Boost for female founded startups

The Morrison Government is backing female entrepreneurs to grow their ideas and create jobs for all Australians, with an $18 million funding program opening today.

The Boosting Female Founders Initiative will provide grants to women with start-ups that need support to grow.

Minister for Industry, Science and Technology Karen Andrews said the program is designed to address some of the challenges experienced by women who are trying to take their start-ups to the next level.

“Access to early stage capital is one of the biggest challenges female founders face. Often women only raise half the capital compared to start-ups founded by men and even when they get finance, the terms can be less favourable,” Minister Andrews said.

“Greater access to early stage capital for female entrepreneurs will help them to grow their start-ups and expand into domestic and global markets.

“This is about creating opportunity for all because who knows what great job-creating, economy-boosting ideas could get off the ground with this support.

“The program aims to diversify the Australian start-up landscape, which will promote innovation, job creation and economic growth.”

The Program design follows national consultations with women across Australia, including in regional and rural areas. It also seeks to support Aboriginal and Torres Strait Islander women, women with a disability and first generation migrants.

Competitive grants of between $25,000 and $400,000 are available on a co-contribution basis for projects that are majority owned and led by women.

Applications for Stage 1 – Expression of Interest open today for four weeks and can be submitted at: business.gov.au/bff.

The program is part of the Morrison Government’s commitment to improving women’s economic security and workforce participation and was a key element of our Women’s Economic Security Statement.