South Africa’s Seed Engine Business Accelerator is looking for prospective tech businesses for its next programme. Seed Engine will be accelerating six new startups starting 1 September that will get the chance of receiving R100 000 startup capital plus over R300 000 in services. These selected ventures are also given relevant mentorship, coaching and workspace.
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CEO of Seed Engine Marc Elias says that he’s looking for early stage tech entrepreneurs who have extraordinary ideas with international appeal and who are ready for a life-changing journey.
Elias notes that certain pillars need to stand out when applying to the Seed Engine programme: The prospective business most have a product or a service that is novel and stands out. It also needs to have a clear opportunity meaning creating a disruptive response to a market change or the creating a new market. This market needs and limitations needs to be understood. A tested business model that is validated is also very important as well as having a skillful team to back your company.
All six participating startups from Seed Engine’s first accelerator programme earlier this year are currently in advanced negotiations with next round funding from investors. Some of these startups include IntelliCred, which is an online brand protection and authentication business and Cirqls , which aims to bring trust into the online shopping experience via social networking elements.
Mark Karimov from Cirqls says that “there’s a tremendous difference doing something on your own and what is possible working with the Seed Engine team which helps turn the obstacles we face into opportunities.”
Investors and partnerships include well-known names both locally and internationally. South African bank Absa has joined the new programme in contributing operating capital as well as traveling costs locally and internationally. Based in Silicon Valley, Sable Accelerator has also apparently built a strong relationship with Seed Engine.
Demo day will be held in November this year where investors are encouraged to join. Elias says that “demo days provide investors with an opportunity to get involved in high growth startups at a very early stage. The Seed Engine programme has been developed to cater for these investors needs, advancing each venture to states of investor and growth readiness.”