The SA Innovation Summit and the SA SME Fund have launched the Andza competition which aims to give startups a chance at netting up to R10-million worth of investment and acceleration support.
In a statement today (6 May) the SA Innovation Summit said the winner of the competition will receive a R250 000 cash prize, while two runners-up will each receive R125 000.
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Andza (a Xitsonga word that means to “grow and multiple in great numbers”) will focus on seed, venture and growth stage businesses. Entries for the competition close on 19 July.
The Andza competition will focus on seed, venture and growth stage businesses
The competition will also entail a roadshow that will seek the most innovative and talented entrepreneurs in top incubators and accelerators around the country.
The competition’s top 10 finalists will be invited to pitch their businesses to a panel of industry leaders at the 2019 SA Innovation Summit which takes place between 11 and 13 September in Cape Town.
Those startups selected through the competition will be able to tap a pool of up to R10-million worth of acceleration support and funding offered by SA SME Fund partners Knife Capital, 4Di Capital and Savant Capital.
SA Innovation Summit general manager for projects Kanina Foss explained that the number of startups who would be considered for the R10-million pool of acceleration support and funding would be up to the selection panel.
The number selected would be dependent on the startups meeting the investment readiness criteria and acceleration and investment requirements, she said.
Commenting in the same statement, SA Innovation Summit chairperson Audrey Verhaeghe said she was “thrilled” to collaborate with the SA SME Fund.
She said the partnership enhances the summit’s footprint as a “giant accelerator” for the economy.
“We link startups and entrepreneurs with markets and funding. The Andza competition is the vehicle that takes this impact to the next level, ” added Verhaeghe.
Featured image: WOCinTechChat via Flickr (CC BY 2,0)
