Getting your small business or startup off the ground can be one of the most challenging thing of starting a company, but likely there are a number of good people who would like to help out.

mLab Southern Africa, in partnership with the Technology Innovation Agency, yesterday announced that a new fund has been created with the aim of assisting local mobile, sensor or wearable app startups.

With the goal of helping startups develop their concepts to an early stage prototype or minimal viable product, CEO mLab Southern Africa Derrick Kotze said this fund will plug some holes in the startup process.

“This partnership fills a huge gap in the digital innovation value chain by bringing much needed early stage funding to mobile app startups and innovators who need funding to get their ideas and concepts translated into a prototype or MVP (minimal viable product). We believe this will also create more deal flow for next stage investors,” he said in a media statement.

How much money is available here? Well, early stage grants of up to R500 000 will be given to qualifying startups.

“The funding process will include several rounds aimed at assisting applicants to properly define their solution, development and financial requirements and pitching material. This support will be provided at a number of boot camps hosted throughout the year,” mLab explained.

Once that is over, completed cases will then be presented by the startups to a funding panel who will evaluate and approve early stage development grants. To sweeten the deal a bit, funded startups will also receive additional acceleration support from mLab Southern Africa.

“The partnership between TIA and the mLab will assist us in building a pipeline of sound mobile app based innovations, which up to so far have been difficult to assess within our mainstream innovation funding scheme,” concluded Segopotso Moshapo, Head ICT at TIA.