Starting in December 2022, the NSW government is allocating $10 million yearly to its MVP Ventures Program for the next 4 years. Maximum grants in the program are $200,000—up from $25,000 under the previous MVP grant program.
The MVP Ventures Program is part of the broader future Economy Fund, which was announced in the 2022-23 NSW Budget when the NSW Government committed $703.4 million to deliver the State’s first fund aimed at the full life cycle of innovative, high-growth businesses in priority sectors. This will drive productivity in emerging high-value industries like digital technology, medical technology, and the clean economy.
Besides the maximum funding amounts increasing under the revamped MVP Ventures Program, eligibility criteria have been broadened and the application process streamlined. Funding of between $25,000 and $200,000 is now available to help companies across their whole lifecycle, from the feasibility stage of developing a product (i.e. prototype or minimum viable product stage) through to product rollout.
In response to a deficiency pinpointed in many recent studies of the Australian business environment, namely, the commercialisation of research, the main objective of the MVP Ventures Program is to increase the commercialisation of innovative products and services in NSW and attract and retain commercialisation activities in NSW. Reinforcing the Program’s aim of supporting businesses throughout their commercialisation journey, firms that successfully complete projects funded under the Program can reapply for additional funding to make further progress along the technology readiness level (TRL) scale.
Eligibility requirements, assessment criteria,and other important points
Some of the more important eligibility requirements for the Program are that businesses must:
- have a physical office or headquarters in NSW and demonstrate those core activities include research and development
- hold intellectual property (IP) or the rights to commercialise their product
- have aggregated turnover of less than A$1 million for each of the three financial years prior to the lodgement of the application
- commit 50% matched funding as a cash contribution toward the costs of the proposed project.
In relation to the project to be funded by a grant, it 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 Appendix Cin the Program Guidelines)
- be aligned with one of the priority industries or technologies listed in the NSW Industry Development Framework-be able to be completed within 12 months of receiving the funding
Assessment criteria can be satisfied by showing that your product, process, or service:
- is a highly innovative or disruptive technology
- responds to well-defined problems or opportunity
- has commercial viability (e.g., discuss the size of the potential market, the value created by the product, and the product’s competitive advantage).
As one previous recipient of the MVP grant noted: “The MVP grant was the first investment our company received and helped us not only fund our prototype but provided credibility by being backed by the NSW Government”.
Eligible applications will be considered on an ongoing basis, based on a non-competitive process, and the outcome will be received by the applicant in writing within 40 business days.
Further information about the Program, documentation for applications, as well as the link to the online application itself can be accessed here.
If you’re an innovative New South Wales business and want the best advice to keep moving onward and upward, contact Fullstack Advisory so you can leverage our expertise and knowledge of all the grants, incentives, rebates, and other opportunities available.
