Are you looking to develop a concept or prototype? Are you searching for partners to develop a new innovative solution? Ever wondered what grants are available for your startup?

 

The NSW Government provides a couple of grants under the $190 million Jobs for NSW Fund with at least 30% allocated to supporting the growth of businesses in regional NSW.

The Minimum Viable Product Grant is designed for promising start-ups that are not yet generating revenue to engage with a potential business customer, or channel to market, and create innovative solutions that address compelling industry needs or market gaps. Successful applicants receive matched funding of up to 50% of approved project costs to a maximum of $25,000 to develop a concept or prototype and assess market fit.

 

The solution must use an enabling technology, which is a new technology or new use for existing technology that enables new products, services, or more efficient processes (e.g. mobile, cloud, analytics, sensors, advanced materials). Funding is provided for the development of the solution to the stage where basic functionality can be demonstrated to a potential business customer (end user which is a business), OR channel to market (distributor that will on-sell the product).

 

The Building Partnerships program provides up to 35% of project costs (to a maximum of $100,000), to consortia/partners to develop innovative, new-to-market solutions. The solution must use an enabling technology to address a compelling industry need or market gap. ‘Enabling Technologies’ are new technologies or new uses for existing technologies that enable new products, services, or more efficient processes (e.g. mobile, cloud, analytics, sensors, advanced materials).

 

This grant aims to foster collaboration between industry partners toward delivering a compelling, new-to-market offering.

This consortia model of Lead Company, Pilot Organisation, and Partner is specifically designed to build relationships that create a solution with a strong opportunity for commercial success.

 

However, to be considered a startup must be either: a resident of a co-working space, incubator or accelerator program or an established business able to provide recent financial statements to Jobs for NSW.