Get $50,000 of Commercialisaiton Funding!
What is the MVP Ventures Program?
The MVP Ventures Program provides up to $50,000 to commercialise innovative products in NSW.
Case Study
Bulletpoint assisted Daktel secure $50,000 from the MVP ventures program.
Daktel is developing a range of smart home phone solutions giving seniors the freedom to live safely and independently for longer. This project will commercialise a tablet, with phone capabilities, that will be user-friendly for elderly users.
Daktel will bring to market “myhomefone seniors tablet” which is a home phone and tablet device designed for seniors/pensioners. The current iteration of the device is a prototype that has undergone testing in a controlled environment. The project will involve placing the product through operational environment testing to demonstrate that the product is userfriendly.
Daktel will undergo final revisions of the device based on our test feedback in the operational environment. Finally, Daktel through this project will integrate the back-end IT systems to ensure the product is ready for a successful launch.
How to get the MVP Ventures grant
If you want to get the MVP ventures program you will need to focus on how:
- Innovation – your product is highly innovative or a disruptive technology
- Uniqueness – your product is a unique application of a technology that is significantly different to any previous innovation in the market
- Tech-ready – your product is at a TRL between 3 – 9.
- Problem Solving– your product solves a well-defined problem or opportunity that your product, process or service responds to.
- Viability – your product has evidence of commercial viability (refer to market size and value created by the size of the potential market)
- Path to market – you intend to deliver your product to market
- Value – your project delivers value for money
- Progression – far along the TRL stage you will progress.
- Capability – your project team has the capacity and skills
Do you want to fast track your application?
Track Record
Bulletpoint has worked with a number of early-stage companies to assist them to obtain commercialisation funding.
Bulletpoint assisted Ovira to secure $400,000.
Ovira was founded by Alice Williams, a 27-year old endometriosis sufferer who was inspired to create the new device after years of searching for a pain-management option for her own endometriosis. When she couldn’t find a solution that was drug-free or didn’t involve invasive procedures, she looked for an alternative.
Her fledgling company Ovira has just raised $1.5 million from Blackbird Ventures, to help establish its small egg-shaped electrotherapy device in the market, after promising early sales.
Bulletpoint assisted Airrobe to secure $396,050.
AirRobe’s Circular Wardrobe is solving the problem of textile waste by allowing fashion brands to offer their customers a simple way to repurpose their items. The project is building a unique application which captures product data (images, sizing and descriptions) at the time that consumers make a brand new purchase. This enables consumers to return to the application at any time and re-sell, recycle or upcycle their used-fashion in one-click.
Bulletpoinst assisted PolyNovo to secure $500,000.
PolyNovo plans to use the funding to support the purchase of new equipment and the upgrading of existing equipment used for manufacturing our NovoSorb SynPath product, used for amongst other things diabetic foot ulcers (DFU).
Bulletpoint assisted Thomas Global Systems to secure $2 million.
The company will develop and qualify two new flight-critical avionics products – an Enhanced Upfront Display Unit and a Keyboard Unit for Boeing AH-64 Apache Helicopter, a significant US military airborne program.
Lets get the MVP Ventures Grant!
Background
The MVP Ventures Program is an expanded initiative of the highly successful Minimum Viable Product and Building Partnerships program designed to address gaps in the product lifecycle between early-stage research and mature investment opportunities.
This MVP Ventures Program provides grants to drive the commercialisation of highly innovative and new products, processes or services that are at least at prototype or minimum viable product stage.
Objective
The objective of the MVP Ventures Program is to:
- support businesses to increase the commercialisation of innovative products and services in NSW
- attract and retain commercialisation activities in NSW.
Funding
The MVP Ventures Program provides up to $50,000 to commercialise innovative products in NSW.
The NSW Government will provide up to $10 million per annum for the Program until 2026.
Eligible Projects
To be eligible, your MVP Ventures Program project must:
- be related to the commercialisation of your product, process, or service
- be progressing your product along the TRL scale between 3 and 9.
- undertake the project in NSW
- be aligned with one of the priority industries
- be able to complete your project within 12 months
- demonstrate why you need the cash
- identify an Eligible Validating Entity that will complete the qualification activities to validate the quality, functionality and intended behaviours of the product, process, or service
- demonstrate matched funding
MVP Project Examples
Examples of MVP Ventures Program projects:
- prototyping and piloting studies
- development of current products through the implementation of new technology that will enhance competitive capability
Do you know what it takes to get this grant? We do!
Eligible Applicants
To be eligible for the MVP Ventures Program, your business must:
- have an ABN and be non-tax exempt
- have headquarters in NSW
- undertake the project in NSW
- hold IP
- have under $1M in revenue for the past 3 years
- have less than 20 staff
MVP Priority Industries
The industries that are most likely receive funding are guided by the NSW Industry Development Framework.
- Agriculture and agrifood
- Resources
- Defence and aerospace
- Clean energy and waste
- Medical and life sciences
- Digital systems and software
- International education
- Visitor economy
- Advanced manufacturing
- Biotechnologies
- Digital technologies
Your competitors are going to beat you to this grant
Timing
Applications open 4 December 2023 and close 30 April 2024.
Stage 1 – EOI
Applicants will be notified within 15 business days whether they progress to Stage 2.
Stage 2 – Detailed Application
Applicants will be notified within 30 business days of the success.
More Information
Additional information to include
You will also need to provide:
- Pitch deck – A 10 slide pitch deck or 3 minute video
- Revenue – P&L or or an accountant declaration form
- Staff – payroll statement showing less than 20 FTE
- Funding – evidence of Matched Funding
- Eligibility – a completed Eligible Validating Entity form
- Project Information – a completed Project Information template.
- TRL – Technology Readiness Level calculator
Are you getting the R&D tax incentive grant?
Case Studies
Previous recipients of the MVP grant are:
NeedleCalm is an Australian-made medical device that helps reduce the fear, stress, pain and anxiety associated with needles.
They received funding under the MVP grant in 2019. At that stage they were just starting out in a very competitive sector and the grant provided crucial support, helping them move to the next stage of their business growth.
They are now an award-winning business, recently winning a Good Design Award and receiving a Judges Commendation in the CHP Australia Diamond Awards 2021.
Metakosmos develop commercial and intelligent spacesuits and through the MVP grant was able to move from conceptualisation to the critical phase of prototyping through monetary support and program management guidance.
The application process has helped to structure business plans for effective go-to-market strategies.
Canyon Solar is a modular PV solar shade system with integrated electric vehicle charging.
The company received its first investment through the MVP grant which helped to fund the prototype and provided credibility by being backed by the NSW Government.
Since receiving the grant the product has been further developed and validated, a patent submitted and additional funding secured as well as a first product contract sale.
Compass IoT
Compass IoT received an MVP grant to develop their Integrated Transport Management System for use by traffic engineers, consultants, councils and state governments to understand how traffic moves.
Newcastle-based Diffuse Energy received an MVP grant to help build the world’s most powerful small wind turbine.
Tapview
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.
Tapview was successful in gaining an MVP grant to move forward faster than initially planned.
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.
Obelisk Systems
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 an MVP grant allowing for the purchase of some of the technology needed to help launch StarLAB, including circuit prototypes and assembly tools.
Find out how I get the R&D tax incentive rebate for clients
Application Walkthrough
R&D tax funding is a faster and safer way to fund your growth
What is an MVP?
An MVP, or minimum viable product, is a product development term that refers to the initial version of a product that has just enough features to be able to be released to users and gather feedback.
The idea behind an MVP is to quickly test a product concept with real users and gather feedback that can be used to improve the product and make it more successful.
By releasing an MVP, businesses can quickly validate their product ideas and gather valuable insights without spending a lot of time and resources on developing a full-scale product.
This can be a useful way to reduce the risks associated with launching a new product.
What is the Technology Readiness Level (TRL)?
The Technology Readiness Level (TRL) is a scale used to assess the maturity of a technology.
The TRL scale ranges from 1 to 9, with 1 representing the most basic research and 9 representing a fully-developed and deployed technology.
The idea behind the TRL scale is to provide a common framework for evaluating the readiness of a technology for further development and deployment.
The specific definitions of each TRL level can vary depending on the context, but in general, the TRL levels can be defined as follows:
- Basic principles observed and reported
- Technology concept and/or application formulated
- Experimental proof of concept
- Technology validated in a laboratory environment
- Technology validated in a relevant environment (ground or space)
- Technology demonstrated in a relevant environment (ground or space)
- Technology proven through successful mission operations
- Actual system “completed” and “qualified” through test and demonstration
- Actual system “proven” through successful mission operations (reference missions)
By using the TRL scale, businesses, researchers, and government agencies can assess the readiness of a technology and determine what steps are needed to move it towards deployment. This can help ensure that resources are allocated efficiently and that technologies are ready for use when needed.
“It’s not about winning and losing. You know who says that? The loser.”
How to progress TRL level 3 to 9?
To progress from TRL level 3 to level 9, a technology must typically go through a series of steps, including:
- Proof of concept: At TRL level 3, a technology is typically still in the early stages of development and may only exist as a conceptual idea. In order to progress to higher TRL levels, the technology must first be shown to be feasible through a proof of concept.
- Laboratory testing: At TRL level 4, the technology is tested in a controlled laboratory environment. This allows researchers to evaluate the technology’s performance and identify any potential issues or challenges that need to be addressed.
- System/subsystem model or prototype: At TRL level 5, the technology is further developed and refined, and a model or prototype is created. This allows researchers to test the technology in a more realistic environment and make any necessary improvements.
- System/subsystem prototype demonstration in a relevant environment: At TRL level 6, the technology is tested in a realistic environment that simulates the conditions in which it will be used. This allows researchers to evaluate the technology’s performance in a more realistic setting.
- System/subsystem prototype demonstration in an operational environment: At TRL level 7, the technology is tested in a real-world operational environment. This allows researchers to evaluate the technology’s performance in a more realistic setting and make any necessary improvements.
- Actual system/subsystem completed and qualified through test and demonstration: At TRL level 8, the technology is fully developed and tested. It has been shown to be effective and ready for use in the real world.
- Actual system/subsystem proven through successful mission operations: At TRL level 9, the technology has been successfully used in a real-world operational environment and has been proven to be effective.
In summary, to progress from TRL level 3 to level 9, a technology must undergo a series of tests and evaluations, starting with a proof of concept and culminating in successful mission operations in a real-world environment.
What is disruptive technology?
Disruptive technology is a new technology that significantly alters the way that businesses or industries operate. Disruptive technologies typically have the potential to change the way that goods or services are produced, delivered, or consumed. They often create new markets and value networks, and can disrupt existing markets and ways of doing business.
Examples of disruptive technologies include the internet, which revolutionized the way that people communicate and access information, and the personal computer, which changed the way that people work and interact with technology. Other examples include mobile technologies, such as smartphones and tablets, and emerging technologies, such as artificial intelligence and blockchain.
Disruptive technologies can be challenging for businesses and industries to adapt to, as they often require significant changes to existing processes and systems. However, they also have the potential to create new opportunities and drive economic growth.
“It’s not whether you win or lose, it’s how you play the game, according to the losers and their parents.”
What to include in a pitch deck?
A pitch deck is a presentation that is used to provide potential investors with an overview of a business or project. It is typically used to help secure funding or investment.
When creating a pitch deck, there are several key elements that should be included:
- Executive summary: This is a brief overview of the business or project, including its key objectives, target market, and unique value proposition.
- Problem and solution: This section should explain the problem that the business or project is addressing and how it is solving that problem.
- Market and competition: This section should provide an overview of the target market and the competitive landscape, including the business or project’s key competitors.
- Product or service: This section should provide a detailed description of the product or service being offered, including any unique features or benefits.
- Team: This section should introduce the key members of the team, highlighting their relevant experience and expertise.
- Financials: This section should provide an overview of the business or project’s financial performance and projections, including revenue, expenses, and funding needs.
- Business model: This section should describe the business or project’s revenue model, including how it plans to generate revenue and sustain itself over time.
- Marketing and sales strategy: This section should describe the business or project’s plan for reaching and selling to its target market.
- Future plans: This section should outline the business or project’s plans for growth and expansion in the future.
In summary, a pitch deck should include a brief executive summary, information about the problem and solution, the target market and competition, details about the product or service, information about the team, financials, the business model, the marketing and sales strategy, and future plans.
Here is a free sample of the Pitch Deck.
What to include in a 3-minute Pitch Video?
A 3-minute pitch video is a short video that is used to provide potential investors with an overview of a business or project. It is typically used to help secure funding or investment.
When creating a 3-minute pitch video, there are several key elements that should be included:
- Introduction: This is a brief introduction to the business or project, including its name, key objectives, and unique value proposition.
- Problem and solution: This section should explain the problem that the business or project is addressing and how it is solving that problem.
- Market and competition: This section should provide an overview of the target market and the competitive landscape, including the business or project’s key competitors.
- Product or service: This section should provide a brief overview of the product or service being offered, including any unique features or benefits.
- Team: This section should introduce the key members of the team, highlighting their relevant experience and expertise.
- Financials: This section should provide a brief overview of the business or project’s financial performance and projections, including revenue, expenses, and funding needs.
- Call to action: This section should include a call to action, inviting potential investors to learn more about the business or project and potentially invest.
In summary, a 3-minute pitch video should include an introduction, information about the problem and solution, the target market and competition, a brief overview of the product or service, information about the team, a brief overview of the financials, and a call to action.
What is an Eligible Validating Entity?
An Eligible Validating Entity is required to:
- Innovative – confirm at commencement that your product, process, or service meets the Innovation criteria
- Technology Readiness – confirm upon conclusion, that your project has achieved its objective to progress your product, process, or service along the Technology Readiness Level (TRL) scale between 3 and 9.
An Eligible Validating Entity must have the requisite technical expertise to assess the technical and functional progress of the product, process or service,
The entity selected to validate your project must be engaged under arms-length conditions and you must take reasonable steps to avoid any perceived or actual conflicts of interest.
It is a requirement at the time of your application to advise us of who you intend to use to validate your Eligible Project.
Still reading? Get the R&D and MVP grant together.
Recipients
Tango, the innovative SaaS platform revolutionizing professional services, partners with MVP Ventures to accelerate its product development and scale distribution. With early funding success and a strategic alliance with a prominent HubSpot agency, Tango is gearing up for its MVP launch, addressing the pain points of changing scopes of work and unpaid scope creep. Discover how Tango’s Live Agreements platform, powered by generative AI, is set to become the industry standard, solving cash flow management challenges and transforming agreements for agencies and clients worldwide.
A start-up based in Jervis Bay has developed a process to turn seaweed into bioplastic pellets that can be used in existing plastic manufacturing machinery.
Fionnuala Quin, founder and chief executive of Kelpy, is raising capital to scale up operations to meet growing demand from industries such as accessories, food, beverages, and cosmetics. Algae has emerged as a contender to replace plastic, with other start-ups such as Western Australia’s Uluu and researchers at the CSIRO investigating how seaweed-derived polymers can be used as an alternative to conventional plastics.
Great Wrap raised $24 million last year to scale up production of its compostable cling wrap and pallet wrap, which is made using the starch from potato waste. Kelpy is a company that has raised $150,000 in funding through the Startmate accelerator and the NSW government’s MVP Ventures Program, and has funded its growth through paid pilots with the likes of Unilever and Colgate Palmolive.
Kelpy is working with communities from around the world to encourage sustainable seaweed farming as well as partnering with MIT spin-off and Caribbean ClimateTech start-up SOS Carbon to turn invasive seaweed species into pellets. Kelpy offers a regenerative solution that not only prevents harmful plastic from entering the ocean, but regenerates our oceans and the communities that rely on ocean crops for their economic survival.
Latest News
Several industry and innovation grant programs in New South Wales (NSW) were temporarily halted earlier this year due to a review aimed at finding savings for the state’s budget. This move faced criticism from the startup community. However, in the wake of the state budget announcement, some of these programs are set to restart with reduced funding. One of the programs that have been saved is the MVP Ventures Program, which offers early-stage startups matched funding of up to $200,000 to support their commercialisation efforts.
The NSW government decided to abandon several other initiatives to free up $13 billion and aim for a small surplus next financial year. While details about the future of some programs remain unclear, targeted support will continue for at least five programs, including the MVP Ventures Program. Additionally, support will be available through the Boosting Business Innovation Program/TechVouchers, NCRIS Support Program, and NSW BioSciences Fund, albeit with smaller funding envelopes for startups.
Some programs, like the $30 million NSW Future Industries Investment Program and the $31 million Infrastructure Build Out Program, have not received clarity about their future. The fate of the $24 million Small Business and Research (SBIR) Program, designed to support early-stage startups, is also uncertain, although cuts were anticipated. Innovation, Science, and Technology Minister Anoulack Chanthivong revealed that the SBIR Program was one of the unannounced cuts made by the previous government.
