Business Innovation Program (BIP) NT

Purpose and Program Overview

The Business Innovation Program (BIP) is a grant for start-ups and entrepreneurs in the Northern Territory. The program intends to help businesses with innovative ideas. It assists them to develop and commercialise their concepts.

The program’s objective is to support the Northern Territory’s innovation ecosystem. It provides mentoring, funding, and networking opportunities. This helps businesses turn new ideas into commercially successful products.

The Business Innovation Program is part of the Northern Territory Business Innovation Strategy. It supports the Territory’s economic growth by encouraging investment in start-ups. It helps to diversify the local economy.

Key Grant Details

• Grant amount or funding range: Up to $30,000 for development, and up to $10,000 for commercialisation expenses.
• Application open and close dates: Applications opened on 30 June 2024 and close on 30 April 2025.
• Eligible industries or business types: The grant is for start-ups and entrepreneurs with innovative ideas.
• Required co-contributions: The program offers a refund of up to $2,000 for advisory services. Beyond this, applicants are responsible for any costs above the grant funding.
• Location/state/territory applicability: The grant is for businesses located in the Northern Territory.

Priority Sectors

The BIP grant is open to a broad range of sectors. The focus is on the innovation and commercial potential of the business concept.

Funding Scope

• Minimum and maximum amounts per stream: The program is split into stages. Stage 1 provides up to $2,000 for advisory services. Stage 2 provides up to $30,000 for product development. Stage 3 provides up to $10,000 for commercialisation expenses.
• Categories or streams of funding: Funding is for planning, development, and commercialisation.
• Project timeline or eligible funding duration: The program is structured in three stages. The specific timeline for each project is determined with an advisor.

Grant Amount in Total

The total funding pool for this program is not stated.

Eligibility Criteria

• Business structure or size: The grant is for start-ups and entrepreneurs.
• Registered business location: The business must be based in the Northern Territory.
• ABN/GST status: An active ABN is required.
• Compliance obligations: Applicants must have a valid Australian Business Number. They must have also completed the Immediate Business Acceleration Program.

Eligible Activities and Expenses

Business Innovation Program NT grant supports activities related to commercialising an innovation. Eligible activities and expenses include:

• Advisory services from an approved advisor.
• Costs to develop a Minimum Viable Product (MVP).
• Expenses incurred during the commercialisation stage.

Assessment Process

This is a competitive grant. Applications are assessed on their merit. The key evaluation criteria are:

• The strength of the value for the Northern Territory.
• The likelihood of the idea to scale up and attract investment.

Recent Program Updates

The application period for the current round is now open. The Business Innovation Program continues to offer support through its three-stage structure.

Application Tips

• You must undergo an enrolment process first.
• Nominate an approved advisor from the provided list.
• Work with your advisor to create an innovation project plan.
• Ensure your business is a Territory Enterprise.

Where to Get Help

Consider consulting with a professional grant specialist like Pattens Group. We offer initial assessments to review your business’s eligibility and evaluate how well your project aligns with the grant’s objectives. You can also visit relevant government websites for application templates and further guidance.