The NSW Government recently released guidelines for its 2023-2024 MVP Ventures Program, which provides grants to help innovative startups and SMEs commercialise new products and technologies.
The program is administered by the NSW Department of Enterprise, Investment and Trade and provides matched grants up to $50,000 to eligible companies. The funding is intended to support product development and commercialisation activities to progress technologies towards commercial launch.
With only $3 million funding for FY24 apply early, secure your spot and make the most of this limited funding opportunity.
Key Details of the Program include:
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- Funding of between $25K & $50K available
- 1:1 matched funding
- Eligible for NSW based companies with under $1M in turnover and under 20 FTE
- Funding for prototype development, equipment, salaries, IP costs
- Applications open 1st July 2024 and close 28th February 2025
Overview of the MVP Ventures Program
The MVP Ventures Program provides funding support for startups and innovative SMEs in NSW to advance the commercialisation of novel products, services, and processes. The program targets companies looking to progress technologies from early-stage research through to attracting commercial investment.
Specifically, the grants aim to help businesses move innovations along the Technology Readiness Level (TRL) scale from levels 3 to 9. This represents the stages from proof-of-concept development to full commercial product launch.
Companies can apply for funding to support activities like:
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- Building and testing prototypes
- Conducting pilot studies
- Filing patents and securing intellectual property
- Demonstrating technologies to investors and customers
- Completing product development and testing
The program incorporates a two-stage application process, starting with an initial Expression of Interest before submitting a comprehensive detailed application.
Applications are assessed against criteria looking at the innovation, commercial potential, and team’s capacity to deliver. Grants are awarded on a non-competitive basis subject to applicants meeting eligibility and assessment criteria.
Eligible Applicants
To be eligible, applicants must:
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- Have an Australian Business Number (ABN)
- Be a company or incorporated trustee structure
- Be headquartered and operating in NSW
- Have less than $1 million turnover p.a for the last 3 years
- Have fewer than 20 full-time equivalent employees
- Hold intellectual property rights or license to commercialise the technology
- Applicants must contribute a minimum 50% cash co-investment of total project costs.
Ineligible entities include individuals, partnerships, unincorporated groups, government agencies, and non-profits.
Project Criteria for Eligible Funding
Proposed projects must also meet certain criteria:
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- Relate to the commercialisation of an innovative product, service, or process
- Involve progressing a technology from TRL levels 3-9
- Align with a priority industry in NSW’s Industry Development Framework
- Include a plan to complete the project within 12 months
- Conduct majority of activities within NSW
- Provide evidence that funding could not be readily secured elsewhere
- Have a validating entity which will validate the eligibility of your project.
Expenditures Eligible for Grant Funding
Eligible costs include:
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- Salaries and wages
- Contractor and consultant fees
- Direct prototype materials
- Specialised equipment
- Patent filing costs
- Reasonable travel expenses
Ineligible costs include overheads, marketing, capital assets, and other general business expenses.
What are Technology Readiness Levels (TRL)?
Technology Readiness Levels are a measurement system used to assess the maturity stage of a technology during its development and commercialisation process.
The TRL scale has 9 different levels, each representing a milestone in bringing a technology from idea conception through to full deployment in the marketplace:
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- TRL 1 – Basic research phase where core principles are defined
- TRL 2 – Technology formulation and practical applications are identified
- TRL 3 – First proof of concept and analysis around main functions
- TRL 4 – Lab testing of technological components is conducted
- TRL 5 – Core technologies are integrated for testing in a simulated environment
- TRL 6 – Prototype demonstrated in relevant end product settings
- TRL 7 – System prototype tested in real world conditions
- TRL 8 – Technology proven and qualified for operational conditions
- TRL 9 – Commercial application of technology in final product form
As technologies progress from TRL 1 through to TRL 9, their design and performance becomes more finalised, risks are reduced, and readiness for market increases.
The TRL scale provides a standardised way to benchmark and communicate maturity for technologies under development. Knowing the current TRL can help assess technical risk, set realistic targets, and evaluate commercial potential.
What’s Involved in the MVP Application
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- an innovation pitch clearly demonstrating how your product meets the innovation criteria only, pitch can be up to 6 slides, online video (max 2 minutes) or 6-page document
- a completed Accountant Declaration and financial statements including profit and loss to evidence financial turnover and FTE
- a completed Business Canvas
Get Expert Help With Your MVP Ventures Application
Preparing a strong application for the MVP Ventures Program requires deep knowledge of the eligibility criteria, evidence requirements, and government funding processes.
At NOAH Connect, we have extensive expertise guiding clients through every stage of the funding application journey.
Our consultants can help you:
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- Determine your eligibility for the program
- Identify eligible projects and expenditure
- Develop your application and evidence package
- Liaise with government around feedback and process
- Secure your best chance at being awarded grant funding
With a success rate consistently above industry averages, NOAH Connect helps innovative companies get ideas out of the lab and into the market.
Get in touch today for an obligation-free eligibility assessment and funding strategy session.
Click here to learn about what other government grant funding is available!
