A total of $3 million has been allocated each year for the next four years, with individual grants of between $25,000 to $50,000 available to successful recipients.
Minister for Innovation, Science and Technology Anoulack Chanthivong said the program is designed to help move projects along the Technology Readiness Level scale to help them 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,” Mr 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.
Since resuming the program 24 previously submitted applications have been approved, with $1.8 million in funding now available for the remainder of the financial year.
Mr Chanthivong said MVP Venture applicants will benefit from increased certainty of when an outcome will be determined, through 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. For those deemed eligible through the EOI, further information will be sought, with a 30-business day assessment of their final detailed application.
Applications will be assessed 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,” Mr Chanthivong said.
Co-Founder of climate tech start-up Farmed Carbon and recent MVP Ventures Program grant recipient Stuart Grover said the program will help his business commercialise and allow it to 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,” Mr Grover said.
To download the program guidelines and to submit an expression of interest application please visit www.investment.nsw.gov.au/grants-and-rebates/mvp-ventures.
