Silicon Valley comes to Jozi
“Globalise Silicon Valley,” this is the goal of IT incubator, the Founder Institute (FI), now launching in South Africa.
An early-stage start-up accelerator and global launch network, the FI is assisting entrepreneurs in more than 50 cities around the world – including emerging markets like South Africa – create meaningful and enduring technology companies.
Over the last three years, it has had a hand in launching more than 650 new businesses.
The local chapter, steered by director Keith Jones, is in the process of preparing for its first full length programme, scheduled to commence 28 May 2013 in Johannesburg.
Jones, an established IT entrepreneur himself, feels this kind of venture is long overdue and ideal for the local market where there is such tremendous entrepreneurial spirit.
“Ideas generated here in our own back yard are making an impact around the world, particularly in the IT sector,” he said. “What we lack is a vehicle to help bridge the gap between concept and going concern. The FI provides just the right level of support and guidance to help potential founders take that leap.”
The FI applies proven methodologies to identify and nurture potential start-ups. Its intensive 15-week programme is carefully structured to maximise exposure to critical skills, best business practice, and real-life mentorship that is relevant to the local IT sector.
Director Odette Jones, a specialist in human capital development explains why the FI’s unique approach to identifying and nurturing raw talent is so crucial for successful incubation.
“As important as business skills are, successful entrepreneurs have to have that essential ‘X Factor’ to stand out from the crowd. The FI applies a combination of online aptitude and personality tests to all potential applicants, and only those that display optimal results in this testing phase are accepted into the programme where they are nurtured and coached according to the FI formula.”
This formula has an extremely high success rate with proven results. “Of the Founders who graduate, more than 80% will go on to get funding and become successful business owners,” said Jones. “That is our end game – to assist talented individuals with great ideas realise their dream of starting a sustainable business.”
Prospective Founders will have the opportunity to meet the team and ask any questions they may have at the upcoming launch event on 13 March at the The Gordon Institute for Business Science (GIBS).
There will be a series of information sessions leading up to the programme’s commencement in May.
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