Earlier in the year, the NSW Treasurer, Daniel Mookhey, announced that a range of popular funding programs for early-stage companies would be put on hold as part of a "comprehensive expenditure review", leaving the start-up sector in dismay.
Among the programs shelved was the Minimum Viable Product (MVP) grant, which provided a significant boost to innovative start-ups and SMEs. The previous iteration of the program, which was revamped this time last year, offered matched funding up to $200,000 to support the commercialisation of their products and processes in NSW. Needless to say, the sudden absence of this grant was a huge hit to new and emerging small businesses.
After almost six months of waiting, a new-look MVP Ventures Program has finally been announced — so, what's new? Let's take a look at how the MVP grant has changed and when you need to apply.
What's new with the MVP Ventures Program?
Overall, the objective of the MVP Ventures Program remains the same: to support innovative businesses throughout their commercialisation journey. More specifically, the program provides funding to promising early-stage start-ups to help them progress from the proof of concept stage to the MVP stage of development within the product lifecycle.
The most glaring difference between this version of the MVP grant and previous versions is the amount of funding available. Matched funding was previously capped at $200,000, however, under the new program guidelines, businesses will now be limited to receiving a maximum of $50,000. This new cap on matched funding has been met with mixed views from across the start-up community, with some celebrating the grant's continuation and others reeling at the significant reduction.
The second major change is the total annual amount that the Government has committed to the program. Just last year, the Department of Enterprise, Investment and Trade had pledged $10 million per annum until 2026, however, that too has now been reduced to just $3 million per annum until 30 June 2027. While the budget reduction may look sever severe, the new maximum cap of $50,000 will enable the program to assist at least sixty businesses across NSW with the commercialisation of their products and processes.
Don't miss the first round of applications
The first round of applications opens soon. If you are eligible for the MVP Ventures Program, you need to mark the following dates on your calendar so that you don't miss your chance to submit your grant application:
- Applications Round 1 Opens: 4 December 2023
- Applications Round 1 Closes: 4:30pm AEST, 30 April 2024
Want the best chance for a successful application?
Our team has been helping start-ups and SMEs access the MVP grant since the program was first introduced. As experienced advisors, we can assist you with assessing your grant eligibility, writing and reviewing your application, and ensuring you meet the necessary compliance requirements. If you want the best chance at a successful application, our MVP grant specialists can offer you expert guidance and valuable insights to help you create a strong and competitive submission.
The first round of applications opens in less than a month, so it is important to start thinking about your application now. If you are ready to get started, contact the team at Azure Group today.
Have you noticed our #FridayExpertTips? here's one that relates to #Technology...
"Your Intellectual Property (IP) is your most valuable asset. Identifying and protecting the IP you create is crucial to the long-term success and viability of your Startup venture.”
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