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MVP Ventures Program

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Grants up to $50,000 for New South Wales businesses to commercialise innovative products and processes by helping progress their development and readiness for private investment.

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What is the MVP Ventures Program (MVPVP)?

The MVP Ventures (the Program) is designed to support startups and innovative small and medium enterprises (SMEs) in the product lifecycle between early-stage research and mature investment opportunities.

The Program has a two-stage application process, consisting of an EOI (Expression of Interest) and a detailed application.

MVPVP level of support

Grants

  • $25,000 to $50,000
  • Maximum 50% of total project costs

Co-contribution

  • Minimum 50% of total project costs

MVPVP important dates

  • Round 2 is now open for applications until 28 February 2025 at 17:00 AEST or until funding is exhausted.
  • Notification of EOI Application Outcome within 15 business days of an EOI Application submission. Successful applicants will be invited to submit a Detailed Application.
  • Notification of Detailed Application Outcome within 30 business days of the Detailed Application submission.
  • Register your interest with GrantHelper.

MVPVP objectives

The objective of the program is to:

  • support businesses to increase the commercialisation of innovative products and processes in New South Wales
  • attract and retain commercialisation activities in New South Wales

The Program targets new products or processes within Technology Readiness Level (TRL) 3 – 9 to help them move along the TRL scale and enable them to attract large-scale private investment.

The Program is designed to support businesses throughout their commercialisation journey and innovative firms who successfully complete projects funded under the Program are permitted to reapply for additional funding to make further progress along the TRL scale.

Projects eligible for MVPVP support

To be eligible, your project must:

  • be related to the commercialisation of your product or process
  • involve progressing your product or process along the TRL scale between 3 and 9
  • be aligned to one of the following NSW Government Industry Development Framework priority industries.
    1. Agriculture and agrifood
    2. Resources
    3. Defence and aerospace
    4. Clean energy and waste
    5. Medical and life sciences
    6. Digital systems and software
    7.  International education
    8.  Visitor economy
    9.  Advanced manufacturing
    10.  Biotechnologies
    11.  Digital technologies
  • demonstrate a minimum 50% cash contribution
  • have a Validating Entity that will qualify and evaluate the quality, functionality and intended behaviours of the product or process
  • be completed within 12 months of funding
  • undertake funded activities in NSW
  • 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
  • include only Eligible Expenditure (see below)

Eligible projects could include:

  • prototyping and piloting studies
  • demonstrating the commercial viability of an innovative product or process to a customer or investor
  • completing the development of an innovative product or process
  • demonstrating a product or process in an operational environment.

Eligible projects do not include:

  • basic research or technical experiments
  • developing a product or process for internal use only (i.e., not for sale)
  • commercialising the next version or iteration of an existing product or process where updates and changes are minor

See the guidelines for full details of project eligibility requirements.

Expenditure eligible for MVPVP support

Funding will only be provided to projects based on eligible expenditure that is non-recurring and directly related to the development and commercialisation of your product or process, including:

  • Wages – Costs of gross wages or salary paid to founders/directors, leadership staff and employees for activities which can be specifically identified and measured as having been performed on the project.
  • Contractor and consultant fees – Costs of contractors or consultants incurred for work or services that are specifically identified and measured as directly contributing to the delivery of the project.
  • Direct prototyping materials – Costs of construction and operation of prototypes contributing directly to proving the commercial viability of a new product or process.
  • Equipment – The costs of purchasing or hiring of equipment, which are incurred and paid for during the project period and can be specifically identified as having been purchased or hired for Project activities.
  • Other direct costs including:
    1. Patent filing costs for new IP – Cost is allowable up to a total project cost of $15,000 (i.e., $7,500 or 50% will be claimable).
    2. Travel costs – Reasonable domestic travel costs, up to a total project cost of $4,000 (i.e., $2,000 or 50% will be claimable), may be claimed for individuals identified in the wages expense category where travel is necessary and incurred exclusively for the progression of the project.

Note: No more than 20% of the total grant can be counted towards expenses outside of NSW.

Ineligible expenditure includes:

  • costs incurred prior to funding agreement
  • all forms of advertising and the production of promotional material
  • financing costs, including interest
  • capital expenditure for the purchase of assets
  • the purchase or upgrade/hire of software
  • rental, renovations and utilities
  • costs relating to the hire and lease of equipment
  • insurance costs
  • debt financing
  • losses on other projects or contracts
  • depreciation of plant and equipment
  • fines and penalties
  • unreasonable compensation for officers and employees
  • entertainment expenses
  • donations/sponsorships/gifts
  • routine operational expenses
  • costs related to preparing the grant application, preparing any project reports, and preparing any project variation requests

See the guidelines for full details of eligible and ineligible expenditure.

Other MVPVP important details that you will need to know

To be eligible, you must:

  • have an active Australian Business Number (ABN)
  • be non-tax exempt
  • be Headquartered in NSW
  • have an account with an Australian financial institution
  • be one of the following:
    1. must be a company incorporated in Australia; or
    2. an incorporated trustee on behalf of a trust in Australia; and
  • hold intellectual property (IP) or rights to commercialise.

 

You must also:

  • not be an entity or a subsidiary of a group of companies that has an Aggregated Turnover that is more than A$1 million for each of the three financial years prior to the lodgement of your application; and
  • not be an entity or a subsidiary of a group of companies that has more than a total of 20 FTE.

 

You are not eligible for program funding if you are:

  • insolvent
  • an individual
  • an unincorporated association
  • a trust
  • a partnership receiving NSW Government or federal assistance from another program for the same purpose
  • a federal, state, territory or local government agency or body (including government business enterprises)
  • any organisation not included under the list of organisations eligible for funding
  • currently receiving funding under the MVP Ventures Program.

 

See the guidelines for full details of applicant eligibility requirements.

1. Innovation 

  • Clearly demonstrate that your product or process is a new or improved product or process whose technological characteristics are significantly different from before

 

2. Commercialisation 

  • Demonstrate a well-defined problem or opportunity
  • Demonstrate evidence of commercial viability (e.g., size of market, value created, competitive advantage)

 

3. Deliverability 

  • Clearly detail the project outcomes, key activities, milestones, project costs and risks
  • Outline the expected progress of your product from the current TRL (project commencement) to the proposed TRL at the project completion date
  • Have project team with the capacity and appropriate management, commercial, professional, and technical expertise to deliver the project

 

See the guidelines for full details of the assessment criteria.

You should read and understand the guidelines.

You need to ensure you are eligible for the funding. Applicants that do not meet all the eligibility criteria outlined above will not be considered.

Successful applicants will demonstrate:

  • an innovative product or process validated at between TRL 3 and 9 that requires program support to progress
  • a well-defined problem or opportunity
  • evidence of the project’s commercial viability based on a sound assessment of the project’s value, market size and competitive advantage
  • a robust project design, including key milestones and deliverables
  • the necessary organisational capability and capacity to progress the project along the TRL scale to the agreed extent and timeline

 

Expression of Interest

To apply you must:

  • complete the online EOI form
  • provide all the information requested, including supporting documentation, in line with the instructions provided within the form
  • meet all the eligibility criteria
  • submit your application by the key dates.

 

The following documents must be provided with your EOI application:

  • an innovation pitch clearly demonstrating how your product meets the innovation criteria only (page 7), pitch can be up to 6 slides, online video (max 2 minutes) or 6 page document.
  • a completed Accountant Declaration (template) and financial statements including profit and loss to evidence financial turnover and FTE
  • a completed Business Canvas (template).

 

Detailed application

Applicants invited to submit a detailed application will be required to:

  • complete the online application form provided to you
  • provide all the information requested, including supporting documentation, in line with the instructions provided within the form
  • meet all the project eligibility and assessment criteria
  • submit your application by the specified date.

 

The following documents must be provided with your application:

  • pitch deck (complete overview)
  • evidence of co-contribution
  • a completed Project information template
  • evidence of project budget including but not limited to contractor and consultant agreements, payslips, and supplier quotes.

 

See the guidelines for full details of information requirements.

Applications are submitted online via the SmartyGrants portal.

Register your interest with GrantHelper to explore your alignment with this grant and how we can assist you to increase your chances of success.

MVPVP resources

I need help applying for grants

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Is your business eligible for this government grant?

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Get started now by filling in the form below, or tap the ‘Book a Discovery Call’ button to schedule a no-obligation virtual meeting with an experienced government grants consultant.

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