Applications open for NSW government's startup program

The NSW government is seeking start-ups and small to medium-sized businesses headquartered in the state to apply for the 2023-24 MVP Ventures Program.

Offering a total of $3 million in grants each year for the next four years, the program aims to drive commercialisation of new and highly innovative products or processes in NSW.

Successful recipients can receive individual grants of between $25,000 to $50,000.

Applicants must demonstrate theirs is a new or improved product or a process with technological characteristics that are significantly different from before.

They are also required to show how their product or process addresses a well-defined problem or opportunity, provide evidence of commercial viability and explain how they will deliver their project. 

Since resuming the program, 24 previously submitted applications have been approved, with $1.8 million in funding available for the remainder of the financial year.

Minister for Innovation, Science and Technology Anoulack Chanthivong said the program aims to help businesses increase the technology readiness of their project and attract large-scale private investment.

“We know this program provides important targeted support to businesses ready to take the next step in their commercialisation journey,” Chanthivong said.

“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 MVP Venture applicants will benefit from a revised application process.

“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," he said.

"For those deemed eligible through the EOI, further information will be sought, with a 30-business day assessment of their final detailed application."

Applications for the program close on 30 April 2024.