A new £2 million initiative has been launched with the aim of nurturing the next generation of female entrepreneurs in the West Midlands.
The Fortuna Fellowship has been created by The 51% Club, a support group specifically for female business owners, in partnership with Birmingham-based investment firm Midven.
The programme has been set up to find the West Midlands' business stars of tomorrow and will see up to five, female-led ventures potentially share £2 million worth of investment.
Successful applicants will undertake a 12-month growth programme during which they will be partnered with a mentor, attend workshops and hear from industry experts at seminars.
An advisory board will provide the cohort with guidance in areas such as product testing, manufacturing, launch strategies, exporting and investment.
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Specialists will also provide weekly support and there will be monthly co-working sessions and a residential session focused on innovation.
At the end of the 12-month programme, the founders will secure a share of up to £2 million equity investment, subject to conditions.
Funding worth £1 million from the West Midlands Co-Investment Fund, which is managed by Midven, has already been secured. Work is ongoing to secure further backing for the initiative ahead of applications opening in January.
Rupert Lyle, fund principal at Midven, said: "We are excited to launch the Fortuna Fellowship and provide a platform for talented female founders to thrive.
"Our goal is to empower these entrepreneurs and help them achieve their full potential with a programme that's designed to accelerate the growth of their businesses.
"This is unlike anything delivered before in the region and we want this to be a platform for more female-led businesses to thrive."
It is estimated that, at 19.1 per cent, the West Midlands has the highest percentage of female-led businesses outside of London but for every £1 of º£½ÇÊÓƵ venture capital investment, all-female founder teams get less than 1p.
The 51% Club was launched earlier this year by Tara Attfield-Tomes who also runs Birmingham-based PR agency East Village.
She said: "I am so proud to be partnering with Midven to launch The Fortuna Fellowship and I know the vital role that this will play in starting to address the gender investment gap.
"I'm determined to work alongside brilliant partners like Midven who want to see the dial move for once and for all.
"We've purposely named this initiative after Fortuna, the Roman goddess of fate, because we no longer want to leave it to chance for women to secure the investment they need."
