# NSW Grant Applications — Approved by Michael
**Date:** 2026-02-22 | **Status:** APPROVED — Prep in progress
**Michael's instruction:** "Move fast"

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## Program 1: MVP Ventures Round 3

### Key Dates
| Milestone | Date | Days Away |
|-----------|------|-----------|
| **Opens** | 9 March 2026 | **15 days** |
| **Closes** | 5 April 2026 | 42 days |
| Prep deadline (our target) | 8 March 2026 | 14 days |

### Funding
- **Stream 1 (General):** $20,000–$50,000 (50% co-contribution required)
- **Stream 2 (Targeted):** $20,000–$75,000 (25% co-contribution — for women/regional/Indigenous-owned)
- **RateRight applies to:** Stream 1 (general)
- **Target ask:** $50,000 (maximum for Stream 1)
- **Co-contribution required:** $50,000 (50% match — from existing spend + planned spend)

### Eligibility Checklist
| Requirement | RateRight Status | ✅/❌ |
|-------------|------------------|-------|
| Active ABN | ABN 62 841 523 907 | ✅ |
| Headquartered in NSW | Surry Hills, Sydney | ✅ |
| Australian incorporated company | RateRight Pty Ltd | ✅ |
| Account with AU ADI | AirWallex (check if ADI) | ⚠️ |
| Holds IP or rights to commercialise | Yes — own platform | ✅ |
| Turnover <$400K each of last 3 FYs | $0 turnover (pre-revenue) | ✅ |
| ≤10 FTE including founders | 1 founder, 0 employees | ✅ |
| Not tax-exempt | Correct | ✅ |

⚠️ **AirWallex ADI check:** AirWallex holds an AFSL but is NOT an ADI. Michael may need a CBA/Westpac account for grant receipt. **FLAG TO MICHAEL.**

### Assessment Criteria — Draft Responses

#### 1. Innovation
- **Problem:** Construction hiring in Australia relies on word-of-mouth, labour hire agencies (15-25% margins), and fragmented job boards. Workers lose 15-25% of pay to intermediaries. Contractors waste hours on phone calls and paperwork.
- **Solution:** RateRight is an AI-powered construction hiring marketplace. $50 flat fee per hire, unlimited duration. Workers keep 100% of their pay. Voice-to-job-posting via AI. Automated matching algorithm. Pre-employment document packs.
- **What's new:** First AU construction marketplace with flat-fee pricing (not percentage), AI voice interface for non-desk workers, and zero worker fees. 85-95% cheaper than competitors.

#### 2. Commercialisation
- **Market demand:** 1.3M construction workers in AU. $15B labour hire market. SEEK acquired Sidekicker Dec 2025 validating the sector.
- **NSW Industry Policy alignment:** Digital Systems and Software priority sector. Construction workforce efficiency.
- **Economic benefits to NSW:** Reduces construction labour costs, keeps more money in workers' pockets, digitalises a traditionally analogue industry.
- **Letters of Intent:** Need 1-2 from prospective customers. Michael to source from his construction network.

#### 3. Deliverability
- **Project scope:** 12-month project to scale from MVP to production platform with 500+ hires
- **Team:** Michael McLoughlin (30 years construction, founder), supported by 8-agent AI operations team
- **Milestones:** Month 1-3: Launch + first 50 hires. Month 4-6: Multi-city expansion. Month 7-12: Scale to 500 hires.
- **Risks:** Low adoption (mitigated by below-market pricing), regulatory change (monitored by legal team)

### Required Documents
| Document | Status | Owner |
|----------|--------|-------|
| Online application (SmartyGrants) | ⏳ After Mar 9 | Michael + Harper |
| Accountant declaration | ⏳ Need to prep | Harper draft, Michael sign |
| Letter of Intent (from customer) | ⏳ Need 1-2 | Michael to source |
| Bank statement (within 30 days) | ⏳ Need before submission | Michael |
| TRL calculator | ⏳ Need to complete | Harper |
| Business plan / pitch deck | ⏳ Need to create | Harper draft |
| Proof of co-contribution | ⏳ Need to document | Harper |

### TRL Assessment
- **Current TRL:** 7 (System prototype demonstrated in operational environment)
  - Working app deployed at rivet.rateright.com.au
  - Stripe payments integrated
  - AI matching algorithm functional
  - Voice features operational
- **Target TRL:** 9 (Actual system proven in operational environment)
  - Full commercial operation with paying customers
  - National scale across Australia

---

## Program 2: TechVouchers (Boosting Business Innovation Program)

### Key Details
| Item | Detail |
|------|--------|
| **Grant amount** | Up to $50,000 (matched funding) |
| **Applications** | Open anytime (rolling) |
| **Eligibility** | SMEs <200 employees, turnover <$10M |
| **Requirement** | Collaboration with a research partner from BBIP network |
| **Purpose** | Translate research into commercial outcomes |

### RateRight Fit
- **Research angle:** AI/ML matching algorithms for construction workforce, voice AI interfaces for non-desk workers, labour market optimisation
- **Potential research partners:** University of Sydney (AI/ML), UTS (construction tech), UNSW (data science)
- **Project idea:** Research collaboration on AI matching algorithm optimisation — bias detection, efficiency improvement, scalability testing

### Next Steps
1. Identify best research partner from BBIP participating organisations
2. Initiate conversation with research partner
3. Co-develop project proposal
4. Submit application (no deadline — rolling)

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## Action Plan — Next 14 Days

| Day | Task | Owner | Priority |
|-----|------|-------|----------|
| 1 (Feb 22) | Research complete, draft criteria responses | Harper | ✅ DONE |
| 2-3 | Draft accountant declaration (self-prepared) | Harper | HIGH |
| 2-3 | Complete TRL calculator | Harper | HIGH |
| 3-5 | Draft project plan with milestones | Harper | HIGH |
| 3-5 | **Michael: Source 1-2 Letters of Intent from construction contacts** | Michael | 🔴 CRITICAL |
| 3-5 | **Michael: Check AirWallex ADI status or open AU bank account** | Michael | 🔴 CRITICAL |
| 5-7 | Draft budget showing co-contribution ($50K in existing/planned spend) | Harper | HIGH |
| 7-10 | Prepare pitch deck / business plan summary | Harper | NORMAL |
| 10-14 | Final review all documents | Harper | HIGH |
| Mar 9 | **SUBMIT APPLICATION** | Michael (Harper preps) | 🔴 |

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## Co-Contribution Strategy ($50,000)

The 50% co-contribution must be **cash** spent on the project. We can count:

| Expense Category | 12-Month Estimate | Eligible? |
|------------------|-------------------|-----------|
| Cloud infrastructure (Fly.io, DO) | $4,500 | ✅ |
| AI/ML API costs (Anthropic, OpenAI) | $6,000 | ✅ |
| SaaS tools (Apollo, Twilio, etc.) | $2,200 | ✅ |
| Marketing (first year) | $6,000 | ✅ |
| Domain, hosting, SSL | $500 | ✅ |
| Michael's time (founder salary equivalent) | $30,000+ | ⚠️ Check rules |
| Professional services (legal, accounting) | $2,000 | ✅ |
| **Total documented co-contribution** | **$51,200+** | ✅ |

*Note: Need to confirm if founder time/salary equivalent counts as cash co-contribution. If not, we may need to document higher direct costs or request a lower grant amount.*

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## Financial Impact

| Scenario | Amount | Impact on Runway |
|----------|--------|------------------|
| MVP Ventures approved ($50K) | +$50,000 | Extends runway by ~6 years at current burn |
| TechVouchers approved ($50K) | +$50,000 | Extends runway by ~6 years at current burn |
| Both approved ($100K) | +$100,000 | Extends runway by ~12 years at current burn |

*This is transformational money for a $700/month burn company.*

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*"$50K-$100K in grants would eliminate any runway concern for the foreseeable future. Zero reason not to apply."*
*— Harper, Finance & Legal*