Breaking down the structures that currently hold female entrepreneurs back is not only essential to improving the economic outcomes of women, but also to continuing to grow the NSW economy.
$2 million
in grants for bespoke networking programs for women
$5.4 million
to extend free Women in Business TAFE course
A one-stop shop
via Service NSW for women business owners
To support the entrepreneurial endeavours of women, the NSW Government will invest in programs to address key barriers that hold businesswomen back, including access to capital, educational support and business networks.
Female entrepreneurs are far less likely than male entrepreneurs to receive venture capital funding to help scale up their business.
In 2021, wholly women-led start-ups received just 5.3 per cent of venture capital funding in Australia.
One of the drivers of this disparity is the male-dominated nature of the venture capital industry.
Only 1.2 per cent of registered venture capital firms in Australia were founded or co-founded by women.
Because venture capitalists often rely on informal networks to ascertain investment opportunities, women are also less likely to find opportunities to pitch their idea and secure critical funding.
To address these challenges, the NSW Government will provide $10 million in seed funding to establish the Carla Zampatti venture capital fund and $2 million to establish and operate.
This fund will seek to partner with the private sector to boost the funding pool available to NSW women looking to grow their business.
The pooled funds will be invested in female-led start-ups to help more women entrepreneurs start and run successful businesses.
The NSW Government will provide $10 million in seed funding to establish the Carla Zampatti venture capital fund.
One of the key barriers women face when starting up their own business in New South Wales is a lack of access to networks of colleagues and mentors they can rely on for advice, collaboration and financial backing.
To help connect women in small business with the right resources and support, the NSW Government will provide $2 million in grants to industry associations, peak bodies and chambers of commerce to implement bespoke networking programs for women seeking to start a small business.
These programs will provide female entrepreneurs in metropolitan and regional New South Wales with crucial links into networks of entrepreneurs with experience, expertise and resources that can help them on their business journey.
The programs will also be targeted to help women in business to upskill and increase their capacity to establish and run a successful business.
TAFE NSW offers a fully subsidised online program for female entrepreneurs called Women in Business.
This program provides free access to resources on topics covering business, communication, finance, marketing, and wellbeing and performance for women in NSW.
Nearly 22,000 women in NSW across multiple sectors have participated in this program, gaining essential skills to help them start and run their own business.
The NSW Government will provide additional funding of $5.4 million over four years from 2023–2027 to extend this program and offer more opportunities to businesswomen to expand their skillset and boost their business.
The NSW Government will deliver a series of initiatives to help female entrepreneurs start and operate small business in New South Wales, including the launch of a one-stop shop via Service NSW for women business owners to access information and resources that can benefit them and their companies.
By working with councils, business chambers, local business organisations, peak organisations and industry associations, Service NSW will ensure the website contains up-to-date information on programs relevant to all women small business owners.
The Business Concierge team will also be expanded, with team members ready to provide free, personalised advice for women small-business owners on existing programs, grants and opportunities available exclusively for women, as well as generalised business and financial advice.
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