News & Analysis

The NSW government is looking for more startups to fund to minimum viable product

- September 10, 2019 1 MIN READ
The NSW government’s $25,000 grants to help startups build a Minimum Viable Product (MVP) are back for FY20.

The 50% matching grant to a maximum of $25,000 is for startups looking to get from proof of concept/prototype stage to MVP.

Successful applicants receive 35% of the funding up-front and 65% after completion and validation of the MVP.

NSW investment minister Stuart Ayres said the grants for the 2019-20 financial year are open to startups developing technology-enabled new products with scalable business models.

The minister recently announced that Western Sydney startup Vow, which has produced lab-grown meat from kangaroo and pork cells, received one of the MVP grants.

“Funding is provided to help develop the solution to a stage where it can be demonstrated to potential paying customers,” Minister Ayres said.

“MVP grants are a competitive process and applicants will be evaluated on the strength of their business model, innovative use of technology and potential economic benefits such as jobs that can be created, or export potential.”

To be eligible, startups need a NSW-registered ABN or be based in the state with 80% of development costs occurring in NSW too.

The government will try to assess each application within eight weeks of submission.

Sydney startup VAPAR used the MVP grant to develop artificial intelligence technology to identify faults in stormwater and sewerage pipelines.

The system cut a two-week process down to a few minutes, also reducing inspection costs by 30%.

For further information is available on the Jobs for NSW website.

 

 

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