MVP Ventures Program: How NSW startups and innovative SMEs can secure funding to commercialise innovation

Startups and innovative small-to-medium enterprises (SMEs) often face the challenge of turning a working prototype into a product ready for market. The MVP Ventures Program is designed to address that by providing crucial funding to support the commercialisation of innovative products in New South Wales.

 

This funding can transform an idea that may otherwise stall into a breakout product that scales. The next round of the MVP Ventures Program is expected to open on 1 July 2025. Now is the time for businesses to get prepared.

 

In this article we break down the program structure, to help you decide if the program is suitable for you, and how you can apply. We’ll also explain how FundFindrs can help you prepare a strong submission to fuel your growth.

 

1. What is the MVP Ventures Program?
2. Program purpose and funding available
3. Eligible companies
4. Types of eligible projects
5. Eligible expenditure
6. Co-contribution overview
7. Application process
8. Connecting the MVP Ventures Program and R&D Tax Incentive
9. Why work with FundFindrs?
10. Ready to commercialise your innovation?

 

What is the MVP Ventures Program?

The Minimum Viable Product (MVP) Ventures Program supports early-stage businesses in NSW to progress their innovative products from proof-of-concept to market readiness.

 

Managed by Investment NSW, the program provides matched funding to help businesses undertake the product development, testing, and validation work required to reach a commercial milestone. This initiative is part of the NSW Government’s broader strategy to strengthen innovation, accelerate tech adoption, and build globally competitive businesses across the state.

 

Program purpose and funding available

The goal of the MVP Ventures Program is to support commercialisation activities that demonstrate market potential, customer demand, and scalable impact.

 

Businesses can apply for:

• Matched funding from $25,000 up to $50,000
• Funding to cover up to 50% of eligible project costs.

 

Funding enables companies to conduct critical validation, product testing, or secure first sales: All essential to progressing a minimum viable product toward broader market success.

 

Eligible companies

To apply for this commercialisation grant in NSW, applicants must:

• Be a registered business in NSW;
• Hold a valid Australian Business Number (ABN);
• Be non-tax exempt and not receiving other government funding for the same project;
• Have fewer than 20 full-time equivalent (FTE) employees;
• Demonstrate a technology-based innovation;
• Intend to commercialise the product in NSW and benefit the state economy.

 

Types of eligible projects

Projects must involve progressing a minimum viable product toward market entry. This includes:

• Building a functional prototype into a saleable version;
• Conducting product testing with real users;
• Piloting the product in a commercial environment;
• Gaining customer feedback to validate market demand;
• Preparing the product for first sales or contracts.

 

 

The project must be based on innovative intellectual property (IP) or a novel application of existing technologies. This means routine business development activities do not qualify.

 

Eligible expenditure

The MVP Ventures Program will fund activities directly tied to advancing the MVP toward commercial use. This may include the following:

Eligible costs

• Product design, development and testing;
• Market testing or validation activities;
• Salaries for technical staff directly working on the project;
• External consultants or technical contractors.

 

Ineligible costs

• General business costs (e.g. rent, administrative expenses, legal fees);
• Marketing or sales activities;
• Ongoing operational expenses;
• Activities already completed before grant approval.

 

 

Co-contribution overview

Applicants must match the grant dollar-for-dollar, meaning the business must fund at least 50% of the total project costs.

 

As an example, to receive the maximum $50,000 in funding, a business must contribute $50,000, bringing the total project value to $100,000.

 

Monetary (not in-kind) contributions need to be clearly shown in your budget, which is why it’s important to plan your finances and prepare supporting documents early.

 

Application process

The MVP Ventures Program uses a two-stage application process:

1. Expression of Interest (EOI): Businesses submit a brief overview of their product, commercialisation plan, and eligibility.
2. Full application (invitation only): If shortlisted, applicants are invited to provide a detailed project plan, budget, timelines, and evidence of commercial potential.

 

Applications are assessed on:

• Level of innovation;
• Market demand and commercial potential;
• Feasibility and readiness of the business;
• Impact on the NSW economy.

 

Preparing your EOI to coincide with the July 2025 opening ensures you avoid unnecessary stress when the submission window opens.

 

Connecting the MVP Ventures Program and R&D Tax Incentive

For many NSW startups and SMEs, the activities undertaken as part of their MVP development may also qualify under the Research and Development Tax Incentive (R&DTI).

 

The R&DTI is another key funding program available to Australian businesses operating in agritech, clean energy, healthcare, advanced manufacturing and many other industries. If your business is developing new or improved products, processes, or technologies, you may be eligible.

 

And what’s even better, the MVP Ventures Program and R&DTI can be strategically aligned:

• MVP funding supports commercialisation and testing activities
• R&DTI can offset up to 43.5% of eligible R&D costs during product development.

 

At FundFindrs, we help clients identify where their MVP Program activities align with eligible R&D work, so they can structure both MVP and R&D Tax Incentive submissions more effectively. Our strategic approach helps you avoid doubling up on work, while taking advantage of multiple funding opportunities.

 

Why work with FundFindrs?

Applying for the MVP Ventures Program is competitive. The difference between a successful and unsuccessful submission often comes down to clarity, evidence, and timing.

 

At FundFindrs, we go beyond surface-level advice. We act as your grant partner, helping you:

• Determine program eligibility early;
• Develop a strong EOI and application;
• Ensure financials, timelines, and documentation meet requirements;
• Align your MVP project with other funding opportunities like the R&DTI;
• Reduce the time and complexity involved in preparing submissions.

 

 

Ready to commercialise your innovation?

With the Round 3 of the MVP Program expected to open in 01 of July 2025, now is the time to start planning your express of interest and get the necessary documentation ready.

 

If you’re a founder or SME with a promising minimum viable product let’s talk. Book a FREE consultation with FundFindrs today and get expert support to submit your application to the MVP Ventures Program.