Future Founders Venture Scholarships
The scholarships are focused on providing support to new startup ventures led by current and former international students (up to 5-years' post-graduation.
There are five scholarships on offer including:
• A 12-week program alongside the scholarship cohort
• Bespoke mentoring and coaching
• StartSpace Loft membership for the duration of the program for you and up to 2 team members
• $10,000 AUD seed funding for your business
• A demo day at the end of the scholarship to showcase your venture
Scholarship applicants can add up to two team members as co-applicants for the scholarship. Applications will close 11:59PM Sunday 10 March 2024 for the next 12-week scholarship program running from April to June 2024.
Want to know more? Watch the recording of the Online Information Session to hear answers to questions submitted by applicants and tips for applying.
Keep scrolling to learn more about the 2024 scholarships or follow the link to submit your application!
Scholarship Information Session
This video recording is from the Future Founders Venture Scholarships Information Session that was recorded on Friday 23 February 2024 providing information and tips on how to apply, including a Q&A with the audience. Please note applications are open for the scholarships until 11:59pm Sunday 10 March 2024.
If you have any questions about your application please email: [email protected]
About the Scholarships
There are five Study Melbourne Future Founders Venture Scholarships available for individual founders or teams of up to 3 members.
To be eligible to apply as the primary applicant of the scholarship, you need to be a current or former international student (up to 5 years post-graduation).
The 2024 scholarship program will run for 12 weeks from 8 April to 28 June.
How to apply
To apply for the 2024 scholarship program, fill in this application form by 11:59pm Sunday 10 March 2024 AEST.
Please ensure you have read and understood the full terms and conditions of the scholarships before you apply.
This includes the eligibility requirements of the primary applicant and (if applicable) team member 1 and / or team member 2.
When completing the form need to supply information about yourself and your team mates (if you are applying with co-applicants). You will also need to provide detail about the business or idea you are working on.
We recommend you read through the application form first and draft your answers in a separate word document first. When you are happy with your answers you can copy and paste them into the application form.
Please note: You will not be able to save the application part way through and return to update your answers. You will however be able to fill it in more than once during the application period if you are not able to complete it first time.
Need help with your application? If you have accessibility requirements, please get in touch with the friendly StartSpace team at [email protected] to discuss any barriers to your participation in the Venture Scholarship program.
Scholarship Selection Criteria
To help you with your application, below are some of the questions we ask, particularly in the second page of the application form, which relates to the key selection criteria. You can use the below to draft your answers ahead of filling in the scholarship application form.
- What is the name of your idea or business?
- What is your business or startup idea? How did you come up with it? If there's any positive social or environmental impacts associated to your business please include them. [up to 250 words]
- Who are your target customers and what do you know about them? What problem are you solving for them? [up to 150 words]
- What progress or traction have you achieved so far in developing your business? [up to 150 words]
- Tell us a little bit about yourself or your team. Why are you (and your team if applicable) best fit to make this business a success? (i.e. a brief biography or background information (relevant to your skills, lived experience, field of study or work in the business) [up to 150 words]
- If successful, how many hours per week will you (and your team if applicable) think you will be able to commit to working on the business?
- If your application is successful, what would the scholarship mean to the roadmap of your business? What would you do with the funding and support? Please provide a short outline of the stages and main tasks you would like to achieve in the next 6 - 12 months [up to 250 words]
- (Optional) Upload a succinct pitch proposal about you and your business idea in one of the following formats: a PDF of no more than 10 slides (hosted on Dropbox or Google Drive) OR a three minute (maximum length) video (hosted on Vimeo/YouTube/Dropbox or Google Drive) and provide the URL Link. Important: Please ensure that sharing links have the necessary access requirements enabled (inaccessible document links will not be considered).
Applications submitted will be assessed based on responses to the following criteria:
Problem & solution (20%)
The Application demonstrates a clear understanding of the target market/customers, and how to use an innovative product or service or business model to solve a specific problem for it.
Please also include a description of any expected positive social or environmental impacts.
Describes how participating in the Venture Scholarships program will change the trajectory of the startup or new business included in the Venture Scholarship application, how the applicant would like to utilise the funding and what the applicant expects to learn from the mentoring program provided by the Venture Scholarship (note that if successful, the Primary Applicant will be asked to provide a topline plan for how they intend to use the funds at the start of the program).
Success to date and execution plan (20%)
Demonstrates what has been achieved prior to lodging the application and what goals to achieve during and after the Venture Scholarship program. The Primary Applicant must be able to demonstrate that the early stage business or startup is at least at proof of concept stage (this may include details of initial momentum, customer research, engaged users or early adopters.
Team & Fit (20%)
Demonstrates that there is relevant expertise and skills amongst the applicants. The application should identify any unique advantage in delivering the product/service, and how success will be achieved, which may include information about experience, skills, networks.
Attitude & Commitment (20%)
Demonstrates the current level of commitment being invested in the business and confirms availability to participate in the program.
For more information about eligibility and the selection criteria please read the full Terms and Conditions.
Venture Scholarships Video
Watch to hear from Katherine Lee and Shimroth John Thomas, two of the Study Melbourne Future Founders Venture Scholars from 2022.
Frequently Asked Questions (FAQs)
Find the answers to some of the common questions about the scholarships below. If you are still unsure of something please contact the StartSpace team on [email protected]
Venture Scholars 2023
Announcing the Study Melbourne Future Founders Venture Scholars for 2023!
This year there were 5 scholarship programs on offer for individual founders or teams of up to 3. There are 5 teams and 8 individuals taking part in the 12-week program from 18 April to 4 July 2023.
Please join us in congratulating all of the scholars. You can find out more about them and their new business ventures below.
Venture Scholars 2022
On Thursday 17 March at the Future Founders: Celebrate and Connect event the Future Founders Venture Scholars for 2022 were announced.
Please join us in congratulating all of the scholars, who completed their scholarship program in 2022 thanks to Study Melbourne and StartSpace. Find out more about the new business ventures the scholars are building with the help of the program.