AlphaCode has launched its Incubate programme for 2019, offering rewards to South Africa’s top financial services entrepreneurs.<\/p>\n
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’.<\/p>\n
“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.<\/p>\n
“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\u2019s extensive network of thought leaders, potential clients and capital.”<\/p>\n
But, the company warned that getting in is tough, with more than 200 startups applying in 2018.<\/p>\n
“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.<\/p>\n
“Each business needs to be at least 51% black-owned and operating in the financial services space.<\/p>\n
“You could have a business or idea focusing on insurtech, data analytics, lending, savings and investments, blockchain or any other area of financial services.<\/p>\n
“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\u2019ve validated a business case for, at least through some potential customer engagements.<\/p>\n
AlphaCode said it will also consider whether it can invest in this business over the longer term.”<\/p>\n
Applications close on 18 June 2019.<\/p>\n
They will then undergo a tough selection process involving a business review as well as a boot camp for those shortlisted.<\/p>\n
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.<\/p>\n
You can find out more about the programme here<\/a><\/strong>.<\/p>\n
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