Sandile Mamela has won the first Acceleration Programme hosted at the LaunchLab in Stellenbosch, South Africa for his business idea Magic Flow, a secure web-based platform where users can buy and re-sell second-hand tickets.
The programme was a 14-week entrepreneurship course which forms part of the LaunchLab’s broader Lift-Off Programme. Sponsored by Deloitte, the IDC and Stellenbosch University, the programme included 13 entrepreneurs and saw Mamela walk away with ZAR15,000 (US$1,500) in seed funding.
Magic Flow is currently in its prototype phase, but Mamela said he would use the funds to expand operations and pay for infrastructure advancements.
“The most important thing that I have learned throughout the programme is that you have to have a proper business model, with the accompanying desire to succeed,” he said.
During the 14 weeks, the entrepreneurs covered modules including testing the market viability of an idea, building a strong team, choosing a business model, drafting a business plan, and pitching ideas to potential investors, before spending two weeks practical learning in the field.
The LaunchLab will hold its next Acceleration Programme in January 2015.
