Women-founded businesses could inject $135 billion into the Australian economy, a new report on entrepreneurs in Australia reveals today.
The report from Enterprising ME, an initiative founded by the Council of Small Business Organisation Australia’s Future Female Entrepreneurs Program (FFEP), shares ten recommendations and ten ambitions for tapping into the potential of women entrepreneurs and to level the playing field for female founders.
It comes after the State of Australian Start-up Funding Report released earlier this year, found that just 4 per cent of startup funding went to all-female teams in 2023, with all-male teams continuing to dominate in the entrepreneurial and small business space.
Enterprising ME’s report, the Future Female Entrepreneurship and Business Leadership Decadal Plan, was developed by a panel of 12 women business and policy leaders from FFEP. All panellists have experiences of starting, funding and building businesses in Australia and worldwide.
“The message we hear is: women already know there are barriers to starting or building a business,” Fleur Anderson, the Director of the FFEP said on the report.
“It’s not about ‘fixing women’; rather, it is about helping institutions and organisations realise the untapped economic and social contribution of women entrepreneurs.”
The report recommends universities partner with stakeholders in the industry and establish Entrepreneur in Residence programs on campus for Australian businesses to actively support women founders through funding and mentoring, plus several other industry recommendations.
The Decadal Plan also suggests the Australian government take steps to ensure that each jurisdiction systematically reviews its procurement processes. This review should clarify the requirements for success, promote inclusive language, and create specific opportunities for women-owned or predominantly women-led businesses.
Luke Achterstraat, CEO of Council of Small Business Organisation Australia, said the “bold, comprehensive plan” from Enterprising ME could “radically reshape the entrepreneurial landscape for women across Australia”.
“By driving collaboration and accountability, it seeks to build a new pipeline of female entrepreneurs, and deliver lasting change by creating genuine equality of opportunity,” Achterstraat said.
The plan will be launched at the Kickstarter Challenge Grand Final at Parliament House in Canberra later today.
Entrepreneur Kylie Wallace is one of five finalists in the competition, where the winner will take home $30,000 in equity-free funding. Wallace has been chosen in the Climate Change and Sustainability category for her business Upcycle, an online proxy reseller that collects and sells unwanted goods on behalf of households.