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Having received a combined R10-million in investment since its launch last year, the French South African Tech Labs (FSAT Labs), in Cape Town, is seeking its first cohort of digital entrepreneurs. Applicants have until 15 April to apply.
The FSAT Labs has served as an incubator and accelerator for both SA and French entrepreneurs, placing a strong emphasis on black entrepreneurs.
FSAT Lab COO Alexia Vettier told Ventureburn that the French government is helping the FSAT Labs through the French embassy as well as the French tech network.
“Indeed, Cape Town has become a French tech hub since 2016 thanks to Methys, a French private company, that has also invested in the incubator,” said Vettier.
Half the investment had been committed by the Small Enterprise Development Agency (SEDA) with the other half being invested by French agency Methys.
FSAT Labs are looking for innovative startups to join its programme
“The incubation phase of 6 months is totally free for the Startups. We will provide them with a wide range of services: digital services, coaching, mentoring, an access to experts who will support them in different fields either through workshops, or through individual meetings to help them on their specific issue, and also the startups have free access to a co-working space in our premises in Century City,” said Vettier.
Following the completion of incubation FSAT Lab will then dedicate a further 24 months, helping the participating startups mature.
During the acceleration phase the team at FSAT Labs will look to help participants to bring their product to market and to get access to venture capital funds and investors.
“During this phase, all the services provided will be chargeable. The startups will be also supported in their fundraising process and the FSAT Labs will take a percentage of the transaction value,” said Vettier.
The types of eligible startups that the incubator is seeking are those involved in:
- Creating a smart city to improve the lives of those in emerging market countries, through the provision of services such as utility management, risk management and by helping to solve mobility issues.
- Offering smart home utilities and clean tech.
- Developing smart commerce through mobile based commerce user experience and fintech.
- Smart education through digital technologies applied to learning.
- Building smart media with video game design, media, 3D animation, 3D printers and connected objects.