Early-stage startups and small to medium enterprises in New South Wales can now apply for grants ranging from $25,000 to $50,000 to accelerate the commercialisation of their products or processes.
The NSW Government’s 2023/24 MVP Ventures Program will allocate a total of $3 million each year for the next four years to help projects along the Technology Readiness Level scale attract large-scale private investment.
Minister for Innovation Science and Technology Anoulack Chanthivong said the program offers targeted support for businesses ready to take the next step in their commercialisation journey.
“Our main objective through this program is to help increase commercialisation in NSW to ensure we both attract and retain this entrepreneurial activity in the state for years to come,” Chanthivong said.
Stuart Grover, co-founder of climate tech startup Framed Carbon and recent MVP Ventures Program grant recipient, said the funding will enable his business to commercialise and continue developing its innovative technology.
“One of the biggest challenges we’re facing as a business is figuring out how we can commercialise our sustainable products such as our carbon-negative concrete. This support will give us the kick-start we need to take the next step,” Grover said.
Since resuming, the program has approved 24 previously submitted applications and unlocked $1.8 million in funding for the remainder of the financial year.
“A new two-stage application process now starts with a simplified EOI application, with applicants hearing back on their eligibility within 15 days of submission. For those deemed eligible through the EOI, further information will be sought, with a 30-business day assessment of their final detailed application,” Minister Chanthivong said.
Applicants will be vetted in the order in which they are received.
“I encourage all eligible businesses to review the program guidelines if they haven’t already and submit an expression of interest in a timely manner,” the minister added.
For more information about the program and to submit an expression of interest, visit investment.nsw.gov.au.