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 breakthrough product that scales. Round 2 of the MVP Ventures Program opens on 24th November 2025. Now is the time for your 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?
11. Update: MVP Program is now open

 
 

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.

Delivered by Investment NSW, the program provides matched funding to help businesses undertake product development, testing, and validation work required to reach a commercial milestone. It forms part of the NSW Government’s broader strategy to strengthen innovation, accelerate technology adoption, and build globally competitive industries. 

 

Program purpose and funding available

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

The program offers two funding streams:

Stream 1 

• General applicants can access grants of up to 50% of total eligible project costs, with grants ranging from $20,000 to $50,000.

Stream 2 

• For majority women-owned and managed businesses, regionally headquartered and operated businesses, or Aboriginal and Torres Strait Islander majority-owned and managed businesses, funding covers up to 75% of total eligible project costs, with grants ranging from $20,000 to $75,000. 

 

This funding enables companies to undertake critical validation, product testing, and market readiness activities — all essential steps in progressing a minimum viable product toward broader market success.

 

Eligible companies

To apply for this NSW commercialisation grant, applicants must: 

• Be headquartered and registered in NSW for at least six months before applying.
• Hold a valid Australian Business Number (ABN). 
• Be incorporated in Australia under the Corporations Act 2001 (Cth) or registered under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 (Cth). 
• Have 10 or fewer full-time equivalent (FTE) employees, including founders. 
• Have had an aggregated turnover of $400,000 or less in each of the past three financial years. 
• Have rights to use and commercialise the product’s intellectual property. 
• Conduct at least 80% of project activities in NSW, completing the project within 12 months. 
• Not be a subsidiary of a revenue-generating business.

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.

Projects must demonstrate innovation, meaning the development of new or significantly improved products, services, or processes. Routine business upgrades or marketing activities do not qualify.

 
 

 

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, testing, and development.
• Salaries for technical staff directly contributing to the project. 
• Contractor and consultant fees (up to 50% of the total budget). 
• IP protection and regulatory compliance (up to $15,000). 
• Domestic travel directly related to the project (up to $4,000).

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 provide a cash co-contribution that meets the program stream’s requirements. This means:

• For Stream 1, a minimum 50% co-contribution. 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. 

• For Stream 2, a minimum 25% co-contribution. As an example, to receive the maximum $75,000 in funding, a business must contribute $18,750, bringing the total project value to $93,750. 

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 has a single-round application structure with rolling competitive assessment. That means:
 

• You complete and submit an MVP application via the platform. 
• All applications are reviewed against the eligibility criteria, however, the applications which do not meet the eligibility requirements will not be considered.
  

Applications are evaluated on:  

• Level of innovation and market differentiation. 
• Feasibility, scalability, and commercial potential. 
• Capability of the project team. 
• Anticipated economic and social benefit to NSW.
  

Projects must demonstrate how they support one or more NSW Industry Policy Missions, such as clean energy, local manufacturing, or net zero transition.

 

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 Round 2 of the MVP Program opening on 24th November 2025, now is the time to start getting together the necessary documentation.

 

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