Business Innovation Support Initiatives (BISI) – Innovation Voucher SchemeOverview
This program aims to help Northern Territory (NT) businesses undertake research and development which could lead to new products, processes or services. It is one of the funding ways under the Business Innovation Support Initiatives (BISI) program established by the Department of Trade, Business and Innovation as a pilot program aimed at supporting innovation in the Small-to-Medium-Enterprises (SME) business sector in the Northern Territory.
The objectives of the program are to:
- Stimulate, initiate and promote innovation.
- Kindle and inspire excitement in and a drive for innovation in SMEs.
- Drive creativity, and inspire new ideas.
- Enable and assist new collaborations to test and develop new ideas.
- Support businesses and appropriate service providers to commercialise new ideas that create wealth and jobs.
The program provides up to 60% support for eligible projects with each voucher worth up to $25,000 (exclusive of GST). Applicants who successfully acquit a supported project can apply for additional vouchers to further develop the idea. Multiple applicants seeking the same solution can combine up to four vouchers to support a contract with a single research service provider.
- NT-based and NT-registered businesses or incorporated non-profit organisations, with a valid Australian Business Number (ABN).
- Businesses with fewer than 100 employees.
Eligible activities include science, engineering, technology and design research and development (R&D) projects which could lead to successful new products, processes and services.
Funding will be allocated to applicants whose projects implement one or more of the processes listed, such as:
- Conduct knowledge searches (scientific, technical and/or IP)
- Develop experimental plans with researchers
- Initiate R&D activities
- Determine proof of concept
- Undertake feasibility studies
- Build prototypes
- Obtain patents
- Access specialist research facilities
- Determine early failure or achieve eligibility for national grants
The main assessment criteria include:
1. Mandatory criteria
- Project shows a high level of innovation. (20%)
- Project has a high likelihood of success. (10%)
- Project demonstrates a clear path to application. (15%)
- Project will contribute to Territory development. (15%)
- Documentation clearly describes the project. (10%)
2. Desired criteria
- Potential to benefit the Territory’s knowledge economy. (10%)
- Project fosters collaboration between applicants, suppliers and clients. (5%)
- Dependence on voucher funding justified. (5%)
- Value for money - the potential outputs justify the expense. (5%)
- Commercial potential. (5%)
Please refer to Guidelines for the complete information of these criteria.
The following are ineligible for funding:
- Duplicate existing initiatives funded either by the applicant, another organisation or the Australian, other State and Territory or NT governments
- Capital expenditure
- Operational expenses
- Existing collaborations
- Recurrent programs
- Research & Development
- Business Support