Of Relevance

You can’t go very far in the local blogosphere without stumbling across a conversation on the lack of funds for web entrepreneurs, lack of online innovation, lack of skills etc.

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I have been trying to come to grips with this problem for some time, but to not much avail. The simple fact is that South Africa lacks angel investors to seed an entrepreneur’s idea, and there is little incentive for a strong angel network to establish itself.

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Part of the problem is that few people, especially the “youngsters”, have both the technical and the business skills to take an online project forward, successfully. They can develop a “killer app”, but have no idea how to take it to market. Sometimes, they’re not even sure if there is a market.

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I was discussing these issues with Dr. Jill Sawers who is the Manager of Entrepreneurship at the Innovation Hub, and she has now spearheaded an exciting initiative to bridge some of these gaps.

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The Maxum Incubator, together with University of Pretoria and IdeaBank (my company) are organising the fist pre-incubation offering for young online entrepreneurs.

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All successful applicants will receive:
•    Free plug and play shared office space for a 3 months (a R500 deposit, telephone costs and  consumables will be for your own account)
•    Attending Izazi entrepreneur forums (opportunity to network with like-minded entrepreneurs)
•    Exposure to experienced business mentors and Maxum management team who will guide you in the process of deciding what is necessary to convert your proposed business concept/prototype into a real, viable business opportunity
•    An opportunity at the end of your pre-incubation period to decide whether your business idea has the potential for making money and become part of the Maxum Business Incubator programme
•    If your business opportunity is good enough, you will be introduced to venture capitalists who may be interested in investing in your business

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Basically, it is a foot in the door of a very connected Hub. You will work on your idea while utilising Maxxum’s office space and bandwith, and you will work together with MBA graduates to fine tune your business plan and prototype.

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Once you have a the foundations in place, you wil be introduced to the venture capitalists who have been identified specifically for their interest in funding online start up businesses.

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It is an ideal opportunity for someone in the Pretoria vicinity to become ingrained in both the tech and business spheres at the same time. Plus, the Innovation Hub is a great place to work (my office is across the road, so I am there often) and the energy and vibe are invigorating!

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If you are working on an online venture, if you need some guidance, help or will be needing funding to take your product to market, I strongly suggest you review this opportunity.

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Five simple application steps:
1.    Prepare a 5 slide PowerPoint concept, or a five point document, that outlines your proposition and illustrates commitment to the business enterprise (see accompanying example) and forward this, together with “Assessment of potential ICT Entrepreneurs” form,  to gsetumo@theinnovationhub.com. The business idea must demonstrate technological innovation in at least one of The Innovation Hub’s focus areas: ICT, biosciences, electronics, advanced manufacturing and materials, or energy and the sustainable environment.
2.     As an IT start-up or “Techie with an idea” you will present to a group of MBA students who, if they see an opportunity of building a business around your idea, will engage in a discussion with you over a glass of wine/beer/cool drink after your presentation.
3.    If you agree that this is a business opportunity, you will put together a business proposal and submit this to Maxum for entry into the pre-incubation programme.
4.    If the plan looks viable, you will present to the Selection Advisory Panel who will discuss  the feasibility of your concept.
5.    Should your application be successful you will be invited to pre-incubate your business idea and locate your business in Maxum’s pre-incubation premises at The Innovation Hub in Pretoria. And….if your business proposal is good enough, you will be linked up with Venture Capitalist who may consider investing in your business.

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Important dates to remember:

• 1 September 2008:    Deadline for receipt of applications to be submitted to Maxum

• 8 October 2008:      Successful applicants invited to prepare presentation forBusiness Beat Function

• 21 October 2008:    Business Beat function at The Innovation Hub, Pretoria

• 17 November 2008:    Deadline for receipt of proposals for Maxum’s pre-incubation                programme

• 26 November 2008:    Presentation of selected proposals to Maxum’s Selection Panel

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For more information contact Patricia Dlamini, Manager: Maxum: (012) 844 0084, pdlamini@theinnovationhub.com or visit www.maxum.co.za

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Or you can give me a shout at eved@ideabank.co.za.

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Example of presentation