SBE Australia will expand its services supporting women entrepreneurs in Victoria thanks to support from LaunchVic.
The state government-backed startup agency is provided a $100,000 grant towards the development of SBE Advisory, to ensure that women-led businesses are receiving much needed independent, bespoke advice and more tailored solutions needed to amplify their growth and scale.
As part of the investment, Sydney-based SBE will set up shop in Victoria when SBE Advisory officially launches in early 2024.
SBE Australia has launched a new advisory model to connect high potential female-founded businesses with the services they need for high growth in a partnership with professional services firm BDO.
SBE CEO Nicole Cook announced the creation of the SBE Advisory Collective, a services marketplace in a partnership with professional services firm BDO earlier this year. It was a response to reports the organisation commissioned last year, which found that between 2017 and 2021, just 3.7% of private sector funding secured by startups went to solely women-founded companies. That figure plummeted to 0.7% in FY22.
SBE Advisory is a for-purpose, for-profit consultancy that builds on the SBE Advisory Collective, offering more comprehensive and targeted solutions to help founders accelerate their scale-up potential. It will be provide consulting services and capital raise preparation support leveraging 10 years of expertise and our extended network of providers.
Cook said it also provides a means to ensure SBE Australia’s not-for-profit mission is continued in a financially sustainable way.
“SBE’s central mission has always been to multiply the growth of women entrepreneurs, and with SBE Advisory, we’re thrilled to be taking that to the next level as part of a comprehensive new strategy that will fully launch in 2024,” she said.
“We look forward to setting up the new SBE Advisory in Victoria and sharing more about its role and purpose in the new year.”
LaunchVic CEO Dr Kate Cornick, said the agency was thrilled to provide a cornerstone grant to establish SBE Advisory in Victoria.
“LaunchVic shares SBE’s belief that supporting women founders is integral to the success of the entire startup ecosystem,” she said.
“Diversity breeds innovation and upskilling women founders brings new perspectives, untapped talent and opportunities for growth.”
LaunchVic recently backed its 29th women-led startup in 29 months from the $10 million Alice Anderson Fund for female founders – corporate gifting startup Elliephant.
Cook said SBE Advisory, backed by LaunchVic, will continue to target the market gap women entrepreneurs struggle to bridge when seeking out advice and funding, as they look to grow their businesses from start-ups to scaleups. More details on SBE Advisory will be announced over summer.