A groundbreaking £2 million initiative, the Fortuna Fellowship, targets the development of female entrepreneurs in the West Midlands.
Led by The 51% Club and Midven, this programme offers unparalleled support and investment opportunities for women in business.
Initiative Overview
The £2 million Fortuna Fellowship was launched to empower female entrepreneurs in the West Midlands, focusing on future business leaders. This initiative is a collaboration between The 51% Club and Birmingham-based investment firm Midven, aiming to transform the regional business landscape for women by providing substantial investment opportunities and business development support.
Programme Structure and Offerings
The 12-month growth programme integrates mentoring, workshops, and seminars led by industry experts. It includes an advisory board guiding participants on product testing, launch strategies, and export options. The programme’s structure ensures a comprehensive understanding of each business aspect.
With monthly co-working sessions and a unique residential session on innovation, participants gain continuous support. The initiative concludes with potential equity investment of up to £2 million for successful ventures, contingent on meeting set conditions.
Financial Backing and Objectives
The initiative already secured £1 million from the West Midlands Co-Investment Fund, managed by Midven. Efforts are underway to gather additional support to reach the £2 million target for the fellowship.
By addressing the gender investment gap, the programme seeks to increase the number of funded female-led ventures while enhancing economic growth and innovation in the region.
Addressing Gender Disparities
The West Midlands boasts the highest percentage of female-led businesses outside London at 19.1%, yet investment disparities persist. The Fortuna Fellowship aims to change this by offering equitable opportunities for growth and success to female entrepreneurs.
Statistics show that, despite the high percentage of female-led businesses, all-female founder teams receive less than 1p per £1 of UK venture capital investment, highlighting the need for such initiatives.
By providing targeted resources and support, the Fellowship intends to enable women entrepreneurs to overcome barriers, thus fostering a more equitable business environment.
Collaboration and Vision
The initiative was co-founded by Tara Attfield-Tomes of The 51% Club, alongside Midven, to address the gender gap in investment. Determined to drive lasting change, Attfield-Tomes emphasised the significance of strategic partnerships to advance female-led businesses.
Named after Fortuna, the Roman goddess of fate, the Fellowship aims to replace chance with certainty for women seeking funding. This symbolic choice underscores the programme’s dedication to empowering women businesses.
Rupert Lyle of Midven expressed excitement over the launch, describing it as a pioneering platform for regional female founders.
Future Prospects
Applications for the Fortuna Fellowship are set to open in January, paving the way for a new cohort of promising female entrepreneurs. The initiative’s leaders are committed to fostering a thriving ecosystem for women in business.
The ongoing efforts to secure full funding and support reflect a dedication to creating sustainable opportunities for female-led enterprises in the West Midlands.
Historical Context and Significance
Historically, women have faced significant challenges in securing venture capital. Initiatives like the Fortuna Fellowship represent a critical shift towards inclusivity and equal opportunity in the business world.
The Fortuna Fellowship is set to revolutionize female entrepreneurship in the West Midlands, offering both financial and strategic backing.
This initiative promises to bridge existing gaps in investment and support for women-led businesses, fostering growth and innovation across the region.
