Exciting changes to the MVP Ventures Program: Receive up to $200,000 in matched Funding for your idea

The NSW Government has expanded the funding available under its Minimum Viable Product (MVP) Ventures program. The maximum funding available has increased from $25,000 to $200,000 per company, the eligibility criteria have been relaxed and an effort made to streamline the application process.

What is the MVP Ventures Program?

The MVP Ventures Program provides up to $200,000 in matched funding to commercialise innovative products in New South Wales (NSW). To get up to $200,000 in funding, it's essential to meet the program's eligibility criteria and go through  the application process.

• Status: Open
• Grant amount: From $25,000 to $200,000
• Application opened: 1 December 2022
• Application closes: 1 December 2026, 5:00 pm

The MVP Venture Program objective

The objective of the MVP Ventures Program is to support businesses to increase the commercialisation of innovative products and services in NSW, as well as attract and retain commercialisation activities in NSW. 

The Program is designed to support businesses throughout their commercialisation journey and innovative firms who successfully complete projects funded under the Program are permitted to reapply for additional funding to make further progress along the technology readiness level (TRL) scale.

The NSW Government will provide up to $10 million per annum for the Program to 2026.

This program is administered by Department of Enterprise, Investment and Trade.

Eligibility criteria – Who can apply?

To be eligible, your business must these criteria: 

• have an Australian Business Number (ABN) 
• be non-tax exempt
• have a physical office or headquarters in NSW and demonstrate that core activities include research and development  
• be one of the following:
• a company incorporated under the Corporations Act 2001  (Cth) (including a company limited by guarantee), or
• an Aboriginal and/or Torres Strait Islander Corporation registered under the Corporations (Aboriginal and /or Torres Strait Islander) Act 2006 (Cth)
• hold intellectual property (IP) or rights to commercialise your product
• have an aggregated turnover of less than A$1 million for each of the three financial years prior to the lodgement of your application (unless the entity is controlled by a publicly funded research organisation
• be an entity with less than or equal to 20 FTE.

Eligible Projects funded under the MVP Grant

To be eligible, your project must:

• be related to the commercialisation of your product, process, or service
• be progressing your product, process, or service along the Technology Readiness Level (TRL) scale between 3 and 9 (refer to related documents)
• undertake funded activities in NSW
• be aligned with one of the priority industries or technologies listed in the NSW Industry Development Framework
• be able to complete your project within 12 months of funding
• demonstrate why sufficient funding for the entire project cannot be accessed from alternative sources and that the project would not proceed in NSW without government support
• identify an Eligible Validating Entity that will complete the qualification activities to validate the quality, functionality and intended behaviours of the product, process, or service
• demonstrate matched funding of 50% has been secured for the project
• include only Eligible Expenditure.

How to get the MVP Ventures Grant?

In order to get the MVP Ventures Program, here are a few things you should be focusing on:

1. Innovation – your product is highly innovative or a disruptive technology
2. Uniqueness – your product is a unique application of a technology that is significantly different to any previous innovation in the market
3. Tech-readiness – your product is at a TRL between 3 – 9.
4. Problem Solving – your product solves a well-defined problem or opportunity that your product, process or service responds to.
5. Viability – your product has evidence of commercial viability (refer to market size and value created by the size of the potential market)
6. Path to market – you intend to deliver your product to market
7. Value – your project delivers value for money
8. Progression – far along the TRL stage you will progress.
9. Capability – your project team with the capacity and skills

How can Azure Group help with the MVP Grant?

Azure Group MVP grant specialists can assist with the MVP application process in several ways, including:

• Assessing your Grant Eligibility
• Application review
• Grant writing
• Assist with Compliance requirements.

Working with a grant specialist can help streamline the MVP grant application process and increase your chances of success as grant specialist can provide valuable expertise, insight, and guidance to help you create a strong and competitive application that meets the MVP grant program's requirements. Get in touch.