New programme offers over R1 million to whoever can start the next Outsurance or Discovery

AlphaCode has launched its Incubate programme for 2019, offering rewards to South Africa’s top financial services entrepreneurs.

The programme – backed by of Rand Merchant Investment Holdings (RMI), Bank of America Merrill Lynch and Royal Bafokeng Holdings – is looking for applications that could disrupt the financial services sector and grow to create ‘the next OUTsurance or Discovery’.

“The rewards are significant for the final eight businesses selected: a package valued at R2 million each including R1 million in grant funding and R1 million in support services,” Alphacode said.

“This includes mentorship, monthly expert-led sessions, exclusive office space in Sandton, marketing, legal and other business support services as well as access to like-minded entrepreneurs, RMI’s extensive network of thought leaders, potential clients and capital.”

But, the company warned that getting in is tough, with more than 200 startups applying in 2018.

“The programme is for highly motivated South African entrepreneurs and those with potential for entrepreneurship, who want to change the face of financial services,” it said.

“Each business needs to be at least 51% black-owned and operating in the financial services space.

“You could have a business or idea focusing on insurtech, data analytics, lending, savings and investments, blockchain or any other area of financial services.

“AlphaCode looks for strong entrepreneurial teams of two or more people with tech or financial services understanding and a business idea or model that they’ve validated a business case for, at least through some potential customer engagements.

AlphaCode said it will also consider whether it can invest in this business over the longer term.”

Applications close on 18 June 2019.

They will then undergo a tough selection process involving a business review as well as a boot camp for those shortlisted.

The final shortlist of top 16 applicants will stand a chance to impress a judging panel on 1 August 2019 to secure one of the winning programme slots.

You can find out more about the programme here.

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New programme offers over R1 million to whoever can start the next Outsurance or Discovery