3 May 2022
Territory start-ups and entrepreneurs with innovative ideas can now access mentoring and government funding under the refreshed Business Innovation Program (BIP) 2.0.
BIP 2.0 is a mentoring and grant initiative developed under the Territory Government’s Business Innovation Strategy, which aims to grow the Territory’s start-up economy. Continuing to develop a thriving start-up sector will be crucial to helping the Territory Government achieve its goal of establishing a $40 billion economy by 2030.
Under BIP 2.0 successful applicants select an experienced advisor who will provide one on one mentoring and support. Applicants can receive up to $2,600 in advisory services to develop an Innovation Project Plan.
Participants will also have an opportunity to apply for up to $30,000 in grant funding to further develop their product. Territory Labor has made $500 000 available to support the program.
Thirteen start-ups successfully completed the program in its first iteration and went on to commercialise their products, including Wats & Co Pty Ltd, Darwin Military Museum, Playground 123, Sterling NT Pty Ltd, Made to Sew and WUNA. More than 400 news businesses were created last year in the Territory. Statistics show businesses are at greatest risk of failure in their first two years of operation, which is why access to mentoring and support during this time is crucial.
The program has been designed to better support applicants through each stage of their businesses journey and to see them successfully commercialise their innovation concepts.
BIP 2.0 is a priority program under the Territory Business Innovation Strategy 2022-23 and is designed to accelerate the commercialisation of innovation in the Territory.
The Business Innovation Program has been supporting grass roots innovators in the Territory since 2019.
The Territory Government is inviting suitably qualified organisations to register as BIP 2.0 Advisors to help guide the next generation of Territory innovators and entrepreneurs. Expressions of interest are now open for BIP 2.0 Advisors to join the program, from across Australia.