Application to MVP Ventures Program Opens This December

mvp ventures program opens december

The MVP Ventures Program provides support to startups and innovative SMEs bridging the gap between early-stage research and mature investment opportunities. It offers grants to facilitate the commercialisation of cutting-edge products or processes. Applications will be evaluated based on eligibility and assessment criteria in the order of their submission, without competition.

Important Details:

Grant Amount: Ranging from $25,000 to $50,000

Round 1 Application Opening Date: 4 December 2023

Round 1 Application Deadline: 30 April 2024, at 4:30 PM AEST

MVP Ventures Program Objectives:

  1. Support businesses in enhancing the commercialisation of innovative products and processes in New South Wales (NSW).

  2. Attract and retain commercialisation activities within the state of NSW.

The MVP Ventures Program will provide continuous support to businesses on their commercialisation journey. Innovative companies that successfully complete projects funded under the Program are eligible to reapply for additional funding to advance along the Technology Readiness Level (TRL) scale.

The NSW Government has allocated up to $3 million annually for the Program until 2027. This program is administered by the Department of Enterprise, Investment, and Trade.

For a detailed understanding of eligibility and assessment criteria, please refer to the comprehensive grant guidelines available here.

Eligibility Criteria:

To qualify for application, your business must meet the following requirements:

  • Possess an Australian Business Number (ABN).

  • Not be tax-exempt.

  • Have its headquarters located in New South Wales (NSW).

  • Maintain an account with an Australian financial institution.

    • Fall under one of the following entity types: A company incorporated in Australia; or

    • An incorporated trustee representing a trust in Australia.

  • Hold intellectual property (IP) or rights for commercialization.

In addition, your business must:

  • Not be an entity or subsidiary of a group of companies with an Aggregated Turnover exceeding A$1 million for each of the three financial years preceding your application submission.

  • Not be an entity or subsidiary of a group of companies with a combined total of over 20 Full-Time Equivalent (FTE) employees.

Eligible Projects:

For your project to meet the eligibility criteria, it should:

  • Be related to the commercialisation of your product or process.

  • Involve advancing your product or process along the Technology Readiness Level (TRL) scale, ranging from 3 to 9.

    • Align with one of the NSW Government’s Industry Development Framework priority industries, including but not limited to: 

    • Agriculture and agrifood

    • Resources

    • Defence and aerospace

    • Clean energy and waste

    • Medical and life sciences

    • Digital systems and software

    • International education

    • Visitor economy

    • Advanced manufacturing

    • Biotechnologies

    • Digital technologies

  • Demonstrate a minimum 50% cash contribution

  • Have a Validating Entity responsible for assessing the quality, functionality, and intended behaviours of the product or process.

  • Be completed within 12 months of receiving funding (the “Project Period”)

  • Conduct funded activities within the state of New South Wales

  • Clearly demonstrate the unavailability of sufficient funding for the entire project from alternative sources, indicating that the project would not progress within NSW without government support

  • Include only Eligible Expenditure

Eligible projects may encompass activities such as:

  • Prototyping and piloting studies.

  • Demonstrating the commercial viability of an innovative product or process to a customer or investor.

  • Finalizing the development of an innovative product or process.

  • Demonstrating a product or process in an operational environment.

Projects that are ineligible include:

  • Basic research or technical experiments.

  • Developing a product or process for internal use exclusively (i.e., not intended for sale).

  • Commercialising minor updates or iterations of an existing product or process where changes are insignificant.

Assessment Criteria:

Applications for funding concerning eligible projects will be evaluated based on and must satisfy the following criteria:

Criterion 1: Innovation

You are required to convincingly demonstrate that your product or process represents a novel or enhanced offering with technological attributes that differ significantly from its previous iterations.

Criterion 2: Commercialisation

You must clearly illustrate that your product or process addresses a well-defined problem or opportunity. Furthermore, you must provide evidence of its commercial viability, including:

  • The potential market’s size.

  • The value generated by your product.

  • The competitive advantage held by your product.

Criterion 3: Deliverability

You should provide a comprehensive plan outlining how you intend to execute the delivery of your product or process. This plan should encompass:

  • Project outcomes

  • Key activities

  • Milestones

  • Project costs and associated risks

  • The anticipated progress of your product, moving from the current Technology Readiness Level (TRL) at the project’s commencement to the proposed TRL upon project completion

  • A project team equipped with the requisite capabilities and suitable management, commercial, professional, and technical expertise to successfully carry out the project

Notification Regarding Application Status:

The department advises that they will promptly inform you of the status of your Expression of Interest (EOI) application within 15 business days. For those applicants invited to submit a comprehensive application, they will provide an outcome within 30 business days from the time of detailed application submission, contingent upon the Department’s receipt of all necessary documentation accompanying the application.

In cases where an application is unsuccessful, they will communicate the outcome in writing. If your application is not successful, we will provide you with a clear explanation of the reasons for the outcome. You have the option to submit a new application for the same project or a similar one, and we encourage you to incorporate additional or enhanced information to address the feedback provided.

However, if a new application is essentially the same as a prior application that was deemed ineligible or unsuccessful, they may opt not to consider it for assessment.

If you’d like to explore your eligibility and suitability for any grants and programs, Fullstack invites you to schedule a complimentary consultation with our experienced R&D grant consultants. 

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Stuart Reynolds is the founder of Fullstack Advisory, an award-winning accounting firm for businesses leading the future. He is a 3rd generation accountant who specialises in tech & online companies.

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