The Cape IT Initiative (CITI) is looking for young IT companies to join its business acceleration campaign, VeloCITI. However, they¹ll need to be ready for a busy year as some of their predecessors increased revenues by up to 500%.
A selection process will begin shortly where CITI will interview young up-and-coming IT companies who have sustainable, innovative business ideas.
The selected companies will receive ongoing business support, including premises in CITI's business accelerator Bandwidth Barn in Cape Town's CBD, from which they will work.
"The Bandwidth Barn has given birth to some of the Cape's finest IT companies," says Viola Manuel executive director of CITI. "In line with CITI's goals to grow, promote and transform the IT industry, CITI will be approaching both the private sector and our tertiary learning institutions to find young companies to nurture and help flourish."
VeloCITI graduated 12 companies this year, some of which increased their revenue by up to 500% in the nine months they took part in the programme.
Selected companies will have access to a professional mentoring service, financial and business support as well as all the networking opportunities CITI member companies enjoy.
"We have found that companies operating in the Bandwidth Barn are much more networked," says Manuel. "In a country where only 1,3% of our adult population are involved in entrepreneurial activities, working in isolation can be the fastest route to failure.
"Working in an environment surrounded by IT companies facing the same challenges allows companies to engage with their peers and, often together, come up with solutions to their business conundrums."
CITI invites all interested companies and individuals who wish to join the VeloCITI programme to contact firstname.lastname@example.org before 18 January 2008.