Start-up business accelerator Seed Engine has begun its second programme with a strong line-up of six ventures.
Selected participants have been offered an enhanced array of benefits. These include R100 000 start-up capital plus over R300 000 in additional benefits each so ideas can be converted into investable and commercial realities.
Marc Elias, CEO of Seed Engine, says: “We take a 20% stake in each business so we are invested in the outcome. Interestingly the average valuation of each of the ventures at the start of the journey is R500 000. At Demo Day where they pitch their ideas to potential investors, the average is around R3-million – a substantial increase in a very short time.
“There’s a desperate need for jobs in South Africa. Companies create these. Seed Engine and its partners are supporting people with distinctive and disruptive business concepts and turning them into investable businesses. We take people with strong ideas and we turn them into leaders.”
Teams of entrepreneurs are currently undergoing a life-changing journey through a 12 week business boot camp.
They are being coached, mentored and supported to grow their concept into a business. At Demo Day, which takes place on 27 November 2013 at the Gordon Institute of Business Science (GIBS), ventures pitch potential investors including angels, venture capitalists, private equity firms, corporates and government so that they can attract further funding.
Seed Engine selected six ventures for its first 12-week accelerator boot camp from more than 300 applications. These ventures are currently in negotiations.
Elias explains: “In South Africa, it takes between six and nine months for venture capital, however the angel investment cycle tends to be shorter.”
The new ventures which are currently being accelerated include:
Stockshop.co.za is an online portal that bridges the gap between stock market product and service providers and those that want to invest. Users can access an extensive range of educational and research tools for the South African stock market, in an easy-to-use format. The founder is mechanical engineer Annabel Dallamore.
Puntr aims to change the way that live sport is watched on TV. Puntr has embraced the phenomenon of second screening and has produced a real time, social, sports prediction game, in the form of an app for mobile devices that sports fans can play against their mates, while they watch live sport on TV. The founders are Grant I’Ons and Gerhard Taljaard.
1heart.co.za streamlines communication in emergency situations and allows people to help save the lives of others. The founders are electrical engineer Lawrence Joffe and chartered accountant Justin Price.
Autodek.co.za is a web based online marketing and management system serving the auto retail sector. It offers an array of turnkey solutions to extensively streamline data management and reporting as well as providing innovative marketing solutions for vastly increased efficiency and sales performance. The founder is marketing agency owner Gregory Dix.
Colormeclever.co creates educational apps for kids. Its founder is lecturer and artist Daniella Orkin.
Fifty2.com is an academic organising platform for students and lecturers founded by Sean Pleaner and Karl Buys.
Recently, first programme ventures Zehoo.me, Cirqls.com and ChowHub made it into the top 40 start-ups in Africa at the Angel Fair.