Applications are open for the second Seed Engine Business Accelerator which is offering R100 000 each for up to ten tech business ideas as well as a 13 week boot camp. The programme offers coaching, mentoring, workspace and access to investors on demo day where more than R2 million per venture can be raised for second round funding.
Seed Engine has already selected six ventures for its first 13 week accelerator boot camp from more than 300 applications which is currently underway in Sandton, Johannesburg with the first demo day taking place on 3 May. A number of these businesses have been selected for international start-up competitions and have started to raise additional capital.
Says Marc Elias, CEO of Seed Engine, “The search is on to find up to ten distinctive and disruptive business concepts. There’s been a dearth of tech start ups in South Africa, but we are turning this around by growing an integrated ecosystem which will contribute to job creation. We are looking for early stage entrepreneurs who have ideas which have international application. Seed Engine is South Africa’s first true business accelerator and we are looking to grow ideas into top commercial realities. We offer entrepreneurs extensive support and access to the right investor networks.”
The Seed Engine accelerator model includes seven main features:
1. A highly competitive application process
2. Seed capital in exchange for equity
3. Focus on small teams, not necessarily one founder
4. Intensive mentoring and coaching and a fixed calendar of events
5. Ten ventures per accelerator programme
6. Introduction to investors for further funding
7. International exposure.
Entrepreneurs can enter by going to www.seedengine.co.za and completing the application process. The next programme begins in June 2013. The application should clarify points of difference, scalability, disruptive strategies and team details.
Seed Engine is a Redwood Capital initiative powered by proud supporters of entrepreneurship, as well as support for employment creation in South Africa.
Investors interested in finding out more about these ventures are invited to Demo Day on 3 May in Johannesburg.
Christo Fourie, Head of the Industrial Development Corporation Venture Capital Business Unit commented, “I was very impressed with the quality of investment pitches made by the Seed Engine ventures. They all made a clear and concise presentation on the uniqueness of their technologies, of what the value proposition is to their respective target markets, of how they intend to access these markets and most importantly of what their revenue models will be. Each one of the ventures has the potential to be a huge success.”
Press statement issued by Seed Engine