The New South Wales MVP (Minimal Viable Product) Ventures program is open with grants from $25,000-$50,000 available for start-ups and SMEs between early-stage research and mature investment opportunities.
This is the second round of the program since it was scaled down from $10 million to $3 million in last year’s state budget. Applications are considered on a non-competitive basis against the eligibility and assessment criteria and are assessed in the order in which they are received.
Applicants must be able to provide a 50 per cent co-contribution towards the cost of the proposed project.
The program was designed to support businesses throughout the pre-market development and commercialisation of their products in New South Wales. It targets new products that are within Technology Readiness Level (TRL) 3 to 9 to help them move along the TRL scale and enable them to attract large-scale private investment.
Firms who successfully complete projects funded under the program are permitted to reapply for additional funding to make further progress along the TRL scale.
In Round 1 there were 36 recipients from 502 applications in Round 1.
Food and Beverage industry projects included FOBAH, an AI powered platform that streamlines fragmented, offline ordering to enable food and beverage wholesalers to rapidly scale and reduce food waste. (Received: $49,952.)
The Hive Awards 2024 Rising Star, Compassion Creamery, received $50,000 to assist its pilot plant build so it can scale production of its world first Oat Creme Cheese.
Minister for Innovation, Science and Technology Anoulack Chanthivong said, “With grants of up to $50,000, the MVP Ventures Program provides much needed support to assist startups on their commercialisation journey while ensuring we attract and retain entrepreneurial talent in NSW.”
The program is administered by Investment NSW. Round 2 closes at 5pm on 28 February 2025, or until funding is exhausted.
Fostering Innovation Sponsorship Program
Also opened on 1 July, the Fostering Innovation Sponsorship Program is designed to support activities the promote and strengthen the New South Wales’ innovation ecosystem.
Examples of eligible activities include conferences focused on the innovation sector, major events or awards nights that brings together the innovation ecosystem and festivals that engage regional areas or connect innovation precincts.
Applications need to address focus areas:
- innovation ecosystem development (increase visibility of, and participation in, the innovation precincts across NSW that are helping to enable this work);
- development of stronger partnerships with organisations who advocate or represent industry and start-ups interests relating to the adoption of innovation, and assisting start-ups to start, translate and or grow their businesses;
- priority sectors (refer to the list of sectors defined in Section 3.3 of the guidelines); and
- equitable participation – support for diversity and inclusion initiatives for the innovation ecosystem.
The program has a maximum of $400,000 to allocate and it is a competitive process.
For more information click here.
