The Boosting Female Founders Initiative - Round 3 helps women entrepreneurs overcome the disadvantages faced in getting access to finance and support to grow their startups. Targeted support will be on a co-contribution basis.
This program will provide targeted support on a co-contribution basis to female founders of startup businesses to scale into domestic and global markets. The program will also offer expert mentoring and advice to a select number of eligible applicants.
The objectives of the program are to:
stimulate private sector investments into innovative startups led by women
help women entrepreneurs overcome barriers to accessing the finance and support necessary to scale their startups
enable female founders to scale-up, expand into domestic and/or global markets, and become self-sufficient
boost the economy through increasing the diversity of startup founders
All eligible applicants can apply for a grant between $100,000 and $400,000. If you meet additional eligibility criteria as detailed in the grant opportunity guidelines, you can apply for a grant of between $100,000 and up to $480,000.
The grant opportunity will be delivered through a two-stage competitive selection process due to the expected high demand for this program. You will first apply via an Expression of Interest (EOI). If successful, you will be invited to submit a Stage Two grant application.
EOI Closing date: 02 Jun 2022 05:00 PM AEST
Eligible projects
To be considered a startup which is scalable, at least two of the following indicators of innovation and high growth must apply to you:
You are applying to register, or have registered intellectual property rights- external site
You have registered for, and are undertaking eligible research and development activities- external site for the Research and Development Tax Incentive (RDTI)- external site scheme
You are applying for, or have been granted, required regulatory approval for your product, process or service
You have attracted third party investment
You have a minimum viable product that has been tested with customers, is ready for market, or for which you have had first sales
You have completed or are undertaking an accelerator or incubator program that provides time-limited support for entrepreneurs with a startup
You have a written agreement to co-develop and commercialise an innovation with an institution or body listed in Schedule 1 to the Higher Education Funding Act 1988- external site, or an entity registered as a Research Service Provider- external site under section 29A of the Industry Research and Development Act 1986
You would meet the early-stage innovation company (ESIC) requirements under the Tax Incentives for Early Stage Investors- external site scheme
You have been incorporated or registered with the Australian Business Register within the last five years.
Eligible expenditure
To be eligible your project must support your female founded (majority owned and led by women) startup to scale into domestic and/or global markets.
Eligible activities can include, but are not limited to:
launching and scaling products and/or services
developing and marketing software and apps
development and marketing of products and/or services
purchase of equipment specific to project to support growth
expansion to other markets
access to independent management (for example C-suite, advisory board)
expanding management teams and/or establishing a board
access to relevant professional development.
We may also approve other activities.
Please refer to the grant opportunity guidelines for guidance on eligible and ineligible expenditure, Appendix A and Appendix B.
The grant amount will be up to 50% of eligible project costs - unless you can meet additional priority group requirements (see the grant opportunity guidelines for further information).
You are responsible for the remaining eligible project expenditure plus any ineligible expenditure. Contributions to your project must be cash, not in-kind. An example of a contribution not considered cash is future revenue. You are encouraged to seek contributions from private investors and industry partners.
You cannot use funding from other Commonwealth government grants to fund the balance of your share of project expenditure not covered by the grant. You may use funding from other State, Territory and local government grants, to fund a maximum of 10 per cent of the balance of your share of project expenditure.
Haines Consulting Group is a management consultancy firm specialising in business strategy, growth, government grants and new venture developments. If you need any assistance with a Grant submission please contact us now for a confidential conversation.