Tech Ready Women launches Australia-wide investment program

Tech Ready Women (TRW) has announced the national launch of its Investment Ready Program, supported by Westpac. The program offers scholarships to 20 selected startup founders.

The Investment Ready Program, which will last five months, is designed to equip female entrepreneurs with the necessary skills, confidence, and networks to raise capital and advance their businesses. The program, which has operated in New South Wales and Victoria over the past seven years and recently expanded to Queensland, aims to address the existing funding gap for female-led startups.

Industry research indicates a disparity in funding. According to Cut Through Ventures, 62% of deals in 2023 were awarded to all-male founding teams, while all-female teams received only 12%.

The program targets founders of scalable startups seeking capital access. The businesses in question are ideally required to have a company structure, scalable solutions, and initial customers or revenue. Thanks to Westpac's sponsorship, the selected participants will receive a scholarship, reducing the program fee from AUD $6,295 to AUD $795.30.

Carolyn Breeze, Chief Executive Officer of Scalare Partners, which owns Tech Ready Women, commented on the necessity of broadening support for diverse startup founders. "The sector is realising that if it is going to be successful, it needs to assist all founders who have a scalable startup," she said.

Breeze highlighted the significance of the program's national launch: "The launch of the Investment Ready Program nationally is beginning to help the push towards a more equal industry. The work we have done in New South Wales and Queensland has created a foundation to bring the program nationally."

She continued, "Australia has a thriving startup sector, as it has produced some globally leading businesses, but we think it can do much better, and we believe more diversity will help drive important change across the industry. Our Investment Ready Program aims to provide women with the skills and knowledge needed for capital raising, along with connections, a supportive network, and confidence to grow startups."

Tamara Bryden, Managing Director of Business Lending at Westpac, emphasised the significance of supporting female entrepreneurs. "Westpac is proud to partner with Tech Ready Women to help fund the Investment Ready Program, as we work together to drive positive change and support female entrepreneurs," she stated.

Bryden also mentioned Westpac's broader commitment: "The partnership builds on Westpac's AUD $500 million commitment to back more women in business with business loans that can help those looking to start-up or scale-up. At Westpac, we're passionate about backing women in business, and we look forward to seeing the women invested in the program take their businesses to the next level."