Jobs for NSW has established an initial allocation of $3 million in grants aimed at startups that are yet to generate revenue to help them engage with a potential business customer, or channel to market, and create innovative solutions that address compelling industry needs or market gaps.
The grants are designed to support promising technology startups with the funds needed to gather customer feedback and test their underlying business model in a new technology, or new use for existing technology that delivers new products, services, or more efficient processes (e.g. mobile, cloud, analytics, sensors, advanced materials).
What grants or funding is available?
Two funding programs have been developed to specifically target the needs of promising startups within NSW.
Minimum Viable Product (MVP) grants provide funding of up to 50% of approved project costs to a maximum of $25,000 per project to enable these startups to obtain customer feedback and test their business model.
35% of the funding is provided at the start of the project, allowing startups to rapidly get their project underway.
Building Partnerships grants provide funding of up to 35% of approved project costs to maximum of $100,000 per project for revenue startups seeking to build their customer base and pilot their business models within Australia or Overseas, or to complete pilot projects with key customers to provide evidence to accelerate market adoption of their products or services.
What are the eligibility criteria?
Grants are available across all industry sectors, as long as the startup:
- has an ABN registered in NSW
- is primarily focused on the development of technology
- owns the relevant intellectual property, or the rights to commercialise the technology
- has a relationship with a potential customer who can give feedback, or a potential distributor willing to on-sell the technology
- is a resident of a co-working space, incubator or accelerator or is an established business able to provide recent financial statements to Jobs for NSW.
The project must also meet the following requirements:
- The project submission should identify a potential business customer (end user which is a business), that will be willing to give feedback on your Minimum Viable Product once it’s completed, OR confirmation of a channel to market (distributor that will on-sell the product).
- The solution must be developed for deployment to multiple customers, rather than for improvement of the applicant’s own business processes.
- At least 80% of project costs must occur in NSW.
- Preliminary design specifications or a non-functional prototype can be created prior to applying. Any grant funding awarded will be for the development after the submission date (no retrospective funding will be awarded).
- The MVP must be completed and delivered within six (6) months of accepting the grant offer.
- Only activities directly associated with development and market validation of the solution will be supported.
- Projects are eligible that have received previous funding, however funding will not be provided for project components already awarded through another government grant, subsidy, or fund.
What are the merit criteria?
Interested applicants must go through a preliminary assessment process before being invited to apply for this funding and must address the following:
- What are the potential economic benefits to NSW; such as jobs created, new investment attracted, export potential, and benefits to regional NSW?
- How does the inovative use of enabling technologies address a compelling industry need or market gap? Enabling technologies are defined as new technologies or new uses for existing technologies that enable new products or services or more efficient processes (e.g. mobile, cloud, analytics, sensors, advanced materials, biosciences).
- What is the strength of the Business Model? This is the financial health, past performance, and ability to develop, commercialise, and export the solution. The business model for the solution is also considered in terms of sustainability, potential for high growth, and capacity to scale the solution across the sector.
- What are the tangible benefits to an industry sector, such as reduced costs, faster processing, or addressing a market gap across the sector?
Please read the Visit the NSW jobs website before you submit a preliminary assessment form.
How do I apply?
To apply for a Minimum Viable Product Grant, you will need to complete the online Preliminary Assessment Form.
Want to get the best possible result?
Don’t wait till it’s too late.
Working with Treadstone means you get the maximum grant with minimum risk and effort. We provide expert advice and take care of your application, allowing you to continue to focus on your essential business operations.
Treadstone is an experienced, outcome focused team with a proven track record of success since 2008.
To ensure you have the best chance of getting grant funding contact us or call 03 9008 5937.