Get into innovation
Innovation is a key lever to expand and diversify opportunities for economic growth through more start-ups, commercialisation of new products and services, development of new business models and processes, accelerated development of high growth potential businesses, resulting in increased private investment and job creation.
The Northern Territory (NT) Government’s Economic Development Framework identified innovation as a critical theme to accelerate economic development, driving productivity and making Territory businesses more competitive, profitable and sustainable.
Encouraging innovation to improve productivity and supporting the development of new products, services and processes is critical to accelerating economic development, to attract private sector investment and create jobs.
Enterprise and innovation elevate our standard of living when entrepreneurs, forward thinking organisation and governments strive to improve the products and services they deliver. Innovation structures and management strategies can help unlock the latent economic potential of our economy.
Innovation needs to be an integral part of our business and educational culture moving forward. But innovation is not limited to developing products, improving processes or commercialising, or some aspect of a scientific breakthrough, although each of these are important. Innovation can also include thinking differently about how we combine the same inputs to generate a better result.
The small business sector is a strong source of innovation, and is the sector to identify opportunities to adopt and adapt innovations from different contexts. The Department of Trade, Business and Innovation’s Business Innovation team has a range of programs and services to ignite, inspire and intensify innovation for Territory based small-medium enterprises. These include:
- Business Innovation Support Initiatives (BISI) program - the BISI program offers seed funding to assist with bringing an idea from concept to commercialisation.
- Innovator in Residence (IIR) program - the IIR program provides proactive mentoring and support to small and medium enterprises in the Territory. The program offers introductions to investors with access to finance, knowledge partners and universities across Australia and internationally, intellectual property (IP) experts and key IP lawyers, Australian and international business networks and assistance with BISI applications.
- Innovation Network - The Innovation Network is the business and industry innovation network of the Northern Territory. An informal grouping of businesses and entrepreneurs interested in pursuing innovation in their businesses and companies and / or guiding and mentoring innovation by others.
- Small business champions - a champion can help you identify the types of support your business can access as well as support with networking, contacts, information, tcont.
To get into innovation in the Territory, or access any of our programs and services contact us.
Released in August 2018, the NT Business Innovation Strategy builds on the progress achieved to date.