Minimum Viable Product (MVP) grants are designed to support promising startups with the funds needed to progress from a proof of concept stage to a minimum viable product.
The grants are aimed at startups that are yet to generate revenue to help them engage with a potential business customer, or channel to market, and create innovative solutions that address compelling industry needs or market gaps.
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.
Who is eligible?
MVP grants are available across all industry sectors to startups who are primarily focused on the development of a scalable technology solution.
To be eligible for an MVP grant, a startup must:
– Have a completed proof of concept (e.g. prototype completed)
– Have an ABN registered in NSW and be based in NSW
– The entity must be at pre-revenue stage
– Hold IP or the rights to commercialise
– Have a potential business customer or business channel to market
– Have a scalable solution that can be deployed to multiple customers
– Demonstrate that 80% of development costs will occur in NSW
– Demonstrate adequate matched funding has been secured for the project