The NSW government has awarded just over $1 million to 22 startups and small businesses through the latest round of its MVP Ventures Program. Successful businesses received grants ranging from $24,225 to $75,000.
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A total of 322 applications for the grants were reportedly received. Successful recipients include companies developing modular housing, AI software for builders, electric jet ski conversion kits, flood monitoring technology, EV charger calibration services, and biopsy-free skin cancer diagnostics.
NSW Innovation Minister Anoulack Chanthivong said the funding would help turn new technologies into jobs and economic growth.
“From housing and clean energy to advanced manufacturing and health technologies, NSW innovators are developing practical solutions to some of our biggest challenges,” Chanthivong said.
Small Business Minister Janelle Saffin said taking an innovation from concept to market remained one of the biggest hurdles for early-stage companies.
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“By bridging that critical funding gap, the Minns Labor Government is ensuring our home-grown talent has the support it needs to scale up, stay competitive, and create the highly skilled jobs of tomorrow right here in NSW”, Saffin said.
The latest funding round comes after a turbulent period for the MVP Ventures Program.
The Minns government paused the scheme following its election in 2023 as part of a broader budget review before later reinstating it.
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In 2024, a SmartCompany investigation found around 80% of first-round funding had gone to startups in metropolitan Sydney, prompting questions about whether the program was effectively supporting regional founders.
Last year, SmartCompany also revealed the 2025-26 round had been delayed after a planned July opening date quietly disappeared from the government’s website despite funding being allocated in the state budget.
The program was subsequently redesigned, introducing a competitive assessment process alongside a dedicated funding stream for women founders, Aboriginal and Torres Strait Islander businesses and regional startups.
The MVP Ventures Program now provides matched grants of up to $50,000 through its general stream and up to $75,000 for eligible women-founded, Aboriginal and Torres Strait Islander and regional businesses.
Minister Chanthivong confirmed roughly half of the latest MVP Ventures Program funding round has been awarded to women-owned businesses, Aboriginal and Torres Strait Islander-owned businesses and founders based in regional NSW.
Applications for the third round of the 2025-26 program are currently being assessed, with successful recipients expected to be announced later this year.
The latest grants form part of the Minns government’s broader Innovation Blueprint, which also includes a $20 million Emerging Technology Commercialisation Fund and a $4 million Diversity Pre-Accelerator Program aimed at supporting women founders.