June 22, 2023

iAccelerate launches scholarship drive to help women in business thrive

Business incubator aiming to boost the number of women from diverse backgrounds founding and leading companies

Do you have a business idea but are not sure how to get it off the ground? Are you working to help your community and would benefit from the tools and knowledge to have a greater impact?

iAccelerate, the University of Wollongong’s (UOW) business accelerator and incubator, has launched a new scholarship program to help women bring their business ideas and community initiatives to life. The unique program is open to all women, but is particularly aimed at women from diverse communities, including Indigenous, Culturally and Linguistically Diverse, and refugee backgrounds who are looking to embark on their entrepreneurial journey.

The iAccelerate LIFT Scholarship Program for Women will allow women to join iAccelerate’s Activate program and gain vital entrepreneurial skills for their business and community initiatives. These have been made possible from the funding from the Department of Industry, Science, Energy and Resources Women in STEM and Entrepreneurship Round 4.

The business incubator is continuing its strong track record in supporting women entrepreneurs, with more than 50 per cent of their companies having at least one active woman founder.

iAccelerate Director Dr Tamantha Stutchbury is thrilled to see this investment in women’s entrepreneurship in the Illawarra. She said the funding will allow iAccelerate to take its support of women in business to the next level and boost its number of female founders.

“We know there is a multiplier effect of intersectional barriers to participation, development and leadership of girls and women in STEM education, careers, innovation and entrepreneurship,” Dr Stutchbury said.

“We want to ensure that talented women have equal opportunities to excel in entrepreneurship. By supporting their start-up aspirations with our Activate Program and providing additional mentorship and support, we hope to contribute to their success and foster a more diverse and inclusive entrepreneurial community.

“The LIFT Scholarship Program is open to all women, but we would really love to see among the applicants women from diverse backgrounds. We want to help unlock the incredible potential that exists in these communities and drive the entrepreneurial spirt in women who might not have thought that bringing their ideas to life was possible.”

UOW Vice-Chancellor and President Professor Patricia M. Davidson said the LIFT program will provide a vital pathway for women to develop their business ideas further and to see themselves as entrepreneurs.

“We know that women have incredible, innovative ideas but often don’t know how to bring those to life. The LIFT program is based on the idea of ‘lift as you climb’, and we truly take those principles to heart. We want to empower women to become entrepreneurs, to seize every opportunity, and to gain from connections, mentorships, and networking. This scholarship program will lay the foundation for that.

“I hope the long-lasting impact of the LIFT program will translate to more women creating companies, jobs and innovations that will not only benefit the Illawarra but the whole of Australia.” 

^{Yunjia Lei and Joshua Thompson are co-founders of a digital personal assistant for people who are visually impaired.} 

Yunjia Lei knows how valuable a scholarship can be in helping to bring an idea to life.

The UOW PhD candidate and young entrepreneur is part of a cohort of women who have benefited from the skills, experience, and financial support of iAccelerate.

For Yunjia, who along with co-founder and fellow PhD candidate Joshua Thompson, has conceptualised and developed a digital personal assistant for people who are visually impaired, a scholarship has been integral in supporting her on her entrepreneurial journey through iAccelerate’s Activate Program.  

“I am incredibly grateful to have been awarded a scholarship by iAccelerate, which has allowed me to participate in the Activate program. This course has been very helpful in enhancing my understanding of determining market fit, evaluating our idea, validating it with potential customers, and making necessary pivots to reach the point of developing a pitch,” Yunjia said. “Now, equipped with this knowledge and experience, our team is prepared to take our prototype to the next level.”

Applications for the next round of the LIFT scholarships close on 10 July with the Activate Program to begin on 2 August. To apply visit iaccelerate.com.au/apply and complete the application form.