Start up businesses in NSW will now be able to apply for more funding, with the state government expanding its Minimum Viable Product (MVP) grants program by millions of dollars.
The program is set for a $40 million boost, which will see the amount of money available for start ups boosted by up to eight times its current amount.
The maximum funding available will be boosted from $25,000 to $200,000 per company according to Enterprise, Investment and Trade Minister Alister Henskens.
“The MVP program has already helped a diverse array of companies across industries such as Fintech, robotics, renewable energy and Medtech, with many going on to turn innovative ideas into commercial realities,” Mr Henskens said.
“This program will help to turn NSW inventions into new businesses. It will help more companies grow, attract new customers, create more jobs and secure a brighter future for NSW.
“Expanding the program means it is also now available to help companies across their whole life cycle – from the feasibility stage of developing a product right through to product rollout.”
Eligibility criteria for businesses will also be widened as a part of the expansion, with the NSW government promising the application process will be streamlined.
Eligible applicants will be assessed based on their innovative ideas, ability to commercialise their products and deliverability.
Companies which have already received MVP grants have praised the program, with director of Canyon Solar Will Beaumont saying it was a critical piece of funding, contributing to 40 per cent of its first build of nine solar carparks.
“The MVP grant was the first investment our company received and helped us not only fund our prototype, but provided credibility by being backed by the NSW Government,” Mr Beaumont said.
Canyon Solar builds solar parking structures which allow electric vehicles to charge using net zero power while users are at the shops.
He has since been able to submit a patent, secure additional funding from their suppliers, and find their first client.
“We’ve had interest from Woolworths, BlueScope, Macquarie Bank; some of the big guys that we’re trying to sell to, and we also ended up getting our first sale out of it,” Mr Beaumont said.
“The system for a job we have just won to built up in Newcastle is 200 kilowatts and approximately 74 carparks. So it’s quite a big leap from basically where we were to doing a system that’s almost 10 times as big.”