NSW MVP Ventures Program – now reopening
Update 7 November 2023
It is now official, the NSW MVP Ventures Program has been relaunched with new rules. To learn more about the updated NSW MVP Ventures Program click here
What was on Offer
The NSW MVP Ventures Program provides matched funding of between $25,000 and $200,000 to support businesses to increase the commercialisation of innovative products and services in NSW and attract and retain commercialisation activities in NSW.
Unlike its predecessor, the Minimum Viable Product Grant, which was limited to a maximum of $25,000 in funding, funding is increased to $250,000 and businesses can apply for additional funding as they progress through their lifecycle.
Eligibility for the MVP Ventures Program
To be eligible, your business must:
- Be a non-tax exempt company with an ABN (insolvent companies, individuals, partnerships and unincorporated bodies can’t apply)
- have a physical office or headquarters in NSW and demonstrate that core activities include research and development
- 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
- be an entity with less than or equal to 20 FTE.
Eligible projects
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 (see below for what this means)
- undertake funded activities in NSW
- be aligned with one of the priority industries or technologies listed below
- 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.
Eligible projects could include:
- prototyping and piloting studies
- proving commercial viability of an innovative product, process or service to a customer or investor
- completing development of an innovative product, process, or service
- demonstrating your product, process, or service in an operational environment.
Eligible projects do not include:
- basic research or technical experiments
- developing a product, process, or service for internal use only (i.e. not for sale)
- commercialising the next version or iteration of an existing product, process, or service where updates and changes are minor.
The Priority Industries or Technologies
Under the NSW Industry Development Framework, the priority industries are:
- clean energy and waste
- defence and aerospace
- digital systems and software
- medical and life sciences
- international education
- visitor economy
- agriculture and agrifood
Under the NSW Industry Development Framework, the priority technologies are:
- advanced manufacturing
- biotechnology
- digital technology including fintech.
Eligible expenditure
To be eligible, expenditure must:
- be incurred by you within the project period
- be a direct cost of the project and not be provided for the benefit or profit of affiliate persons
- be incurred by you to undertake the required project activities
- meet the eligible expenditure guidelines.
This can include:
- wages
- consultant fees
- direct prototyping materials
- equipment
- other direct costs including patent filing costs for new IP, workshop or laboratory usage charge outs, travel costs.
Assessment process
Your application under the MVP Ventures Program is reviewed against eligibility and assessment criteria which include innovation, commercialisation and deliverability.
Innovation – demonstrate that your product, process or service is:
- at a TRL between 3 – 9; and
- a highly innovative or disruptive technology; OR
- a unique application of a technology that is significantly different to any previous innovation in the market.
Commercialisation -demonstrate that your product, process or service has:
- a well-defined problem or opportunity that your product, process or service responds to.
- evidence of commercial viability, including:
- the size of the potential market
- the value created by the product
- the product’s competitive advantage.
Deliverability – detail how you intend to deliver your product, process or service by outlining:
- your project plan including activities, key milestones, expenditure and deliverables.
- the expected progress of your product from the current TRL (project commencement) to the proposed TRL at the project completion date.
- a project team with the capacity and appropriate management, commercial, professional, and technical expertise to deliver the project.
Learn More
We are all now awaiting the next steps from Investment NSW and whether new applications will be accepted. To learn more click here
Wayne Wanders is an experienced Business Advisor skilled in analysing business financial performance and cash flow. Wayne may also be able to assist you in preparing your grant application. Contact Wayne below for a free no obligation session.
Contact Wayne Wanders for your FREE Business Survival Session
At the end of this session, you will have multiple ideas on how your business can survive and thrive in these uncertain times.
Simply fill in the contact form below or email me at wayne@aRealCFO.com.au or call me on 0412 227 052 to organise one of these obligation free sessions.
Wayne Wanders, A Real CFO
wayne@aRealCFO.com.au
