Questions from the Information Session recorded 6 September 2024 >> watch here.
There are two scholarships offered in 2025 (and has been the case from 2022 to 2024 also).
The scholarship is awarded to the primary applicant of the selected application, so there will be two early-stage businesses or ventures selected for scholarships. However if you apply with a co-applicant and are selected, both co-founders named in the application will be named as scholars and will share the benefits including the seed funding, the mentoring and coaching and each will have membership included for the StartSpace Loft coworking space.
You can view the recording of the information session here.
It is optional for you to submit a pitch video or slides as part of your application so you are not required to. In terms of meeting the selection criteria you are able to do that simply by providing detail in the mandatory questions asked in the application. The video and or presentation slides merely offer you alternative ways to address the selection criteria.
The best thing for you to consider is what is the best way for you to communicate to the selectors all of the key information about your business or venture in terms of addressing the selection criteria.
The criteria for traction is merely asking you to communicate the steps you have taken and the progress you have made so far in your journey developing this idea / business / venture.
What is best to focus on is outlining what you have set our to achieve, and what steps you have taken so far, and what you are planning to do next.
StartSpace staff will run initial assessment on all eligible applications received based on the criteria in Section 1 and Section 2, and select a shortlist of up to 10-12 applications for consideration by a selection panel. The selection panel may include the philanthropist Lisa Ring, representatives from the StartSpace Sub Committee, State Library Victoria Board and a StartSpace team member.
Yes you can. To be considered for the scholarship you need to be able to demonstrate an ongoing commitment to the startup or venture.
This includes requirements explained in Section 1: Eligibility Criteria in the Terms and Conditions for the scholarship, including in person meetings, reporting requirements and working towards progressing the venture on the equivalent of a weekly basis.
The scholarships are open to all lawful products, services, ventures, fields and ideas, there are no guidelines or restrictions in regards to specific industry or type of business / idea. What matters is how well you articulate your idea or solution, the problem you are trying to solve and who will benefit from it, the progress you have made so far and what you are planning to do over the next 12 months.
Yes they can. Any venture or startup that meets the criteria of being ‘early stage’ can apply for the scholarship.
There is no directive for the Lisa Ring and Family Scholarships to prioritise any particular sector, industry or type of offering.
The LaunchVic definition helps to define the different general stages a new business or venture goes through. It is used as a reference in the eligibility criteria to be considered for the Lisa Ring and Family Scholarships, however the scholarships are not restricted to startups only. Question 14 in the application asks How is your service or product going to solve this problem (referring to the problem you have outlined in previous questions)? What’s new and innovative in your solution? So it invites you to focus your response on both the solution and innovation your venture is developed from.
Lisa Ring Scholarship Application – Eligibility questions.
To be eligible to apply you must:
- be a current Victorian resident.
- Able to commit to being a Victorian resident for the duration of the program.
- be over 18 years old at the time of application.
- be working on a lawful, early stage business or startup idea.
- have your application submitted within the published application dates.
- have completed and provided all requested information.
- be able to enter into a scholarship agreement for the period for 2025, by no later than 25 October 2024.
For more information on eligibility see the full Terms and Conditions here.
Not sure if your business counts as early stage? We use the definitions in LaunchVic’s Startup Framework (PDF – page 14).
One aim of these scholarships is to provide seed funding, tailored mentoring and support to business founders at the start of their business journey, as a majority seed funding and support across the startup ecosystem tends to be aimed at more established and growing / scalable startups.
The scholarships are designed to support businesses at idea stage or just starting out with their Minimum Viable Product (MVP) that are pre or low-revenue.
Scholarship are for individuals or teams of up to 2 people for the duration of the scholarship – subject to meeting application eligibility and selection criteria and approvals.
Scholars will work with StartSpace staff to create goals and milestones at the beginning of their scholarship from January 2025. Continued funding and participation in the program will be conditional upon being able to demonstrate meeting the goals, milestones and other reporting requirements outlined in the Terms and Conditions.
If you have a co-founder we recommend you choose one of you to be the primary applicant and one to to be the co-applicant and put your effort into one application. If you are awarded a scholarship you will both be able to take advantage of the key benefits.
Yes you can. In that case, amongst your team you would need to select one person to lead on the application and be named as the primary applicant, and you have the option of adding one other team member as the co-applicant.
However if awarded the scholarship, only the two team members included in the scholarship application will be able to take advantage of the desks in the StartSpace Loft Co-working space and the bespoke mentoring and coaching as part of the scholarship benefits.
If you are awarded the scholarship you will need to be available for the scholarship presentation at the scholarships Breakfast Celebration Event on 31 October 2024 held in StartSpace.
You will also need to be available for your in-person introductory meeting with a StartSpace team member including your StartSpace Loft induction in January (at a date to be agreed with the StartSpace team), as well as other commitments through the scholarship program that will be outlined to you if you are selected for a scholarship offer.
Lisa Ring Scholarship Application – Selection criteria questions.
The full details of the judging criteria are included in the Terms & Conditions – please make sure you read those before you apply.
Below are the things to consider for each criteria when you are preparing your answers. Aim to give as much detail as you can within the word limit. Feel free to use bullet points where appropriate and summarise key information in your answers.
1. Market & problem (20%)
- What is your business idea / business model?
- How did you come up with it?
- Can you demonstrate a clear understanding of: target customers, the problem you are trying to solve and the addressable market for your business?
2. Solution & Innovation (20%)
- Demonstrate how your service or product solves this problem for customers or fills a demand in the market? (i.e. product market fit)
- What’s new and innovative in your solution?
3. Founder Strength & Fit (20%)
- Demonstrate how you (and Co-applicant if applicable) are particularly setup for success to deliver your solution – why are you best placed to deliver on this idea e.g. lived experience, skills, networks, knowledge.
4. Scholarship Impact (30%)
- Describe how this Lisa Ring & Family scholarship and its benefits will change the runway of your business?
- How much of a difference would this scholarship make to what you are trying to achieve?
5. Traction (10%)
- Demonstrate what you have achieved so far and what goals have been set to be undertaken in the next 12 months?
The scholarships are open to all fields and ideas, there are on restrictions in regards to specific industry or type of business / idea. What matters is how well you articulate your idea or solution, including the progress you have made so far and what you are planning to do over the next 12 months.
StartSpace staff will assess all eligible applications based on the criteria in Section 1 and Section 2 and select a shortlist of up to 10 applications for consideration by a selection panel which may include the philanthropist Lisa Ring, representatives from SLV Board and StartSpace staff.
The submission of a pitch video or slide deck in Question 19 are optional. These supporting documents should be hosted on YouTube / Vimeo or in a Google drive or equivalent with the link to access the file(s) are included in your application. Please ensure the files have no access restrictions.
In Question 17 of the application the question asks: If your application is successful, what would you do with the scholarship funding and bespoke support? How will this change the runway of your business? Please provide a short outline of the stages and key targets you would like to achieve in the 6-12 months period. [up to 200 words]
So we recommend you supply some brief details as to what you would like to spend the money on, and how it will allow you to work towards your goals and the steps you are looking to achieve.
There is no specific restriction on what you plan to use the money for as long as you can demonstrate how it will allow you to help achieve your goals.
Question 16. Asks: What progress or traction have you achieved so far? [up to 150 words]
It is important to outline within the word limit any key progress or milestones you have made with your business so far. It does not matter specifically where you are in your early stage, for example if you are working on your minimum viable product, have recently launched or still researching to validate your solution. It is important that you can effectively communicate the steps you have taken and why they are important or significant in your progress.
The main selection criteria based on impact is looking for you to outline what impact the benefits will have on you and your business in terms of what it will enable you to do and how it will help you achieve your goals.
However if your business progress has had or will have a knock-on effect to your community for example, you can also include that / explain that impact in your application response within the word limit.
Lisa Ring Scholarship – Application – general questions
To apply you need to complete and submit the online application form by 11.59pm on Sunday 15 September 2024. Please note that applications for the 2025 scholarships are now closed.
Applicants can indicate any specific access requirements as part of their application. Enquiries can also be made to staff via [email protected].
The option to submit responses to the application questions in video or audio format is available for those with access requirements. Please contact [email protected] to discuss before submitting via video/audio.
There are 22 questions to answer in the form.
We recommend you read through the form and construct and save your answers in a separate document before completing and submitting the application form. Please make sure you pay attention to any word limits supplied within the question.
There are no application fees or equity taken in order to take part in the scholarship.
Please contact us at [email protected] if you want to discuss any barriers to your participation.
Applications were open until 11.59PM Sunday 15 September AEST. Please note applications are now closed – no late applications will be accepted.
The submission of a pitch video or slide deck in Question 19 are optional. These supporting documents should be hosted on YouTube / Vimeo or in a Google drive or equivalent with the link to access the file(s) are included in your application. Please ensure the files have no access restrictions.
There are 22 questions to respond to in the application form. Some of the questions have word limits for the answers (usually 150 or 200 words, which it will state in the question). Please follow the instructions for each question.
If you are submitting a pitch video as part of Question 19 the pitch video needs to be no longer than 3 minutes.
If you are submitting a slide deck presentation as part of Question 19 it needs to be no longer than 10 slides.
No, you do not need to be a member of StartSpace to be eligible to apply for the scholarships.
In the application form, there is no specific requirement to submit a finance report or projections on your business.
However Question 17 does ask you to outline how you would use the scholarship funding? – So you will need to outline what you would use the scholarship funds for and how you think that will help you reach your goals.
The Terms and Conditions State the following requirements:
- Able to commit to being a Victorian resident for the duration of the program;
- Committed to in-person attendance at the scholarship presentation at a date to be confirmed in late October or November 2024.
- Committed to reporting duties, including delivery of:
- A Progress Update Report (mid-term report) by May 2025,
- A Final Scholarship Report (end-of-term report) by October 2025
- Committed to join quarterly check-in meetings with StartSpace team including an introductory meeting in January 2024.
You will have some commitments such as those above where you will need to be in Victoria and able to come into StartSpace. You will get more information about the commitments if you are contacted about being shortlisted or awarded. It is possible to spend time overseas during the scholarship program as long as you are meet the main commitments and are based in Victoria for the majority of the program period.
There is nothing specific that has caught people out in applications in the past. However the Terms and Conditions go into more detail about the expectations, eligibility and selection criteria than the main web page, which is why we emphasise the requirement to read it.
You will be contacted no later than Monday 28 October with an update on your application.
The winners will be announced at the scholarship presentation at a date to be confirmed in late October or November 2024.
Lisa Ring Scholarship – Questions about the program and benefits
There are two scholarships available to be awarded for 2025, to either solo founders or teams of two (a Primary applicant and Co-applicant for each of the two scholarships).
The scholarship was designed to allow scholars to give more time and focus on their business over a 12-month period.
The seed funding could be used to fast track business growth, develop your business or product further or alternatively be used to cover other costs associated with focusing on your business (such as helping with living expenses and transport).
Part of the scholarship includes a bespoke program of support which may include mentoring, coaching, training, conference, events and StartSpace Loft membership for up to 2 team members (the primary applicant and the co-applicant).
The StartSpace team will work with the scholars to plan and develop a tailored program focused around what the scholar is looking to achieve with their business.
Yes you can. To be considered for the scholarship you need to be able to demonstrate an ongoing commitment to the startup or venture.
This includes requirements explained in Section 1: Eligibility Criteria in the Terms and Conditions for the scholarship, including in person meetings, reporting requirements and working towards progressing the venture on the equivalent of a weekly basis.
Lisa Ring Scholarship – Other general questions
Applications were open until 11.59PM Sunday 15 September AEST. Please note that applications for the 2025 scholarships are now closed and no late applications will be accepted.
No, you do not need to be a member of StartSpace to be eligible to apply for the scholarships.
There is nothing specific that has caught people out in applications in the past. However the Terms and Conditions go into more detail about the expectations, eligibility and selection criteria than the main web page, which is why we emphasise the requirement to read it.
You can contact the StartSpace Team with questions about the Lisa Ring and Family Scholarships by email at: [email protected] or phone: 03 8664 7111.
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