The New South Wales government has resumed the MVP Ventures Program, albeit on a smaller grant size scale. Reopening to applications from 4 December, $3 million will be available annually, down from $10 million under the previous government.
The New South Wales government has restarted the MVP Ventures Program, albeit on a smaller grant size scale. Reopening to applications from 4 December, $3 million will be available annually, down from $10 million under the previous government.
The MVP Ventures Program supports start-ups and innovative SMEs in the product lifecycle between early-stage research and mature investment opportunities, through grants to drive the commercialisation of highly innovative and new products or processes.
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.
In its first budget, the Minns government more than halved that of the Department of Enterprise, Investment and Trade, from $3.165 billion in 2022-23 to $1.534 billion in 2023-24.
Its grants and subsidy budget was cut from $2.55 billion to $1.13 billion, although in 2022-23, $764 billion of the allocation had not been spent.
Minister for Innovation, Science and Technology, Anoulack Chanthivong, then announced the Innovation Blueprint, which would be prepared in consultation with sector leaders and experts from universities and business, to attract new investment, ideas, industries and talent, the government said.
Chanthivong will lead roundtables on venture capital, non-monetary government support, how to best encourage start-up growth, industry adoption of innovation, and attraction of skills and talent.
At the InnovationAus awards last week, he announced an ideas summit for industry, universities, and all levels of government to “inform the reset of the state’s innovation policy”.
In May, the MVP Ventures program was one of a number told their grants were on hold prior to the budget.
Its return has a reduced budget and smaller sized grants, offering matched funding from $25,000 to $50,000.
Companies with less than $1 million turnover for the previous three financial years and no more than 20 full time employees are eligible.
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The minister's office was contacted for comment.
