The Softstart Business and Technology Incubator (SBTI) has once again opened up its Seed Fund Competition. "Launchpad 2" is the second running of the competition and promises to be even more successful than the first.
The competition is targeted at entrepreneurs in the information, communications and electronics technology (ICT&E) fields. Those who enter stand a chance to win a prize valued at R150 000, which is made up of R60 000 in cash and R90 000 in Office Suite rental and Coaching services.
Enterprise Development Manager Craig Aaron believes the competition is an excellent springboard or "Launchpad" for ICT&E entrepreneurs.
The prize allows the winner the chance to take a product or service in the ICT&E field to commercialisation, or to build on the success of a value offering that has already been introduced to the market. It is expected that the prize money obtained from Launchpad 2 can be leveraged to obtain additional funding.
Entrepreneurs interested in taking part in the competition should submit an executive summary of their business plan or idea no later than 14 October 2007. SBTI is looking for a concise description that highlights what is unique or creative about the product or service being presented. The summary also needs to show that some market understanding exists and that a clear idea of why customers will buy the product has been established.
Launchpad entrants must also motivate how they will use the R60 000 of seed capital, should they win the competition. "Although we will obviously allow for any changes that need to happen during the commercialisation process, we want to see their initial ideas," explains Aaron. "Ideally, we're looking for a combination of realism and ingenuity."
A full list of the required criteria and conditions of the competition is available from SoftstartBTI and the winners will be announced by mid-November 2007. "We want to make sure we have plenty of time to elicit any further information we need from applicants and to confirm they satisfy all of the entry requirements," Aaron explains.
For more information on the competition criteria, please e-mail Simphiwe Mabaso: simphiwe@sbti.co.za or call Simphiwe on 086 111 5021.
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