Grants of up to $25,000 are available for NSW start-ups.
The Minimum Viable Product (MVP) grants, from the NSW government are now open, and support fledgling companies to develop a prototype and see whether it can meet market demand.
The funding will go towards 50 per cent of the project cost, with the other 50 per cent matched by the start-up.
“We want promising NSW entrepreneurs to have the confidence to launch a startup by giving them the support they need to give it the best chance of success,” said Minister for Jobs, Investment, Tourism and Western Sydney, Stuart Ayres.
The funds are targeted at those start-ups with technology-enabled new products that are backed by scalable business models.
“Funding is provided to help develop the solution to a stage where it can be demonstrated to potential paying customers. MVP grants are a competitive process and applicants will be evaluated on the strength of their business model, innovative use of technology and potential economic benefits such as jobs that can be created, or export potential,” said Ayres.
Successful MVP grant recipients have previously used the funding to take a technologically-advanced project from promising idea to commercially successful product. Sydney-based start-up, VAPAR grew their artificial intelligence technology to find faults in stormwater and sewage pipelines.
“The MVP grant allowed us to build the beta version of our product and experiment with different approaches. This led to our first paid projects that resulted in wider customer adoption,” said co-founder, Amanda Siqueira.
Robotic flight forming company, RoboHelix has also utilised the MVP grants to develop their product. Their solution has been able to radically simplify the process of forming flights for augurs, with the MVP grant a significant stepping stone in their progress from Sydney garage to born-global company with orders coming in from Germany.