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The federal government has launched a new $11.6 million funding round under the Boosting Female Founders Initiative that will support female entrepreneurs to build their businesses, take on global markets and create local jobs.
The Boosting Female Founders Initiative – Round 2 will provide grants between $25,000 and $400,000 to Australian start-up businesses that are female founded (majority owned and led by women).
The Initiative aims to help women overcome disadvantages in getting access to finance and to stimulate private sector investments into women-led startups. Another goal is to enable female founders to scale-up into local and international markets and to boost the economy by increasing the diversity of startup founders.
Applications for the in-demand initiative opened on March 8, which is International Women’s Day – a move that Minister for Industry, Science and Technology Karen Andrews called “fitting.”
“Female entrepreneurs are underrepresented in our innovation and technology sectors, often because they face greater obstacles in getting early-stage finance,” Minister Andrews said.
“The first round of the Boosting Female Founders Initiative saw more than 50 female-founded and led businesses share in nearly $12 million to scale up, create new jobs and take on new markets.
“In the second round, we are providing a further $11.6 million in funding, while also expanding the program to offer expert mentoring and advice for eligible candidates.
“International Women’s Day challenges us to take action for equality. Through the Boosting Female Founders Initiative, we’re helping Aussie female entrepreneurs overcome barriers to success and launch their great ideas onto the world stage.”
The government announced the Initiative as part of the 2018 Women’s Economic Security Statement and has since expanded it.
In total, the Initiative will provide $52.2 million of competitive grant funding as well as $1.8 million in mentoring services from 2020–2021 to 2024–25.
Applications for Round 2 are open until 22 April 2021 and can be submitted at business.gov.au/bff.