Global small business platform Xero has announced the Xero Beautiful Business Fund will return for the second year in a row, with $700,000 in funding to be shared among 28 winners across the globe.
Last year, Brisbane-based Suitcase Records, NSW volunteer-powered charity We Care Connect, Queensland social enterprise Natura Pacific and Alice Springs landscape design and construction service Rattlepod Landscapes were the four Australian winners of the 2023 Xero Beautiful Business Fund.
The small business fund, which was designed to accelerate and support the future aspirations and growth plans of small businesses and nonprofits globally, was first unveiled in July 2023 with more than $690,000 in funding up for grabs during last year’s round.
Xero CEO Sukhinder Singh Cassidy said the platform is thrilled to offer the Xero Beautiful Business Fund again in 2024.
“The fund is a chance to reflect on our purpose to make life better for small businesses, their advisors and communities around the world and provide meaningful support so our customers can fulfill their dreams or take that next big step with confidence,” she said in a statement.
Entries for the Xero Beautiful Business Fund are now open to Xero customers in Australia, New Zealand, Singapore, South Africa, the United Kingdom, the United States and Canada (excluding Quebec).
The small business platform has confirmed 28 winners will share the total prize pool of $700,000 and there will be four winners from each country and one in each category. Each winner will receive $20,000 and of the 28 winners, four will become global winners and receive an additional $50,000 each.
The 2023 Australian winner in the Innovating for Sustainability category was Brisbane-based vinyl record pressing plant Suitcase Records, which is co-owned by wife and husband team Kathy and Neil Wilson.
Speaking with SmartCompany, Kathy Wilson said the Xero prize money helped the family-run business pay for the first round of imports of a bio compound that will dramatically reduce the carbon output of making records.
Wilson says at the time she thought entering the Xero Beautiful Business Fund would be a perfect opportunity for the business.
“One of the things that we wanted to do right from the start was to be as sustainable as we could possibly be,” she says.
“We had been testing out a new compound that was available in the market that had a 92% percent reduction in each carbon footprint.
“We had tested a few, and we didn’t like them previously, but we had tested this one, and for the first time, we could see that it really had legs and not only was it a more sustainable option, but it also sounded and looked great.
“But as a small business it’s hard to bankroll that. We had to get a minimum run in and our cash flow at the time was tight and it was really difficult for us to afford that.
“When I saw (the fund) go by, I thought ‘wouldn’t it be amazing if we could just get that support and just get that initial order that we could pay for’, and then that kicked us off on our sustainability journey.”
With the Xero Beautiful Business Fund kickstarting Suitcase Record’s mission to pioneer low-carbon compound vinyl records, the business is proud to now be amongst the most sustainable record-pressing plants in Australia and the world.
Xero’s ANZ managing director Anthony Drury said Xero is excited to continue its commitment to supporting and celebrating Australia’s small business community.
“By recognising the innovation, philanthropy and exceptional work of our valued customers, we hope that this year’s Xero Beautiful Business Fund will help four deserving businesses meet their dreams,” he said in a statement.
The submissions for this year’s Xero Beautiful Business Fund will close on August 27, 2024, NZT, with winners to be announced at the end of October 2024.
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