Local industry has joined forces with the Cape IT Initiative (CITI) to support the three top graduate companies in the VeloCITI business acceleration programme next year.
A winner and two runner-up companies will be announced at the graduation ceremony next year based on their performance on the programme as well as their potential for the year ahead.
VeloCITI aims to grow young entrepreneurs and companies who have great IT business ideas, but may lack the experience or support to grow the business from an idea into a profit making company.
The selected companies will receive ongoing business support, including premises in CITI's business accelerator Bandwidth Barn in Cape Town's CBD, from which they will work.
Cape Venture Partners will give the three winners advice on funding, assist them with preparation of their pitch package, conduct a valuation of the business and introduce them to potential financing sources
ITWeb will sponsor the three companies a virtual press office on its technology daily news Web site. Local marketing Web site, Biz-Community, will also give the companies a press office for a full year.
Added to this, the winner will also be given PR support from IT communication specialists, Sentient Communications.
The winner's prize is worth R60 000 and the overall winner will receive an additional R20 000 cash prize.
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CITI is an independent, not-for-profit, development agency supporting the growth of the IT cluster of businesses in the Western Cape. Operating on a business-like basis, the organisation is answerable to its paid-up members and IT businesses and stakeholders. CITI sits at the junction of business, education and government. It is a networking organisation, which unleashes the power of entrepreneurship, community and capital by bringing people and businesses together.
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