R300 000 prizefund for South African start-ups launched


Money may not literally make the world go around, but it sure as hell makes launching a new business easier. So when one of South Africa’s  most generously funded start-up compos launches it’s time to sharpening your pencils for the entry forms. The second annual Startup Knight competition has just kicked off, and budding business folk have until 24th October to get their ideas on paper and stand a chance of winning one of two R100 000 prizes plus another R100 000-worth of marketing back-up.

Sounds good, doesn’t it?

The competition is being put together by Cape Town software company Byte Orbit. Last year’s winner, Easy2Map, went on to receive additional funding from Umbono Google.

The two categories are very distinct. In the first, judges are looking for start-ups that are already coming together that fit the theme ‘Disruption within the South African tech industry’. One winner will receive a cash investment of R100 000, along with business development training and mentorship and PR help to the tune of R100 000.

Byte Orbit will take a 15% stake in the company.

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The second strand is a straightforward idea bounty – the judges are looking for a promising idea that can be turned into a business opportunity, and will reward the entrant with R100 000. Byte Orbit will take 100% ownership of the idea and develop it, and will reserve the right to work with the contestant or not.

The theme for this part of the competition is ‘Moneypulation’ (ouch), and the judges are looking for ideas around finance and tech.

Entries are due by 24th October, and finalists will attend a two day pitching and training session on 1st and 2nd November in Cape Town.

You can find out more with details of how to enter here.

//Update – Martin from Byte Orbit got in touch to clarify the prize structure – originally the article refered to three competition strands, not two.

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