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 (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 objective of the Minimum Viable Product (MVP) grant is to support promising pre-revenue startup businesses to progress from proof of concept to a MVP stage of development.
Businesses may apply for funding to develop a MVP either to:
- the stage of first revenue, or
- to a stage where feedback indicates the MVP is inadequate for the planned business model.
A Minimum Viable Product 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.
Minimum Viable Product 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
Minimum Viable Product applications must satisfy the eligibility criteria outlined above and will then be competitively ranked against the following MVP 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.”
Minimum Viable Product applications open on an ongoing basis.
Strength of Business Model
* What is the size of your Total Available Market?
Total Available Market (TAM) is the total market demand for a product or service.
* What is the size of your Serviceable Available Market?
Serviceable Available Market (SAM) is the segment of the TAM targeted by your products and services which is within your geographical reach.
* What is the size of your Serviceable Obtainable Market?
Serviceable Obtainable Market is the portion of SAM that you can capture.
* What are the commercial opportunities your nominated business customer/channel to market can offer?
* Why is this business customer/channel to market a good fit?
* What is your strategy to capture early adopters?
* How do you propose to commercialise the Minimum Viable Product?
* Do you have a business plan or a pitch deck?
* Please describe your management capability
* Please attach curriculum vitaes (CVs) of the product founders.
Incubator, co-working space or accelerator details, if relevant
* Does your business reside in a co-working space, incubator OR have you participated in an accelerator program, mentor program or other startup related program?
Economic Benefits to NSW
* Describe how your product will create new jobs and/or enhance the talent pool in NSW
* Describe how your product will build export potential
Describe how your product will provide benefits to Regional NSW (where relevant)
Level of Innovation
* Please explain what you think separates/differentiates your product from what is already available