NSW MVP Ventures Program

NSW MVP Ventures Program

  • Applications Round 1 opens on 4 December 2023, and closes on 30 April 2024.
  • Applications Round 2 opens on 1 July 2024, and closes on 30 April 2025.
  • The grant starts at $25,000 and goes up to $50,000. 

NSW MVP Ventures Program is committed to supporting startups and innovative small and medium enterprises (SMEs) across the product lifecycle, bridging the gap between early-stage research and mature investment opportunities. The program offers grants designed to accelerate the commercialisation of highly innovative products or processes.

The Program aims to: support businesses in increasing the commercialisation of innovative products and processes in NSW, and attract and retain commercialisation activities within the state.

The Department of Enterprise, Investment and Trade will allocate up to $3 million annually for the Program until June 30, 2027.

Key Requirements

Applications for funding for eligible projects will undergo assessment based on and must meet the following criteria. 

Criterion 1: Innovation

Applicants must distinctly showcase that their product or process represents a new or improved innovation, with technological characteristics that significantly differ from existing offerings. 

Criterion 2: Commercialisation

Applicants must effectively illustrate that their product or process addresses a well-defined problem or opportunity, along with providing evidence of commercial viability. This includes demonstrating the size of the potential market, the value generated by the product, and its competitive advantage. 

Criterion 3: Deliverability

Applicants must thoroughly outline their plan for delivering the product or process, including project outcomes, key activities, milestones, costs, and risks. Additionally, they should specify the expected progress of the product from the current Technology Readiness Level (TRL) at project commencement to the proposed TRL at project completion. Finally, applicants must demonstrate that their project team possesses the necessary capacity, management, commercial, professional, and technical expertise to successfully execute the project. 

What is eligible for funding?

Eligible Projects

For your project to qualify, it must:  

  • relate to the commercialisation of your product or process 
  • advance your product or process along the Technology Readiness Level (TRL) scale between 3 and 9 
  • align with one of the following NSW Government Industry Development Framework priority industries – 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 per cent cash contribution 
  • have a Validating Entity to evaluate the quality, functionality, and intended behaviours of the product or process 
  • be completed within 12 months of funding (the “Project Period”) 
  • conduct funded activities in NSW 
  • justify why adequate funding for the entire project cannot be obtained from other sources and why the project would not proceed in NSW without government support 
  • include only Eligible Expenditure 

Eligible projects may include prototyping and piloting studies, showcasing the commercial viability of an innovative product or process to a customer or investor, finalising the development of an innovative product or process, and demonstrating a product or process in an operational environment. 

Eligible Expenditure

The NSW Government will cover 50 per cent of all Eligible Expenditure, provided it meets the criteria. Funding is allocated for non-recurring expenses directly associated with the development and commercialisation of your product or process. This includes wages, consultant fees, direct prototyping materials, equipment, and other direct costs such as patent filing fees for new intellectual property and travel expenses. Only costs incurred for materials and labour directly utilised in your project, sourced from third parties, are considered eligible expenditure. However, there may be instances where an associated party acts as a supplier or subcontractor within the project. In such cases, a thorough explanation is required to justify this arrangement.

What companies are eligible for funding?

To qualify, applicants need to:  

  • have an Australian Business Number (ABN) 
  • be non-tax exempt 
  • be headquartered in NSW 
  • hold an account with an Australian financial institution 
  • fall into one of these entity types: a company incorporated in Australia, or an incorporated trustee representing a trust in Australia 
  • possess intellectual property (IP) or rights to commercialise 
  • must not be an entity or subsidiary of a group with an Aggregated Turnover exceeding A$1 million for each of the three financial years preceding your application 
  • must not have more than a total of 20 Full-Time Equivalent (FTE) employees 

Is this grant competitive or entitlement based?

Competitive. Your application will be assessed among other applications by a judging panel.

How can I increase my chances of winning this grant?

By engaging an accredited government grants consultant, such as Avant Group.

Competitive grants often require significant business case development and project analysis to support the application, this may include detailed presentations supporting the project’s merit, projected sales, cost-benefit analysis and more.

As part of your engagement with Avant Group, your account manager will assess the required documents and will provide the following as needed to support your grant submission.

Grant application writeup including a detailed presentation illustrating how the grant funding will contribute to your project, how the funding will contribute to the project’s budget, a project milestone plan, delivery timeline, impact on employment if applicable and a breakdown of the management and leadership team for the project

  • Industry analysis presentation
  • Competitor Analysis Presentation
  • Marketing and Sales Analysis Presentation
  • 3-5 year Cashflow Forecast
  • 3-5 year Balance Sheet Forecast
  • Cost-Benefit Analysis of Grant Funding
  • End-to-end grant application including information collating, analysis and application writing
  • CAPEX (Capital Expenditure) cost-benefit analysis
  • Stakeholder relations and Risk Mitigation Plans
  • Any other relevant forecasting that will support your application

How can I get help with my application? Or know if I’m likely to win funding?

Avant Group offers a no-obligation assessment of your eligibility for funding and will assess your likelihood of a successful grant application.