AlphaCode wants to find the next OUTsurance or Discovery – this the aim of their latest AlphaCode Incubate initiative.

So much so that the incubator is extending the application date for entrepreneurs a further week, with the initial closing date of 31st August now pushed back to 7th September. The programme will then begin on 1st November 2018.

For those unfamiliar with the initiative, the Rand Merchant Investments-led (RMI) incubator also has some deep coffers, with R16 million being put aside as the company tries to identify the next generation of financial services entrepreneurs and startups.

“The RMI board believes it is important to identify, partner and grow the next generation of financial services entrepreneurs so that the group can continue its legacy of innovation with businesses like Discovery, OUTsurance, MMI and FirstRand,” explains Dominique Collett, head of AlphaCode and RMI senior investments executive.

A total of 16 businesses will be invited to pitch for one of eight spots in the AlphaCode Incubate initiative, with the successful businesses taking part in a 12-month long programme and an entrepreneurial package of R2 million each.

To date 90 applications have been made for the AlphaCode Incubate initiative, which triples the number of applicants for last year’s programme. Given that more is on offer, and AlphaCode’s ambitions for the programme have increased as well, the stakes are far higher, says Collett.

If for whatever reason you have not applied yet, you now have an additional week before the chance to secure R2 million for you business is gone.