A growing number of Canberra entrepreneurs are trying to build successful startups while remaining based in the ACT, but many say access to investment capital remains the biggest challenge.

The article highlights several local founders who are balancing ambitions for global growth with a desire to keep their businesses connected to Canberra.

Pharmacist Alicia Martin, founder and chief executive of medication-tapering app Tapeamate, explained that the idea for her startup emerged after seeing patients struggle to reduce or stop medications safely.

Inspired by online health forums and symptom-tracking apps, she developed a platform aimed at providing evidence-based support for people tapering medications.

Together with co-founder Christian Town, she has secured grants to launch the app and attract early paying users, but the company is now seeking around $500,000 in funding to expand.

Martin said she would prefer to keep the business in Canberra because of the support she has received locally, although she acknowledged that larger funding opportunities elsewhere could eventually influence that decision.

The article contrasts this approach with entrepreneur Annie Liao, founder of artificial intelligence startup Build Club, who relocated to San Francisco after receiving backing from a Sydney venture capital firm.Liao believes the concentration of investors, founders and technology expertise in the United States offers greater opportunities for rapid growth.

Defence startup founder Daniel Stevens also noted that Australian investors generally operate with less available capital and tend to be more cautious than their American counterparts.

However, he stressed that founders should focus on finding investors who align with their company’s mission and can contribute expertise as well as funding.

To help retain local startups, the ACT-backed investment fund ACTivate Capital has launched with $23 million in funding, including $10 million from the ACT government.

The initiative aims to help companies remain headquartered and continue growing in Canberra, even if parts of their operations expand interstate or overseas.