The Boosting Female Founders’ (BFF) Initiative began in 2020 and is designed to support female entrepreneurs by providing access to early-stage capital in order to grow and scale their startups in both domestic and global markets.
The Federal Government say it has allocated a total of $55.2 million in grant funding to the program over five years to 2024-25, with an estimated $11.6 million available during this (second) round.
Round one saw 51 successful recipients ranging from a pet health platform to an Internet of Things (ioT) technology that was trailing the minimisation waste of water in Brisbane.
What, no west Aussies?!
Unfortunately, no West Australian based startups were successful in receiving grants in round one.
The program recently underwent an expansion which resulted in additional funding for grants – alongside a new mentoring element.
Successful applicants can receive grants up to 50% of eligible project costs between $25,000 and $400,000 on a co-contribution on the basis that the startups are both led and majority owned by women.
The other contributions to the project must be cash which includes contributions from private investors and industry partners.
The program’s objectives include stimulating private sector investments into female-led innovative startups along with helping women entrepreneurs overcame systemic disadvantages in securing finance.
Additionally, the program seeks to enable female founders to scale-up into both domestic and global markets as a means of becoming self-sufficient, along with boosting the economy by diversifying startup founders.
Underrepresented groups such as those with disabilities, refugees, from regional or remote locations alongside those who identify as an Indigenous Australian, are eligible for additional support.
This additional support means the grant can amount up to 70% of total eligible project expenditure with the maximum grant stretching to $480,000.
The expression of interest stage asks questions surrounding how a grant will help your startup to scale up and become self-sufficient, you and your team’s capacity and capability to grow along with the impact of grant funding.
The second stage effectively requires more detailed responses to these questions.
The close date for applications is the 22 April 2021 at 5pm Australian Eastern Standard Time (3pm WST).
Go WA startups!