Amy Millman, president of Springboard Enterprises revealed today she is setting up down under with a view to funding progressive businesses to the tune of US$1million each.
In Rio de Janeiro, Brazil, for the second Dell Women’s Entrepreneurs Network (DWEN) conference, Millman told My Business she was looking forward to working with an Australian entrepreneur to start funding companies through Springboard Australia next year.
“We’re looking for businesses that have a technology or a product in life sciences, media or entertainment that makes our lives better, faster or easier,” Millman said.
Springboard focuses only on start-ups that are led by women or have women in senior management.
“There’s plenty of support for male-run businesses. Women are our niche,” she said.
It specialises in identifying and mentoring small businesses in preparation for introduction to institutional investors. The preparation process can take six months, while investors typically seek a 10-fold return in five to seven years.
“Size is not an issue. We are looking for entrepreneurs that think big and want a global market of millions of customers.
“Everyone who has a local focus, we want to be careful about introducing to investors.”
Millman said companies need to be “in production” or further down the product development path: “we don’t want ideas on a napkin”.