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Seed Engine wants to give startups a R400 000 boost

Those who have a cracking idea for a new business might want to listen up: Seed Engine is offering a R100 000 capital injection for promising startups, and another R300 000 in commercial services to help get the venture off the ground.

Speaking about the new Seed Engine Business Accelerator, which goes live on the 1st of September, Seed Engine CEO Marc Elias pointed out the five things that make a successful startup:

  • A product or service that is novel or innovative
  • An opportunity – a disruptive response to a market change or the creation of a new market
  • A business model that is tested and validated
  • A team that has the skills to execute
  • A market – understanding of your target market’s requirements and the market’s prospects and limitations

Seed Engine has already added six tech startup companies to its portfolio, including Chowhub and Cirqls, and they’re all in the next rounds of seeking funding from investors.

Commenting on the effectiveness of the Seed Engine programme, Mark Karimov, CEO of Cirqls, says, “The boot camp was very powerful – we were pushed. There’s a tremendous difference doing something on your own and what is possible working with the Seed Engine team which helps turn the obstacles we face into opportunities.”

In addition to the funding and services, start-ups that get selected for the programme will receive mentorship, coaching, and work space. Elias says, “We are looking for entrants for our next programme – early stage tech entrepreneurs who have extraordinary ideas with international appeal and who are ready for a life-changing journey.”

This year, Absa Bank has joined the programme, and will be contributing the startup capital. Trips to Stellenbosch and the UK have also been added, which will expose participants to entrepreneurs, investors, and stakeholders that they can pitch their ideas to. Also part of the programme are University of Stellenbosch, CEDAR, Vumali, and EDFM.

Other corporate partners include Werksmans Attorneys, which will assist with legal compliance and advice; venture capital firms like Grovest and U-Start; Sable Accelerator; Amazon Web Services, which will give each startup $3 000 worth of its services; PKF, an auditing firm; and even Microsoft, which offers its Bizspark package to startups.

 

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