BY TOM JACKSON
South African fintech startups have been invited to apply for the ZAR1.5 million (US$100,000) AlphaCode Incubate programme, which aims to identify, partner with and grow innovative entrepreneurs in financial services and related industries.
The AlphaCode Incubate programme is open to entrepreneurs with early-stage fintech or related sector startups, or even ideas for one. Innovative business concepts led by strong entrepreneurial teams can apply before October 31 to benefit from a ZAR1.5 million (US$100,000) entrepreneurial package.
To date, the Incubate programme has disbursed ZAR33,5 million (US$2.25 million) in funding to 41 black-owned financial services businesses over the past six years. It offers funding, guidance from experienced mentors and a panel of advisory experts, as well as access to AlphaCode’s exclusive co-working space.
Eight businesses will be selected to participate in a 12-week intensive pre-incubation programme and each business will receive ZAR150,000 (US$10,000) in grant funding. This pre-incubation programme focuses on how to achieve a viable business model. It culminates in a demo day where participants will compete for a place in the six-month step-up programme.
Four businesses will then be chosen for the six-month intensive incubation programme, which focuses on establishing product-market fit and financial viability and provides each participant with ZAR500,000 (US$34,000) grant funding.
Throughout the programme or after having completed it, participants can also apply for seed capital from AlphaCode’s new seed fund, which invests in pre-seed and seed-stage startups.