A total of $3 million has been allocated each year for the next four years, with individual grants of between $25,000 to $50,000 available to successful recipients.

The program is designed to help move projects along the Technology Readiness Level scale to help them attract large-scale private investment.

“We know this program provides important targeted support to businesses ready to take the next step in their commercialisation journey,” said the Minister for Innovation, Science and Technology, Anoulack Chanthivong.

“Our main objective through this program is to help increase commercialisation in NSW to ensure we both attract and retain this entrepreneurial activity in the state for years to come."

Since resuming the program, 24 previously submitted applications have been approved, with $1.8 million in funding now available for the remainder of the financial year.

Mr Chanthivong said MVP Venture applicants would benefit from increased certainty of when an outcome will be determined, through a revised application process.

“A new two-stage application process now starts with a simplified EOI application, with applicants hearing back on their eligibility within 15 days of submission. For those deemed eligible through the EOI, further information will be sought, with a 30-business day assessment of their final detailed application" he said.

Applications will be assessed in the order in which they are received.

Stuart Grover, co-founder of climate tech start-up Farmed Carbon and a recent MPV grant recipient – said the program would help his business commercialise and allow it to continue developing its innovative technology.

“One of the biggest challenges we’re facing as a business is figuring out how we can commercialise our sustainable products such as our carbon-negative concrete. This support will give us the kickstart we need to take the next step,” he said.

Download the program guidelines and submit an expression of interest application here.