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
Feb 2, 2021
Almost 200 fintech businesses applied for the AlphaCode Incubate programme which aims to grow innovative financial services entrepreneurs and find the next OUTsurance or Discovery.
Ten of them have been selected for a development programme that provides funding, guidance from performance coaches and a panel of advisory experts, access to AlphaCode’s co-working space and opportunities to apply for further early-stage investment.
The 12-week intensive pre-incubation programme is valued at R500 000, including R150 000 in grant funding for each participant. This jump-start programme has just begun and focuses on achieving a viable business.
It culminates in a demo day, where participants will compete for a place in a six-month step-up programme. Step-up offers grant funding of R500 000 for each startup and intensive incubation focused on achieving both product-market fit and financial viability.