Prospective investors identified, and actionable engagement plans developed for each.
Summary
- In 2017 and 2018 investor workshops in partnership with Ausindustry where held.
- In 2020 the Northern Territory Angel Network was launched by the Darwin Innovation Hub.
- In 2020 the department engaged a consultant who completed a study into establishing an Angel Investor Network in the NT.
Outcomes
Following an evaluation and review of the Business Innovation Program in 2020, agreements between investors and the start-up may be required to provide more than just funds. The goal being to diversify the investment network in the NT.
The Department of Industry, Tourism and Trade is developing a clear role in facilitating relationship building and concierge services through effective innovation ecosystem management of multiple networks and external programs.
In May 2021 at the NT Hydrogen Cluster launch, 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 NT Government has committed $100,000 of early-stage seed funding to support development of a project selected by PIIF for venture capital investment.
Paspalis Innovation Investment Fund
Paspalis Innovation Investment Fund was established following a partnership between Paspalis, the Territory Government and Charles Darwin University which focused on 2-way innovation and investment opportunities between the Asia Pacific and Northern Australia which was connected with the Migration Innovation Northern Territory (MINT) Program.
For further details on MINT and PIFF refer to action funding and investment options for start-ups and businesses.