The environment minister, Andrew Muir, expressed the hope that other places impacted by the toxic blooms may also benefit from the remedies.
Large stretches of the lough were blanketed in toxic blue-green algal blooms last summer, which also had an impact on nearby beaches and other waterways.
40% of Northern Ireland's drinking water comes from Lough Neagh, the largest freshwater lake in the British Isles by surface area, which also supports a significant eel-fishing business.
Its Lough Neagh Action Plan was adopted by the Stormont Executive last month.
"It is our collective duty to find long-term solutions to the problems facing Lough Neagh and restore it to its rightful position as an ecological gem at the centre of Northern Ireland," Muir stated.
"I understand that this SBRI initiative will not fully address the blue-green algae problems, however it will contribute, along with the other actions contained in the Lough Neagh report, to help deliver my vision to have a healthy, resilient environment with high water quality status and environment standards thereby contributing to the health and wellbeing of our citizens."
Stormont's Department for the Economy is providing some funding for the initiative.
"Physical, chemical, biological, or a combination of solutions is possible; however, whatever solution is developed, it must not contribute to further environmental degradation," stated Conor Murphy, the minister of the economy for Northern Ireland. Additionally, it needs to abide by legal requirements and environmental designations."
It is thought that phosphate and nitrogen from agricultural fertiliser runoff from fields have a significant role in the blooms of blue-green algae.
The blooms are thought to have been influenced by the invasive zebra mussel species' proliferation because they have cleared the water and increased sunlight penetration, which has increased algae photosynthesis.
Another concern mentioned is climate change; last June, the greatest water temperature at Lough Neagh was recorded.