AlphaCode ’s annual incubation program is already accepting applications, and the investment vehicle is looking for early-stage fintech and related-sector startups in South Africa. Financial services entrepreneurs and fintech enterprises have until October 31 to submit their applications for a chance to win an R1.5 million entrepreneurial package, according to AlphaCode.
“Despite the psychological, financial and health challenges we faced during the pandemic, there has been incredible camaraderie and traction achieved among the selected start-ups,” said Amina Patterson, head of incubation at AlphaCode who added that the programme for 2021 was run completely remotely due to the COVID-19 pandemic.
Here Is What You Need To Know
- AlphaCode is a Rand Merchant Investment-backed incubation, acceleration, and investment vehicle for early-stage financial services companies.
- The yearly AlphaCode Incubate program aims to find and reward high-potential, innovative entrepreneurs in order to promote fintech and financial services development in South Africa.
- The program provides funding, mentorship, and access to AlphaCode’s exclusive co-working space, as well as guidance from experienced mentors and a panel of advisory experts.
- Over the last six years, it has granted R33.5 million in support to 41 black-owned financial services enterprises.
- The programme is divided into two parts. Eight businesses are chosen to participate in a 12-week intensive pre-incubation program in the first phase, with each receiving R150 000 in grant funding. The goal of this pre-incubation program is to develop a sustainable business concept. It concludes with a demo day, during which participants compete for a spot in the six-month step-up program.
- In phase two, four startups are selected for a six-month intensive incubation program aimed at establishing product-market fit and financial sustainability, with each participant receiving R500 000 in grant financing.
- Participants can apply for seed money from AlphaCode’s new seed fund, which invests in pre-seed and seed stage start-ups, at any time during or after the program.
How Startups May Apply
“AlphaCode Incubate is looking for exceptional entrepreneurial teams, with the grit to run with an early-stage business or idea that is differentiated and compelling,” Patterson said.
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“We need entrepreneurs who can navigate the challenges of a start-up to reach success. It is our mission to support disruptive, early-stage businesses with pioneering ideas to make a meaningful impact in the financial services industry, as we hope to find South Africa’s next generation of successful financial services ventures.”
Click here to apply for the 2022 program, which begins on January 17, 2022.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer