NSW’s MVP Ventures Program and IGP Grants Open for Application

Applications are now open for the 2023/24 MVP Ventures Program, a state initiative in New South Wales (NSW) designed to provide grants to early-stage startups and small to medium enterprises (SMEs) driving the commercialization of innovative products or processes. 

The program, led by Minister for Innovation, Science, and Technology Anoulack Chanthivong, allocates $3 million annually for the next four years, with individual grants ranging from $25,000 to $50,000 for successful applicants. The primary objective is to push projects along the Technology Readiness Level scale, facilitating their ability to attract private investment.

Entrepreneurs heading early-stage startups in NSW are encouraged to apply for the MVP Ventures Program, which is its return after a six-month hiatus with reduced funding.

The MVP Ventures Program, which the former Coalition government expanded in late 2022, initially pledged matched funding of up to $200,000 for early-stage startups as part of a yearly commitment of $10 million over four years. Before this expansion, the program, previously known as the MVP Grant program, provided matched funding up to $25,000. 

Recent records of program recipients indicate that at least 11 startups received between $100,000 and $200,000 in matched funding between April and June of the current year. However, after the election of the Chris Minns-led government in March, several industry grant schemes, including the MVP Ventures Program, were temporarily put on hold.

Since the program’s resumption, 24 previously submitted applications have received approval, with $1.8 million in funding now available for the remaining financial year period. 

Minister Anoulack Chanthivong emphasized the program’s commitment to boosting commercialization in NSW and retaining entrepreneurial activity in the state. To enhance the application process, a new two-stage approach has been introduced. 

Eligibility for the program: 

It starts with a simplified Expression of Interest (EOI) application, with eligibility determinations communicated within 15 days. For eligible applicants, further details will be requested, and a final detailed application will undergo assessment within 30 business days. Applications will be evaluated in the order of their submission, encouraging eligible businesses to review the guidelines promptly and submit an EOI.

Businesses seeking eligibility for these grants must adhere to specific criteria, including participation in Advisory Services, meeting co-funding contribution requirements, falling within turnover limits, and aiming to commercialize and/or grow an innovative product, process, or service in an NRF priority area. These criteria ensure that businesses align with the program’s objectives and contribute to the growth and innovation within NRF priority sectors.

Businesses currently receiving funding for the same purpose from either the MVP Ventures Program or other government initiatives are ineligible to apply for the Industry Growth Program (IGP) grants. 

Program Schedule: 

The non-competitive grant program’s first-round applications are scheduled to commence on December 4, 2023, and will conclude on April 30, 2024. Subsequently, the program’s second round will open on July 1, 2024, with the application period running until April 30, 2025, according to the guidelines outlined by the program.

Under the Industry Growth Program (IGP), businesses can explore two distinct grant opportunities tailored to different stages of development. Early-stage commercialization Grants, ranging from $50,000 to $250,000, aim to support projects focused on early prototype development, testing, and validation. 

These grants encompass the journey through Technology Readiness Level (TRL) 3 to TRL6, providing crucial financial aid to assist businesses in transitioning from proof-of-concept to early commercial viability. On the other hand, Commercialisation and Growth Grants, ranging from $100,000 to $5 million, target more mature commercialization and business growth projects. These grants cover the journey from TRL4 to TRL9, supporting businesses looking to scale up production and expand into new markets.

Advisory services:

To access the IGP grants, participation in the program’s Advisory Services is a prerequisite. This service connects eligible companies with an Industry Growth Program Adviser, facilitating the development of tailored commercialization and growth strategies for their innovation projects. 

The adviser thoroughly reviews the company’s business plan and commercialization needs, providing assistance in intellectual property, business model development, market testing, funding opportunities, and partnership establishment. Upon completion of the advisory period, the company receives a detailed report outlining recommendations, next steps, and a roadmap focused on successfully bringing the innovation to market and achieving growth.

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