The Venture Incubation Programme (VIP) has officially opened applications for 2018. The initiative has helped over 30 start-ups in the past two years and is run by telecoms giant MTN and the Solution Space at the University of Cape Town's Graduate School of Business (GSB).
Valued at over R300 000, the programme offers start-ups mentorship, workshops and industry expertise to help develop new ventures and validate business models, as well as access to funding, networks, exposure and recognition.
"We call on digital start-ups from all over Africa who are looking to get a foot in the door to take advantage of this amazing opportunity," says Sarah-Anne Alman, manager of the Solution Space.
"The idea is to inspire, nurture and equip the next generation of entrepreneurs to build a better future for the African continent."
She acknowledges that the first 90 days of a start-up are the hardest and when entrepreneurs are least supported.
"This programme is geared to present entrepreneurs with all the tools needed to implement their ideas and bring them to fruition," Alman adds.
Since its inception in 2016, VIP has supported various successful businesses, such as eating-out app Feastfox and chatting platform Chat2Brand, as well as online emotional intelligence platform Mygrow and consumer neuroscience consultancy Neural Sense.
MTN says the collaboration is an opportunity to spearhead the company's engagement with innovation-driven start-ups as potential service providers and develop the ecosystem around MTN's digital service platforms.
"Innovative ideas and technology disruption are the way of the future and MTN is at the forefront of helping to pioneer solutions that impact and shape the future of the continent," according to Stephen van Coller, MTN Group VP for digital services, data analytics and business development.
"The MTN Group is interested in start-ups that are contributing to sustainability on the African continent through digital solutions for commerce, health, education, agriculture, fintech, energy and the Internet of things," Van Coller adds.
Ideal applicants are teams of a minimum of two entrepreneurs, comprising a founder or major shareholder, who are able to attend a 12-week programme, for approximately 30 hours a week at the Solution Space. This year's programme starts on 3 April and finishes on 30 June.
VIP says applicants should already have an initial concept demonstrating a deep understanding of the market environment and potential problems. They should also pose a compelling solution that is innovation-driven and scalable. A minimum viable product ready to conduct early-market testing and further establish the product/market fit is an added advantage.
"We are looking for people who have commitment and passion. We want the doers, the movers, the makers and the creators to apply for this programme," Alman explains.
Applications close on 28 February.
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