Having become a fixture on the local startup incubator scene in recent years, the AlphaCode Incubate programme is back again, and as has been the case in previous iterations, it is looking for fintechs to help grow post-COVID-19.
For those unfamiliar with this incubator, it aims to identify, partner and grow innovative financial services and entrepreneurs. For this latest cohort, successful applicants will receive funding, guidance from performance coaches and a panel of advisory experts, as well as access to AlphaCode’s co-working space and opportunities to apply for further early-stage investment.
“At AlphaCode Incubate we know how much determination is required to get an early-stage business or idea off the ground. Entrepreneurs have to overcome many challenges when they first start and it is crucial to know how to navigate these challenges for success,” says Andile Maseko, head of ecosystem development at AlphaCode (pictured in header).
“Our mission is to help disruptive, early-stage businesses with pioneering ideas to make a meaningful impact in the financial services industry as we seek the next OUTsurance or Discovery,” he adds.
The incubator explains that there will be three phases to the selection process of this programme, with the closing date for applications being 26th October.
Only 10 startups or entrepreneurs will be chosen, with the programme consisting of a 12-week intensive pre-incubation valued at R500 000, including R150 000 in grant funding for each participant.
This jump-start programme focuses on achieving a viable business, and will culminate in a demo day, where participants will compete for a place in a six-month step-up programme, AlphaCode confirms.
The incubator goes on to note that five startups will be chosen to join the step-up programme, which will offer intensive incubation focused on achieving product-market fit, as well as financial viability. In terms of funding, each startup will receive a grant of R500 000 if they make it to this stage.
In total then, each fintech startups stand the chance to receive an entrepreneurial package of nearly R1.5 million.
To find out more about, AlphaCode and the requirements for the latest Incubate programme, head here.