub is responsible for the commercialisation phase of the IiR service, thereby linking Territory start-ups with a potential investor in the final stage of the program.
- Croc Pitch
In 2018 a memo of understanding between the Darwin Innovation Hub (DIH) and the Department of Tourism, Industry and Trade led to the creation of the inaugural Croc Pitch. The Territory Government, through the department provided funding of $50,000 per annum to the winners in 2018 and 2019 to support the Croc Pitch, which required no co-contribution from the winners. The DIH offered up to $100,000 capital investment from Paspalis.
The event was deferred in 2020, due to the coronavirus pandemic. Croc Pitch 2021 returns once again during October Business Month and participants from all over the world can pitch for the chance to win up to $1,000,000 in venture capital funding and a placement in the Territory Government’s Business Innovation Program valued at $30,000, with the dollar-for-dollar co-contribution requirement waived. Pitches can be from a global, national or local participant, as long as the innovation provides an economic benefit back into the Northern Territory.
Croc Pitch 2019
Croc Pitch 2019 was held on 8 October as a part of October Business Month. Contestants competed for the chance to win up to $100,000 in venture capital funding and an additional $50,000 Business Innovation funding from the Department of Industry Tourism and Trade. Contestants additionally had the chance to compete for a 90 day placement at an Australian Government funded Landing Pad overseas with $5,000 provided towards costs.
The 2019 Croc Pitch involved:
- 19 contestants
- three pitching rounds and one final round with six contestants
- 17 judges (four judges per round and five judges for the final), finals judges included:
- Chief Executive Officer, Paspalis and Darwin Innovation Hub, Harley Paroulakis
- Chief Executive Officer, Department of Trade, Business and Innovation, Shaun Drabsch
- Director - Accelerating Commercialisation, Department of Industry, Innovation and Science, Larry Lopez
- Director Northern Territory Austrade, Martin Ferreyra
- Chief Innovation Officer and Chief Scientist, Department of Foreign Affairs and Trade, Dr Sarah Pearson
- 160 guests and three guest speakers including Dr Sarah Pearson, Chief Innovation Officer and Chief Scientist, Department of Foreign Affairs and Trade and Mr Paul Sanda, Deputy Consul General, Senior Trade Commissioner, Australian Consulate General Guangzhou Austrade
- four Croc Camp workshops held across the Territory including urban and remote centres such as Nhulunbuy, Alice Springs and Darwin
- 60 one-on-one mentoring sessions.
The winner of Croc Pitch 2019 was Samuel Pattemore from Corrosion Instruments.
News item:
- October 2019: Corrosion Instruments Croc Pitch 2019 winner!
Croc Pitch 2018
The Darwin Innovation Hub partnered with Startcon, Australia’s largest start-up and growth conference to bring the inaugural Croc Pitch to the Territory. Croc Pitch 2018 was held on 9 October, as part of October Business Month’s Innovation week.
The 2018 Croc Pitch involved:
- 32 contestants
- three general pitching rounds with up to eleven contestants and one final with six contestants four potential angel investors in attendance as registered audience members
- 13 judges, finals judges included:
- Chief Executive Officer, Paspalis and Darwin Innovation Hub, Harley Paroulakis
- State General Manager, SA/NT Commercial Banking, National Head of Indigenous Business at Westpac, Suzanne Hullick
- Director, Accelerating Commercialisation at Department of Industry, Innovation and Science, Larry Lopez
- Pro Vice Chancellor, Higher Education at Charles Darwin University, Dr Steve Shanahan
- 110 guests and three guest speakers including Steven Rowe from SRA Information Technology, Pippa Ainsworth from the Trader and Darren Ford from Service M8
- five start-up alley participants
- four Croc Camp workshops held across the Territory four workshops in the morning specially designed for innovation start-ups, leading into the pitch competition at midday
- 65 one-on-one mentoring sessions focussed on pitch deck development
- the Paspalis Innovation Investment Fund invested in the Croc Pitch contestants with an additional $400,000 in venture capital funding
- the Minister for Business and Innovation, the Hon Nicole Manison MLA launched the Territory’s innovation policy and the first Business innovation strategy.
The winner of Croc Pitch 2018 was Keith Jury with SolFlow, a Darwin based Australian company specialising in the development of Solar PV Direct technology. Keith was awarded the $100,000 venture capital investment from Paspalis and an additional $50,000 in Business Innovation funding from the Department of Industry Tourism and Trade. SolFlow’s technology draws upon solar power when the sun is shining, then transitions to mains power when it’s cloudy or at night saving you money off your energy bill. SolFlow ultimately declined venture-capital investment. Keith went on to pitch his idea at StartCon’s Asia Pacific Pitch Competition in Sydney for the chance to win a $1 million investment.
News items:
- 1 December 2018: Daitum wins $1 million Startcon Pitch competition