IntroducingFuture Founders Venture Scholarships

Applications are closed for the Future Founders Venture Scholarship program, is the only international student focused initiative that provides seed funding for entrepreneurship ventures. 

Made possible by the teams at Study Melbourne and StartSpace, eight ventures will receive $10,000 in scholarship funding and each recipient will get a six-week StartSpace Loft membership, which includes exclusive one-on-one coaching and mentoring opportunities. 

Applications closed 11.59pm Thursday 3 March 2022. The scholarship program will run for 6 weeks across March and April 2022. 

 

Future Festival
Meet the

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 will commence their scholarship program on Monday 21 March thanks to Study Melbourne and StartSpace. Find out more about the new business ventures the scholars are building with the help of the scholarship program

Each scholarship includes 6-weeks of tailored business coaching and mentoring, StartSpace Loft membership and $10,000 of seed funding.

 

Find out what to expect and how to apply

Venture Scholarships Video

Watch to hear from Diletta Legowo, Project Coordinator for StartSpace explain more about what the Future Founders Venture Scholarships. In this video Diletta covers tips on how to apply and what the selection panel will be looking at in the applications for the scholarships. 

Process and Criteria

Applications

As part of the application, applicants are asked to provide some general business and contact information, and cover a few more in-depth questions about their business venture which will be considered by the selection panel against the below criteria.

Problem & solution (20%)
You have demonstrated that you have a clear idea of who your target audience is/are and how your product or service solves a specific problem for them.

Impact (20%)
You have outlined how this opportunity change the trajectory of your business (note that if successful, you will be asked to provide a topline itemised budget at the start of the program). You and your team understand what you can gain from learning and working on your business together with a mentor through the Venture Scholarship program

Success to date & execution plan (20%)
You have demonstrated to us what you’ve achieved so far and some goals you plan to undertake during and after the program in clear and succinct steps. Businesses applying for the Venture Scholarships program the must be delivering at least a Minimum Viable Product (MVP) of their primary product or service (you may also wish to tell us about your initial momentum, engaged users, paying customers, or provide proof of early adopters).

Team Fit (20%)
Your founding team possesses the relevant expertise and mix of skills. Your application clearly states what your unique advantage as a team in delivering your product/service is. Describe how you are particularly set up for success to deliver your solution - lived experience, skills, networks.

Team Attitude & commitment (20%)
You have expressed the current level of commitment that you are investing into your business and your team availability around the time of the program.
 

For more information please see the full Terms and Conditions of the scholarships.

 

Presented by

Who can apply

Eligibility criteria

Applications for the 2022 Venture Scholarships are applicable to international students, current and former (up to 5 years post-graduation) who are working on their new business and able to commit to a scholarships program for 6 weeks from middle of March to end of April 2022.


To be eligible to apply for the 2022 venture scholarships you must:

  • Must be 18 years or older. 
  • A current or former International Student of a Victorian higher education institution (University, TAFE, RTO, ELICOS). Students must be no more than 5 years  post-graduation at the time of application. 
  • Possess a valid Australian Visa (Student Visa or Temporary Visa) that enables the participant to stay in Australia for the entirety of the program from Thursday, 17 March 2022 to end of Friday, 29 April 2022.  
  • Working on a lawful, early stage business or startup – “early stage” as defined as idea stage or validation/testing stage that is pre-revenue or minimal revenue according to the City of Melbourne Startup Action Plan (PDF – page 41) and LaunchVic’s Startup Framework (PDF – page 14) 
  • Must be a founder or co-founder of the business 
  • A Victorian resident. We require participants to be residing in Victoria for the entirety of the Venture Scholarships program (mid- March to end of April 2022). 
  • Are committed to developing their business and can participate in-person for the entirety of the Venture Scholarships program from Thursday, 17 March 2022 to end of Friday, 29 April 2022. 
  • Submitted the application before 11.59pm on Thursday, 3 March 2022. 

 

Additional team members 


Up to two additional team members may be included in a single Venture Scholarships application.  Team members must meet all of the following criteria 

  • Must be 18 years or older. 
  • A current or former student of a Victorian higher education institution. Former students must be no more than 5 years post-graduation at the time of application. 
    • Team member 1 must be a current or former international student or recent graduate 
    • Team member 2 may be an international or domestic student or recent graduate 
    • Team members must be working on the same business stated in the application 
  •  A Victorian resident. We require participants to be residing in Victoria for the entirety of the Venture Scholarships program (Thursday, 17 March 2022 to end of Friday, 29 April 2022.). 
  • Are committed to developing their business and can participate in-person for the entirety of the Venture Scholarships program (Thursday, 17 March 2022 to end of Friday, 29 April 2022). 

 

Please note, the scholarships will be awarded to individuals or teams of up to 3, based on the details of the application provided.
StartSpace does not take any stake in the business in exchange for the seed funding; equity remains with the founder.

For more information please see the full Terms and Conditions of the scholarships.