StartSpace is collaborating with philanthropist Lisa Ring and Family to support ambitious new founders with the commitment and drive necessary for their businesses to grow.
The Lisa Ring and Family Scholarships, a first of its kind for StartSpace, are designed to offer seed funding, coaching and support to new business founders in the very early stages of their business journey.
Applications are closed. Applications were open from 8 to 24 November, and were applicable to all Victorian based early-stage founders who are working on their new venture and able to commit to a scholarships program from January – June 2022.
Watch the video to hear Aun Ngo, Community Lead at StartSpace talk about the Lisa Ring and Family Scholarships.
The Scholarships program
There are two Lisa Ring and Family Scholarships to be awarded this year. The Scholarships include a 6-month tailored mentoring and coaching program, 6-months of StartSpace Loft membership and $10,000 of seed funding.
Applications and eligibility criteria
Applications for the Lisa Ring and Family Scholarships were open from Monday 8 November to 11.59pm Wednesday 24 November.
We encourage and welcome applications from Aboriginal and Torres Strait Islander people, people from culturally diverse backgrounds, LGBTIQ+ people, and people of all ages 18 and above and all abilities.
To be eligible to apply you must:
- be a current Victorian resident.
- be over 18 years old at the time of application.
- be working on a lawful, early-stage business or startup idea.
- have your application received within the published application dates.
- have completed and provided all requested information.
- be able to enter into a scholarship agreement no later than 13 December 2021, for the period of January to June 2022.
As part of the application you submit, you will provide a pitch proposal to tell us about your new business.
When assessing the applications, the selection panel will focus on the following criteria (% weighting in brackets):
Market & problem (20%)
- Tell us about your specific target audience and the problem you are solving for them.
- Can you show how well you know the audience and problem you are trying to solve?
- Explain how your offering, service, or product solves this problem.
- Can you show how your solution addresses the market & problem e.g. product market fit.
- Describe how you are particularly setup for success to deliver your solution.
- Why are you best placed to deliver on this idea e.g. lived experience, networks, knowledge?
- Demonstrate to us what have you achieved so far.
- What evidence can you show even at this early stage.
- How would this scholarship and investment change the runway of your business?
- How much of a difference would this make to what you are trying to achieve?
Other key information
The following individuals and/or organisations are ineligible to apply for the Lisa Ring and Family Scholarships:
- Founders of established businesses or startups deemed too advanced and no-longer early stage.
To determine early-stage we are guided by the definitions in :
- City of Melbourne’s Startup Action Plan (PDF – page 41, Welcome/Found), and
- LaunchVic’s Startup Framework (PDF – page 14).
Please note, the scholarships will be awarded to individuals – though there will be options provided to have co-founders or team members of the scholarship winners join the scholar in the StartSpace Loft coworking space.
StartSpace does not take any stake in the business in exchange for the seed funding; equity remains with the founder.
About the Scholarships
Lisa Ring is a philanthropist, with a family office that has generously donated to provide Scholarships to help develop and give confidence to new and early-stage founders.
The majority of seed funding and support across the startup ecosystem tends to be aimed at more established and growing / scalable startups, which is why Lisa Ring and Family decided to work with StartSpace, to focus support for founders that have a great business idea, yet are still just starting out in establishing their new business.
The scholarships aim to help your business advance to the next stage in your journey and give you confidence for future success.