Six startups have been named winners of the Attacq Retail Innovation Entrepreneurs Challenge, sharing seed funding of ZAR100,000 (US$7,000) as well as incubation support from the LaunchLab incubator at Stellenbosch University.
Disrupt Africa reported earlier this year the LaunchLab teamed up with real estate capital growth fund Attacq to host an innovation challenge focusing on the retail industry.
The winners, who will proceed to the Knowledge Acceleration and LaunchLab Lift-Off Programmes, are digital receipt tool Slippy, retail e-commerce platform Grocer, parking solution WizzPass, queue eliminator SwiftPay, revenue trend tracker Visibiliti Insight, and big data tool Spatial Edge.
Ten finalists were selected from a field of applications, and pitched their solutions to a panel of judges from Attacq, Coronation and LaunchLab on October 19.
“We were impressed with the high quality of pitches at the final event. Our intention was to access new ideas and create the next breakthrough innovation in retail by addressing the e-commerce needs of our clients and customers,” said Michael Clampett, head of asset management at Attacq.
“The submission had to enhance the customer’s experience of comfort and convenience, as well as solve payment issues within the Attacq portfolio and overcome general operational issues that may arise.”
Attacq will now carefully monitor the development of these six winning business ideas during the next six months to gauge their potential and value-add to its existing clientele.
“LaunchLab’s Breakthrough Innovation Platform is ideal for established businesses that are looking to tap into new markets and future revenue streams by accessing new external breakthrough ideas,” said Philip Marais, LaunchLab’s chief executive officer (CEO).
“External business ecosystems such as LaunchLab are far better equipped to incubate new creative ideas effectively and efficiently. The established business can stick with its proven business model, while LaunchLab helps the budding entrepreneurs to discover new business models. LaunchLab monitors the progress of their business ideas and mentors the entrepreneur, with assistance from the established business, through the LaunchLab Lift-Off Programme process.”
