Smart SMEs Market Validation Program
Smart SMEs Market Validation Program |
| The Smart SMEs Market Validation Program (MVP) is a $28 million grant program that seeks to engage with both government and business to promote innovation. The program aims to support SMEs to develop innovative products, processes and services focussed on meeting the future technology needs of Victorian public sector entities. |
What does the MVP aim to do? |
| The MVP is designed to substantially boost the ability of SMEs to interact with customers in a demanding client setting, to commercially develop and prove their products and provide a sustainable commercial base from which to secure expansion capital, export revenue and future customers. The MVP targets the development of new technologies or the significant advancement of capabilities to existing technologies that meet specific technology needs identified by public sector entities. With these new technologies, public sector entities will be able to make a significant improvement in their products, processes or services, and the SME will have created and tested new marketable IP. |
How does the MVP work? |
| The MVP involves a three-stage process with the first stage identifying the specific technology needs of Victorian public sector entities. These technology requirements were then released through a Call for Proposals to invite the SME market to propose new technology solutions to the identified need. Successful SMEs received a grant up to $100,000 to undertake a Feasibility Study over three months. These Feasibility Studies were then evaluated for further funding of up to $1.5m over two years to undertake R&D to Proof of Concept. For more information about the program go to www.business.vic.gov.au/mvp |
