Seed Engine, a Redwood Capital business incubator programme, is looking for ten best distinct and disruptive business concepts that deserve a chance.
Once the final selection has been made, ten teams of entrepreneurs will begin a life-changing journey through a 13 week business boot camp where they will each be given R100 000 start-up capital to convert their ideas into practical business plans ready for launch. They will be offered coaching, mentorship and support and an opportunity to grow their concept into a business. On completion of the programme, they will be introduced to an auditorium filled with potential investors so that they can attract further funding.
The Seed Engine accelerator model includes seven main features:
- A highly competitive application process
- Seed capital in exchange for equity
- Focus on small teams, not necessarily one founder
- Intensive mentoring and a fixed calendar of events
- An average of ten ventures per accelerator programme
- Introduction to investors for further funding
- International exposure.
Anyone can enter by going to www.seedengine.co.za and completing the application process. Applications are open until end November 2012. The application should clarify points of difference, scalability, disruptive strategies and team details.
A shortlist of candidates will be invited to interviews where a series of thinking and entrepreneurial ability tests will be completed prior to acceptance into the programme.
Successfully appointed entrepreneurs will be given a permanent workstation and shared office facilities for the duration of the programme. The workspace is designed to foster and inspire creativity. It is being modelled after business spaces found in Silicon Valley, where the most well known companies are found that are renowned for their disruption and innovation.
The Seed Engine workspace in Sandton will have everything that an entrepreneur would need, from working areas to meeting rooms, chill rooms and a training centre to host learning seminars. The secure premises allow entrepreneurs to work 24 hours a day, seven days a week.
The coaching team has developed a programme that aims to develop entrepreneurs with sustainable leadership skills. This specifically developed programme is a major differentiator from other incubator programmes, as it does not only focus on the business aspects, but also on leadership skills and values.
The Seed Engine team is made up of successful entrepreneurs and venture capitalists who provide daily guidance to the entrepreneurs. External mentors will also be selected on the basis that they have specific industry knowledge, expertise and experience as well as potential appetite to invest in second round funding of the business at presentation day.
At the end of the programme, Seed Engine, together with the entrepreneur, would have compiled a realistic, executable and deliverable business plan to implement. The plans would have been stress-tested and researched to ensure that they are reasonable and can be delivered within certain time frames.
For more information, visit www.seedengine.co.za