Start-up wireless hotspot provider RedButton has won first prize in the Bandwidth Barn`s VeloCITI competition, for increasing its turnover fivefold during the past nine months.
VeloCITI is aimed at growing young ICT entrepreneurs who have great business ideas, but may lack the experience or support to grow the business from an idea into a profit-making business, says the company.
The Bandwidth Barn runs this competition on behalf of the Cape IT Initiative (CITI), with financial support from the provincial government of the Western Cape.
As overall winner, RedButton has won R60 000 worth of prizes, which includes press offices from ITWeb and marketing news service BizCommunity, and public relations support from Sentient Communications. RedButton will also receive R20 000 in cash.
Cape Venture Partners, who co-managed the VeloCITI programme, will assist RedButton and the runners-up with advice on funding. It will also assist them with preparation of their investor pitch package, place a value on the business and introduce them to potential funding sources.
The runners-up were: Freelancentral, Silulo Ulutho and MLT Tech.
Tony Mallam, a partner in Cape Venture Partners, a local venture capital firm, said 16 companies had begun the VeloCITI programme earlier this year and 12 had made it to last night`s graduation.
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