Startups looking to fuel their growth can now apply for the $40 million expansion of the NSW Government’s highly successful Minimum Viable Product (MVP) grant program.
Minister for Enterprise, Investment and Trade Alister Henskens said the revamped MVP Ventures program will increase the maximum funding available from $25,000 to $200,000 per company, widening the eligibility criteria and streamlining the application process.
“The MVP program has already helped a diverse array of companies across industries such as Fintech, robotics, renewable energy and Medtech, with many going on to turn innovative ideas into commercial realities,” Mr Henskens said.
“This program will help to turn NSW inventions into new businesses. It will help more companies grow, attract new customers, create more jobs and secure a brighter future for NSW.
“Expanding the program means it is also now available to help companies across their whole lifecycle – from the feasibility stage of developing a product right through to product rollout.”
Canyon Solar Director Will Beaumont said his solar shade manufacturing company was a recipient in the first MVP program and the support was a critical piece of funding for the company.
“The MVP grant was the first investment our company received and helped us not only fund our prototype but provided credibility by being backed by the NSW Government,” Mr Beaumont said.
“Since receiving the grant, we have been able to build and validate our product, submit a patent and secure additional funding.”
The MVP Ventures program is part of the NSW Government’s Future Economy Fund.
Eligible applicants will be assessed based on their innovative ideas, ability to commercialise their products and deliverability.
Applications are now open and more information is available online at MVP Ventures Program.