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May 14, 2021
South Africa’s best up and coming fintech startups sweated it out at a virtual demo day yesterday where they had just five minutes each to convince a panel of judges that they should be part of the second phase of the AlphaCode Incubate programme.
The 10 startups, which have just completed a three-month programme, competed for one of four places in an extended six-month programme valued at almost R1,5-million each. Their success, which was validated by their ability to get traction in a short time, unlocks further funding of R500 000 each and tailored business support.
Andile Maseko, head of ecosystem development at AlphaCode, comments: “Despite a tumultuous year, a number of entrepreneurs saw how they could fill a gap in the market for financial services and related industries. Those selected in the top four earned the opportunity for further funding and mentorship. The first part of the intensive programme focused on entrepreneurship and refining business models
Providing an online marketplace for emerging farmers – Zamokuhle Thwala, Agricool CEO
Learning from personal experience just how hard it is for a small-scale farmer to secure funding to start and grow a business in SA, KwaZulu-Natal based Zamokuhle Thwala set up Agricool, an online market place that links smallholder farmers and buyers to markets. Thwala has just been awarded the joint first prize in this year’s SAB Foundation Annual Social Innovation Awards, for which he received R1.3 million in grant funding and business support. A total of R12.6 million was given away to 17 finalists. This is one of many prizes that Agricool has recently won, owing to the social impact of their business model. He told BizNews how the Covid-19 pandemic and lockdowns forced him to new thinking – opening new business avenues. Thwala also mentioned that he wanted to make farming cool to a new generation of farmers and that he thinks women make better farmers. – Linda van Tilburg