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MVP Ventures Grant


Haines Consulting Group MVP Ventures Grant

Updated 6th November 2023


MVP Ventures (the Program) is one of a suite of initiatives funded by the NSW Government under the Future Economy Fund’s Commercialisation Pathways Program, to drive commercialisation success in NSW. The Program is an expanded initiative of the highly successful Minimum Viable Product and Building Partnerships program designed to address gaps in the product lifecycle between early-stage research and mature investment opportunities. This program provides grants to drive the commercialisation of highly innovative and new products, processes or services that are at least at prototype or minimum viable product stage.


Status: Applications Round 1 open: 4th December 2023


Applications Round 1 close: 4:30pm AEST, 30th April 2024


Objective

The objective of the MVP Ventures Program is to: 


  • support businesses to increase the commercialisation of innovative products and processes in NSW 

  • attract and retain commercialisation activities in NSW. 


The MVP Ventures Program will support businesses throughout their commercialisation journey. Innovative firms who successfully complete projects funded under the Program are permitted to reapply for additional funding to make further progress along the Technology Readiness Level (TRL) scale. 


The NSW Government will provide up to $3 million per annum for the Program to 2027. 


This program is administered by Department of Enterprise, Investment and Trade.


The Program targets new products, processes, or services within Technology Readiness Level (TRL) 3 – 9 to help them move along the TRL scale and enable them to attract large-scale private investment.


The Program is designed to support businesses throughout their commercialisation journey and innovative firms who successfully complete projects funded under the Program are permitted to reapply for additional funding to make further progress along the TRL scale.



Funding: The minimum grant amount is $25,000 and the maximum grant amount is $50,000



Eligible projects

To be eligible, your project must:

• be related to the commercialisation of your product, process or service

• involve progressing your product, process, or service along the Technology Readiness Level (TRL) scale between 3 and 9

• undertake funded activities in NSW

• be aligned with one of the priority industries or technologies listed in the NSW Industry Development Framework (see below)

• be completed within 12 months of funding

• demonstrate why sufficient funding for the entire project cannot be accessed from alternative sources and that the project would not proceed in NSW without government support

• demonstrate a minimum 50% cash contribution (see Matched Funding)

• identify an Eligible Validating Entity that will complete the qualification activities to validate the quality, functionality and intended behaviours of the product, process, or service.


include only Eligible Expenditure. Eligible projects could include:

• prototyping and piloting studies

• proving the commercial viability of an innovative product, process or service to a customer or investor

• completing development of an innovative product, process, or service

• demonstrating your product, process, or service in an operational environment.




NSW Industry Development Framework priorities

The Framework targets the industries and technologies most likely to deliver public benefits.


It builds on NSW's advantages to advance opportunities for faster economic growth and provide exciting opportunities for new, well-paid jobs and increased prosperity for all NSW citizens.


Emerging industries

Emerging industries that generate significant positive spillover benefits for the broader economy and people of NSW are:


· clean energy and waste

· defence and aerospace

· digital systems and software

· medical and life sciences.


Existing industries

Existing industries with high trade exposure that are important in terms of their overall contribution to NSW Gross State Product (GSP) are:


· agriculture and agrifood

· international education

· visitor economy

· resources.


Core enabling technologies

The existing and emerging industries above will be the focus of interventions that accelerate growth by enhancing innovation and the uptake of core enabling technologies:


· advanced manufacturing

· biotechnology

· digital technology including fintech.



Who is eligible for funding?

To be eligible to apply, your business must:

  • have an Australian Business Number (ABN)

  • be non-tax exempt

  • be headquartered in NSW

  • have an account with an Australian financial institution

  • be one of the following entity types:

    • a company incorporated in Australia; or

    • an incorporated trustee on behalf of a trust in Australia; and

  • hold intellectual property (IP) or rights to commercialise.

You must also:

  • not be an entity or a subsidiary of a group of companies that has an Aggregated Turnover that is more than A$1 million for each of the three financial years prior to the lodgement of your application; and

  • not be an entity or a subsidiary of a group of companies that has more than a total of 20 FTE.


If you are a subsidiary of a parent or holding company, you may be eligible but the parent or holding company must also meet the Eligibility Criteria.


If you are an entity located outside of Australia, and you do not currently satisfy the above criteria, you may still apply, provided that you will satisfy those criteria at the date of execution of your funding agreement



Matched Funding

To be eligible under this program, you must commit the required 50% matched funding as a cash contribution towards the costs of the proposed project. Your project should only include Eligible Expenditure and you cannot use in-kind (non cash) contributions as matched funding.


An applicant will need to contribute matched funding depending on the total cost of the proposed project. For example, if an applicant requests an MVP Ventures grant of $45,000 (excl. GST) and the total cost of the proposed project is $90,000 (excl. GST), the applicant will need to contribute $45,000 (excl. GST) of matched funding. Evidence of having the matched funding, or immediate access to matched funding, must be clearly demonstrated at the time of submitting an application.


Documented evidence may be provided as, but not limited to:

  • a letter or transaction bank statement from a Financial Institution dated within the last 30 days.

  • a duly executed Investor Agreement under the laws of NSW dated within the last 30 days (which may be conditional on receiving an MVP Ventures grant).


Other Commonwealth and NSW Government grants will not be accepted as matched funding for the proposed project


Eligible expenditure

The NSW Government will pay 50 per cent of all Eligible Expenditure. Funding will only be provided to projects based on eligible expenditure that is non-recurring and directly related to the development and commercialisation of your product or process, including:


• wages

• consultant fees

• direct prototyping materials

• equipment

• other direct costs including patent filing costs for new IP and travel costs.


Only the costs of materials and labour used directly on your project are considered eligible expenditures if they are purchased from third parties. There may be exceptional circumstances where an associated party may be a supplier or a subcontractor within a project. In these circumstances, they would require a full explanation as to why this option is

required.


The NSW Government may update the guidance on eligible and ineligible expenditure from time to time. If your application is successful, the guidance in place when you submitted your

application applies to your project.



Applications for funding for eligible projects will be assessed against and must meet the following criteria:






Attachments Process


The Program has a two-stage application process, consisting of an EOI and a Detailed application.


Expression of Interest



The following documents to be provided with your EOI application:


• a pitch deck (maximum 10 slides) or a link to an online video clearly demonstrating how your product or process meets the innovation criteria (maximum 3 minutes)

• evidence of financial turnover (a completed accountant declaration and financial statement including profit and loss)

• evidence of less than or equal to 20 FTE (a completed accountant declaration).



Detailed application

If your EOI application is successful, you will be invited to submit a detailed application. You will be required to:

• complete the online application form provided to you

• a letter from an Eligible Validating Entity

• a completed Project template.

• provide all the information requested, including supporting documentation, in line with the instructions provided within the form

• meet all the eligibility and assessment criteria.


We require the following documents be provided with your application:

• evidence of Co-contribution.


You must attach supporting documentation to the application form in line with the instructions provided within the form.



Source: MVP Ventures Program | NSW Government





 

Haines Consulting Group is a management consultancy firm specialising in business strategy, growth, government grants and new venture developments. If you need any assistance with a grant submission please contact us now for a confidential conversation.


 

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