AlphaCode is inviting financial services entrepreneurs and fintech start-ups to apply for its R10 million incubation programme, announcing that applications are now open.
AlphaCode is an incubation, acceleration and investment vehicle for early-stage financial services businesses, powered by Rand Merchant Investment.
The Alphacode Incubate initiative aims to identify, partner and grow innovative financial services entrepreneurs.
The successful applicants will receive 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.
“At AlphaCode Incubate we know how much determination is required to get an early-stage business or idea off the ground. Entrepreneurs have to overcome many challenges when they first start and it is crucial to know how to navigate these challenges for success. Our mission is to help disruptive, early-stage businesses with pioneering ideas to make a meaningful impact in the financial services industry as we seek the next OUTsurance or Discovery,” says Andile Maseko, head of ecosystem development at AlphaCode.
AlphaCode’s Incubate initiative, which has been running over the past five years, has disbursed R30 million in funding to 31 black-owned financial services businesses.
According to a statement, there will be three phases to this year’s programme. First, 30 applicants will be chosen for the selection bootcamp, where they will undergo a rigorous selection process that includes presenting deliverables and undergoing a panel interview.
Ten entrepreneurs will then be chosen for a 12-week intensive pre-incubation programme valued at R500 000, including R150 000 in grant funding for each participant. This jump-start programme 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.
Five start-ups will then be chosen to join the programme, and will be offered intensive incubation focused on achieving product-market fit, as well as financial viability. Each start-up will receive grant funding of R500 000.
The value of this entrepreneurial package is almost R1.5 million for each start-up. In addition, start-ups will be able to apply for seed capital from AlphaCode’s fund that invests in early-stage start-ups.
For more information on how to apply, click here. Applications are open until Monday, 26 October.