Applications open for NSW MVP Ventures start-up grant program

Applications have opened for the NSW government’s Minimum Viable Product (MVP) Ventures Program, which offers grants between $20,000 to $75,000 to companies to help progress a product “along the Technology Readiness Level (TRL) scale between 3 and 9”.

According to a statement on Monday, the program was recently revamped following a review by former Tech Council of Australia CEO Kate Pounder. Guidelines have been revised “to ensure founders from diverse backgrounds receive a more equitable level of support.”

NSW innovation minister Anoulack Chanthivong said: “The Pounder Review identified significant gaps in support for women, Aboriginal and Torres Strait Islander, and regional tech founders which is why we made it a key action in the Innovation Blueprint 2035 to face these challenges.

“I am very proud that by revising the guidelines of the MVP Ventures program, we are seeking to meet these challenges head-on to address disparities in funding and unlock the untapped potential of diverse founders.

Funding is offered through two streams, with a maximum of $3 million available per year for the next four years. They are:

• Stream 1 is available for all eligible businesses with a maximum grant of $50,000 and a minimum co-contribution of 50 per cent; and
• Stream 2 is available for eligible women-owned businesses, regional businesses, and Aboriginal and/or Torres Strait Islander businesses with a maximum grant of $75,000 and a minimum co-contribution of 25 per cent.

Eligibility criteria include being headquartered in NSW, having a FTE headcount of ten (including the founder) or below, and having an aggregated turnover of $400,000 or less for each of the three financial years prior to the application lodgement.

(More eligibility information can be found here.)

Applications under the current round close on September 28.

Further reading

NSW targets $27 billion in extra investment in “innovation-intensive firms” over next decade

Tech Council of Australia’s founding CEO to leave role in February