The City of Cape Town has launched the Cape Town Entrepreneurship Competition 2010, which will not only reward the city’s best entrepreneur, but also help to further expand entrepreneurship in Cape Town.
Funding of R1,8-million was approved by the Council at its meeting today. Of this R600 000.00 will be used to fund the competition and the balance of R1,2-million will be utilised for the long-term development of Cape Town’s entrepreneur networks.
The competition will focus on technology and innovation in the fields of Biotechnology, Telecom and Media, Information and Communication Technology (ICT), Clean Technology, Healthcare and Social Entrepreneurship. The winner of the Cape Town competition will have an opportunity to participate in the Global Entrepreneurship Competition in Barcelona in June later this year.
Mansoor Mohamed, the city’s executive director: economic, social development & tourism, says: "The competition forms part of the city’s strategy to position Cape Town as a leading enabler of entrepreneurship on the African continent and to build a stronger entrepreneurship ecosystem. The City already has strong partnerships with key stakeholders in the country.”
Registration for the competition opened on 17 February 2010 and the winners are expected to be announced on 30 March 2010.
A total of R200 000.00 has been allocated for prize money in the competition. A major benefit of the competition is the professional level of entrepreneurship support which the winners will receive and the opportunity to meet real investors who are willing to invest in real businesses.
The entrepreneurship competition will be managed by Bandwidth Barn, an ICT incubator and a strategic partner of the city.