The Territory Government’s ‘refreshed’ Business Innovation Program will enable start-ups and entrepreneurs to access mentoring programs and government funding to grow their businesses, the government has said.
Under the so-called “BIP 2.0”, qualified applicants select an experienced advisor who will provide one-on-one mentoring and support, and will make available up to $2,600 in advisory services to develop an Innovation Project Plan.
Developed under the government’s Business Innovation Strategy, the new program aims to widen the Territory’s start-up economy, which the NT Government hopes will develop into a thriving start-up sector crucial to aiding the government achieve its goal of creating a $40 billion economy by 2030.
BIP 2.0 participants also have an opportunity to apply for up to $30,000 in grant funding to further progress their product. The government has also made $500,000 available to support the program.
Minister for Small Business Paul Kirby said building local business capability and expanding the skills of Territorians was crucial to creating more local jobs.
“To date, 13 start-ups have successfully completed this program and gone on to commercialise their products which include Wats & Co Pty Ltd, Darwin Military Museum, Playground 123, Sterling NT Pty Ltd, Made to Sew and WUNA,” Mr Kirby said.
BIP 2.0 was designed to offer better support to start-ups through each stage of their business journey and enable them to be successful in commercialising their innovation concepts.
Qualified Advisors are encouraged to join as BIP 2.0 Advisors, and is open across Australia.
BIP 2.0 is a competitive grant program, applications open in early June 2022. For further information visit https://nt.gov.au/industry/business-grants-funding/business-innovation-program