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Global accelerator Startupbootcamp has announced the launch of its first African-based programme in Cape Town with the aim of accelerating 10 startups from September. The announcement was made yesterday.
The three-month bootcamp, backed by BNP Paribas, the RCS Group and PwC, is open to startups that focus on a number of sectors. These include: blockchain, connected devices, payment solutions, asset management, ecommerce, alternative financing, identity management, data and behavioural analytics, digital connectivity, enabling technologies and integrated supply chains.
Ten successful applicants selected for the programme will each be awarded EUR€15,000. Selected participants will also receive free office space, convertible notes, access to funding as well as access to a network of partners and venture capital (VC) funds.
Though there is no upfront cost for those startups that participate in the programme, the accelerator will take an eight percent equity stake in each participating businesses.
The bootcamp will also bring together a network of mentors and experts from various industries — including banking, insurance, consultancy, leasing and technology — to help guide those startups chosen for the programme.
‘Having a team, a prototype, some sort of traction are all highly desirable’
Sam Ahmed, Startupbootcamp global public relations manager, said the programme would use a “highly” competitive application process.
“All applications are evaluated based on various criteria, however, having a team, a prototype, some sort of traction are all highly desirable. Naturally, they also have to be working on tech solutions,” said Ahmed
Those startups that qualify will be asked to present their ideas in a series of pitching days between May and July.
Commenting on the Cape Town launch Startupbootcamp joint MD Philip Kiracofe said the African tech and digital landscape is growing exponentially.
“Cape Town is one of the most vibrant and creative hubs on the continent and we are both excited and humbled to contribute by attracting global expertise here.”
The Western Cape Minister of Economic Opportunities Alan Winde said Startupbootcamp’s decision to launch its African programme in Cape Town demonstrated the business confidence the programme has in the Western Cape, adding that the region has emerged as a centre for venture capital activity in South Africa.
Startups that wish to apply for the programme must apply by 9 July and follow the application process.
Featured image: Startup Mena via Flickr