The first round of pitching in South African incubator LaunchLab’s Pitching Den competition is to begin this week, with the winning startups to share ZAR50,000 (US$4,130) in seed funding.
Startups will pitch head-to-head in the first round of events to be held at the University of the Western Cape (UWC), the University of Cape Town (UCT), and Stellenbosch University over the coming two weeks, the first event beginning tomorrow (April 14).
The winning teams at each event will be selected by a panel of entrepreneurs, academics, and investors, and will progress to the final to be held on May 6; where startups stand the chance to win part of the ZAR50,000 (US$4,130) in funding up for grabs.
The competition is open to entrepreneurs running any type of business, however, LaunchLab said this time applications are particularly encouraged from those active in LaunchLab’s new focus areas – payments and big data, paid media, clean technology, and agricultural and education technology.
“We want to create opportunities that expose bright entrepreneurial minds. LaunchLab’s Pitching Den is a great platform for aspiring and emerging entrepreneurs to test the viability of their business ideas and to gain access to a valuable entrepreneurial network,” said Philip Marais, chief executive officer (CEO) of LaunchLab.
While held at university campuses, the Pitching Den is also open to entrepreneurs who are not students. Nonetheless, the organisers say it is vital to encourage students going into business, as they play an important role in growing South Africa’s economy.
“At UWC, we understand the importance of being active participants in building the entrepreneurial ecosystem. This contest is an opportunity for us to spark entrepreneurship amongst our students and to actively create the next generation of job-creators,” said Charleen Duncan, director of the center for entrepreneurship and innovation at UWC.
Members of the public are welcome to attend the final on May 6, to be held at LaunchLab at Stellenbosch University.
