Up to $25,000 is available from Minimum Viable Product to help NSW technology SMEs conduct market research and test their business model with consumers.
Minimum Viable Product
Minimum Viable Product grants support technology SMEs to engage with a potential business customer, or channel to market, and create innovative solutions that address compelling industry needs or market gaps.
Minimum Viable Product Grants are aimed at start-ups 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.
Successful applicants receive matched funding of up to 50% of approved project costs to a maximum of $25,000 to develop a concept or prototype and assess market fit.
To be eligible for MVP funding, the project must meet the following requirements:
- Potential business customer or channel to market: The project submission should identify a potential
business customer (end user which is a business), that will be willing to give feedback on your Minimum Viable Product once it’s completed, OR confirmation of a channel to market (distributor that will on-sell the product).
- Scalable Solutions: The solution must be developed for deployment to multiple customers, rather than
for improvement of the applicant’s own business processes.
- Developed in NSW: at least 80% of project costs must occur in NSW.
- Development has not been completed: Preliminary design specifications or a non-functional prototype can be created prior to applying. Any grant funding awarded will be for the development after the submission date (no retrospective funding will be awarded).
- Development period: The MVP must be completed and delivered within six (6) months of accepting the grant offer.
- Supported and non-supported project costs: Only activities directly associated with development and market validation of the solution will be supported.
- Additional government funding: Projects are eligible that have received previous funding, however
funding will not be provided for project components already awarded through another government grant, subsidy, or fund.
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
- 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
How to Get the MVP Grant
Applications must satisfy the eligibility criteria outlined above and will then be competitively ranked against the following assessment criteria:
- Economic benefits to NSW – Examples of this include job creation and/ or enhancing the talent pool in Jobs for NSW target segments; export potential of solution; benefits to regional NSW
- Level of innovation – Examples of this include: uniqueness of idea; innovative application of new or existing technologies; potential to accelerate market adoption;
- Strength of the business model – Examples of this include: sizeable target market; value of potential customer or channel to market; management capability;
- Industry sector benefits – Examples of this include: benefits to an industry sector, i.e. optimising efficiency, new supply chain or capability; addressing a market gap; ability to scale across other sector(s).
Tapview – $15,000
Founded in 2015 by long-time friends James Jansson, Alexey Feigin and Jordan Rastrick, Tapview is a micropayment and subscription platform designed to make it easier for consumers to pay for internet content, and for publishers to convert readers into customers. With two Fairfax regional titles agreeing to trial the system, the Tapview team were ready to test their business model and expose their product to a wider market.
Tapview was successful in gaining a $15,000 Minimum Viable Product grant from Jobs for NSW, which James said allowed their business to move forward faster than initially planned.
“The grant has worked out really well for us and provided some valuable opportunities,” James said.
Obelisk Systems – $15,000
Founded in early 2016 by Andreas Antoniades and friends Lewis Quill, Levi Weitenberg and Luke Hackworth, Obelisk Systems was established out of a need the four saw while working in the space technology sector.
The startup set about designing a solution and found a helping financial hand from Jobs for NSW, which provided a Minimum Viable Product grant of $15,000 allowing for the purchase of some of the technology needed to help launch StarLAB, including circuit prototypes and assembly tools.
“It was so valuable in taking our company forward in those early days,” Andreas said. “It made things a lot smoother and we got a lot of the gears moving to make it a success.”
Applications open on an ongoing basis.