What is the Boosting Female Founders Initiative?
The Boosting Female Founders Initiative is grant to help female founders of startup businesses to launch and scale their businesses into domestic and global markets.
Round 1 – Stage 2
Round 1 received over 2,200 Expressions of Interest and accepted 130 applications to stage 2.
What is your chance of success?
- Stage 1 – 6%
- Stage 2 – 23%
Track Record – Ovira
Bulletpoint assisted Ovira successfully get through to stage 2 of the Boosting Female Founders Initiative Round.
Ovira was founded by Alice Williams, a 27-year old endometriosis sufferer who was inspired to create the new device after years of searching for a pain-management option for her own endometriosis. When she couldn’t find a solution that was drug-free or didn’t involve invasive procedures, she looked for an alternative.
Her fledgling company Ovira has just raised $1.5 million from Blackbird Ventures, to help establish its small egg-shaped electrotherapy device in the market, after promising early sales.
The Boosting Female Founders Initiative will run over three years from 2020-21 to 2022-23. The program is part of the Women’s Economic Security Package, which helps to support more Australian women into work and supports Australia’s international obligations under the Convention on the Elimination of all forms of Discrimination against Women (CEDAW). The program will provide targeted support on a co-contribution basis to female founders of startup businesses (startups) to launch and scale their businesses into domestic and global markets.
The objectives of the Boosting Female Founders Initiative are to:
- stimulate private sector investments into innovative startups led by women
- help female entrepreneurs overcome the disadvantages they face in getting access to finance and support to grow their startups
- enable female founders to scale-up, expand into domestic and global markets, and become self-sufficient
- boost the economy through increasing the diversity of startup founders.
The intended outcomes are:
- increased number of startups founded by women
- new products and services are brought to market by startups founded by women
- increased financial investment in startups founded by women
- women improve their earning potential through entrepreneurship
- increased job creation and economic growth.
The Australian Government has announced a total of $18 million. For Round 1, $6 million is available.
Grants will be available on a co-contribution basis, in two tiers as follows:
- Tier one – $25,000 to $100,000 ($140,000 if you meet additional requirements)
- Tier two – $100,001 to $400,000 ($480,000 if you meet additional requirements)
The grant amount will be up to 50 per cent of eligible project costs – unless you can meet additional requirements.