This program is designed to support promising startups with the funds needed to progress from a proof of concept stage to a minimum viable product. It is part of the Jobs for NSW which provides financial support to startups and emerging and fast-growth small to medium enterprises (SMEs) to build momentum and grow jobs.
The program is 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.
Grants of up to 50% of approved project costs, to a maximum of $25,000, are available.
Successful grant applicants will receive 35% of the funding up-front and 65% after completion and validation of the MVP.
Who Can Apply?
Eligible applicants include startups in all industry sectors who are primarily focused on the development of a scalable technology solution, and must:
– Have a completed proof of concept (e.g. prototype completed).
– Have an ABN registered in NSW and be based in NSW.
– Be at pre-revenue stage.
– Hold IP or the rights to commercialise.
– Have a potential business customer or business channel to market.
– Have a scalable solution that can be deployed to multiple customers.
– Demonstrate that 80% of development costs will occur in NSW.
– Demonstrate adequate matched funding has been secured for the project.
Eligible activities include those directly associated with development of the MVP, either to:
– The stage of first revenue.
– To a stage where feedback indicates the MVP is inadequate for the planned business model.
Please refer to the Guidelines for the list of ineligible activities.
Main Assessment Criteria
The main assessment criteria include:
– Economic benefits to NSW
– Level of innovation
– Strength of the business model
– Industry sector benefits
Please refer to the Guidelines for the complete list of the assessment criteria.