Applications are open for the next AlphaCode Incubate program which aims to identify, partner and grow innovative financial services entrepreneurs in South Africa. Successful applicants will receive funding, guidance from performance coaches and a panel of advisory experts, access to AlphaCode’s co-working space and opportunities to apply for further early-stage investment.
The Incubate programme has disbursed R30 million in funding to 31 black-owned financial services businesses over the past five years and is viewed as South Africa’s most prestigious fintech startup initiative.
“At AlphaCode Incubate we know how much determination is required to get an early-stage business or idea off the ground. Entrepreneurs have to overcome many challenges when they first start and it is crucial to know how to navigate these challenges for success. Our mission is to help disruptive, early-stage businesses with pioneering ideas to make a meaningful impact in the financial services industry as we seek the next OUTsurance or Discovery,” says Andile Maseko, head of ecosystem development at AlphaCode.
Applications for this highly regarded program are open until Monday, 26 October 2020, and this year, there will be three phases to the process.
First, thirty applicants will be chosen for the selection Bootcamp, where they will undergo a rigorous selection process that includes presenting deliverables and undergoing a panel interview.
Ten entrepreneurs will then be chosen for a 12-week intensive pre-incubation program valued at R500 000, including R150 000 in grant funding for each participant. This jump-start program focuses on achieving a viable business. It culminates in a demo day, where participants will compete for a place in a 6-month step-up program.
Five start-ups will be chosen to join this program which offers intensive incubation focused on achieving product-market fit, as well as financial viability. Each start-up will receive grant funding of R500 000.
The value of this entrepreneurial package is almost R1 500 000 for each startup. Also, startups will be able to apply for seed capital from AlphaCode’s fund that invests in early-stage startups.
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