More than 130 women entrepreneurs will have their startup journey accelerated through programs funded by the Victorian government’s startup agency LaunchVic.
The state government says the grants are part of its ongoing support for women-led startups to create a level playing field for Victorian entrepreneurs.
In the 2023/24 Budget, the government announced an additional $5 million for LaunchVic’s Alice Anderson Fund to support more women-led startups, bringing our total investment in the fund to $15 million.
The Alice Anderson Fund is an angel sidecar fund that co-invests in early-stage deals put forward by investors to increase the funding pool available to Victorian women and has unlocked more than $36 million of early-stage capital for women in just two years.
Minister for Industry and Innovation, Ben Carroll, announced grants for two new pre-accelerator programs for the next wave of women entrepreneurs.
Minister for Women Natalie Hutchins said, “It’s great to see the number of woman-led startups growing in Victoria, but we know there’s more to be done to support them and help these important businesses grow.”
Flying Fox Ventures and Jump Start Studio will each receive $300,000 in funding to run programs that offer women startup founders the advice, support and networks required to build a minimum viable product and find their first customer.
Flying Fox will roll out the Female Founders program, leveraging their experience and community to empower female founders with the knowledge and connections they need to start and grow a successful startup.
Jump Start Studio will launch Press Play, a new pre-accelerator program supporting mid-to-senior level women in the corporate sector, startups and scaleups looking to transition into entrepreneurship.
The funding comes as research by LaunchVic reveals one-third of Victorian startups now have at least one woman founder – up from 20 per cent in 2020. However, this figure is still outpaced by the growth of male-only firms and suggests more should be done to get women-led startups off the ground early on.
LaunchVic CEO Dr Kate Cornick said, “At LaunchVic, we are committed to building a thriving and diverse ecosystem in Victoria and this additional funding for the next wave of women entrepreneurs will ensure they receive support at every stage of growth.”
