European micro seed fund Seedcamp has short-listed 11 South African technology start-ups to possibly attend the Seedcamp Week programme, held in September, in London, where they will be in line for a potential EUR50 000 investment.
Seedcamp recently put out a call for applications for funding and received over 40 entries from technology start-ups across SA.
“Seedcamp has always had an interest in the entrepreneurial scene in Africa, and feels it is very under-represented throughout the EMEA region. We feel it is the right time for Seedcamp to help unearth some real entrepreneurial talent we know is just itching to get noticed, and become part of the wider entrepreneurial community,” says Reshma Sohoni, CEO of Seedcamp.
At the Tech4Africa Conference, being held in August, the selected companies will have the opportunity to pitch their businesses to a group of people connected to powerful investors, mentors and start-ups throughout EMEA, with one team being chosen to take part in Seedcamp Week, in London.
“Once a team is selected for our annual Seedcamp Week, in September, we will bring them together with the other top start-ups, creating a network effect with other entrepreneurs at a similar stage, and with a further 300 world-class mentor networks, venture capitalists, investors and product specialists,” explains Sohoni.
“At the end of this week, the top teams selected will then benefit from a further intensive three-month support programme, where we work closely with teams to develop their business and ideas,” she continues. The three-month support includes a great deal of focus on mentorship, from the Seedcamp team and the network that stretches across the US and Asia.
Stiff competition
To get to the next leg of the programme and one step closer to securing the funding, the selected entrepreneurs will have to prove they are motivated to change big issues in the Internet technology space, explains Sohoni.
The companies will not only have to bring something new to the table, but will also have to offer real businesses and products instead of mere features. Innovation is key, she notes.
“Besides the abovementioned criteria, we also make sure that the companies selected for Seedcamp Week are 'investable', so the differences are mainly legally orientated. The decision is therefore mainly based on the selection of the best suited company from the group of participants,” concludes Sohoni.
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