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Minimum Viable Product Grants
Amount: Up to $25,000
Closing Date: Minimum Viable Product applications open on an ongoing basis
Minimum Viable Product Grants
An MVP grant can help you build a market-ready product, validate your business idea and increase your chances of success. A minimum viable product (MVP) grant is designed for technology startups to help them engage with their intended target audience, or marketplace, in a test of the market’s appetite for their offering.
What Funding Is Available?
An MVP grant is a matched funding grant up to 50% of approved project costs, to a maximum of $25,000.
Successful grant applicants will receive 35% of the funding up-front and 65% after completion and validation of the MVP.
What Are The Eligibility Requirements Minimum Viable Product Grants?
MVP grants are available to pre-revenue technology startups for the development of scalable technology solutions.
To be eligible for an MVP grant, a startup must:
- Have an ABN registered in NSW and be based in NSW.
- The business entity must be at pre-revenue stage.
- Have a completed proof of concept (e.g. customer interviews, surveys, or focus groups).
- Have a potential business customer (B2B) or business channel to market (B2C).
- Have a scalable solution that can be deployed to multiple customers.
- Hold IP or the rights to commercialise.
- Demonstrate that 80% of development costs will occur in NSW.
- Demonstrate adequate matched funding has been secured for the project.
How To Assess Your Eligibility
Applications must satisfy the eligibility criteria outlined above and will then be competitively ranked against the following assessment criteria:
- Economic benefits to NSW
- Level of innovation
- Strength of the business model
- Industry sector benefits
What Are The Conditions Of The Funding
The grant amount, terms and conditions and project deliverables will be detailed in a funding agreement provided to successful applicants. Successful applicants will receive 35% of the grant upon execution of the Funding Agreement, and 65% following completion and validation of the MVP. This includes an assessment of all agreed deliverables, which will be outlined in the Funding Agreement. The MVP must be completed with market feedback within six (6) months of accepting the Funding Agreement. For successful regional recipients of the MVP Grant, they can also claim up to $2,000 to assist with travel for an innovation related purposes to regional innovation centres such as the Local Innovation Network and the Regional Landing Pad at the Sydney Startup Hub.
Example Grant Recipients
Compass IoT received a Minimum Viable Product grant to develop their Integrated Transport Management System for use by traffic engineers, consultants, councils and state governments to understand how traffic moves. They bring together data feeds from connected vehicles alongside journey planning data in order to give real-time visualisation of traffic, as well as powerful insights on transport demand, mobility and usage. An independent traffic assessment has confirmed that Compass’ bus and car speed counts are accurate within a 99-100% range!
Newcastle based Diffuse Energy received a Minimum Viable Product grant to help build the world’s most powerful small wind turbine. When the sun doesn’t shine and solar doesn’t work, the wind can still blow through Diffuse’s Hyland 920 generator and provide renewable energy to power NSW’s energy future.
Coviu is a CSIRO spin-out and startup selling its web-based video consultation software solutions to the Australian healthcare market.