The Cape Town Accelerator Program
November 14th, 2013
What is an Accelerator Program? or Seed Fund? When does it start? How does it work…?
So many questions... but before we start, make sure you’ve read the Home Page thoroughly, watched the video and read these FAQs.
Then ask yourself:
Do I have a scalable mobile or web business idea that can service Africa?
A quick recap. What we do… The Program
Our Accelerator Program offers you the opportunity to get your business funded, skilled up and prepped for follow on funding. We offer up to $100k to get you off the starting blocks via a 3 month training and testing program here in The Cape Town Garage. All we want is for you to prove your business model (or if that’s in the bag, accelerate you through to ‘investor ready’ status).
The Seed Fund
Our Seed Fund is a privately funded pot of cash that we use to invest in you, your team and your idea. In return we take some equity in the business, percentages agreed at start. NB: You do not repay the fund if your business fails, that’s the risk we share.
Seed funding is normally the first kind of funding you’ll receive outside of friends and family. In general terms it flows like this:
Friends and Family -> Seed -> Angel -> VC -> IPO (Then retire on your yacht in the Seychelles)
We are the early stage, high risk, less cash part of the money train. The further you move along the above stages, the more money is involved until you’ve Zuckerberged.
The Plutonium Program
This is our learning program designed to charge you up to 1.21Gw. During our 3 months together you will learn from experienced entrepreneurs and business people who will give you the knowledge and frameworks required to build your business.
What you need, how and when will depend on what stage you’re at as all businesses are different. However, you or one of your team must attend a 40 minute daily briefing. The rest of the program will be built around you.
When is it happening in Cape Town?
Applications are open now for the Cape Town Accelerator Program and it closes on the 31st Dec 2013. That means you have until New Years Eve to submit your idea via this link (It’s simply 20 questions so don’t fret.)
1st Oct 2013 – Program Applications Open
31st Dec – Applications Close
Jan 2014 – Succesful Applicant Interviews
Feb 3rd – Accelerator Program Starts (You will need to be in Cape Town for the entire program at least)
May 2nd – Program Closes. Our children leave the nest and we turn your bedroom into a study
Why?
Why would you want to become an entrepreneur or start your own business?! We obviously can’t answer that! But if you have a great idea that you haven’t got the cash or skills to start then our Accelerator Program might be a great option for you. Likewise you may have an idea that you want someone else to follow up (Ping me if so on db@88mph.ac) or maybe you want to work in a startup?
Why do we do it? We want to make money, have fun and build cool sh*t with people we love. Simple.
Who are we?
We are a bunch of enthusiastic entrepreneurial sorts who want to do great things in South Africa and across the continent. There’s more about us on the Home Page and some of the team are listed here.
During the program you will work with 3 types of people outside of the 88mph ops team and your staff.
Mentor – This is someone who has been there and bought the T-Shirt. Exited at least once, is older, wiser and richer than you (or us for that matter). They are around to do talks, share knowledge, network and be generally around on an informal basis (unless you strike a deal between you to get them more involved).
EiR – (Entrepreneur in Residence) These business people or entrepreneurs (Yes there’s a difference) are mid business cycle. They will probably still be working in one of their own businesses and have deep insight into online and/or Africa. They are here to teach, share knowledge and inspire you.
Mechanic – These are people that 88mph employ to work for you. We will offer you part time and limited Sales, Marketing, Design, Finance and Dev support.
(If you would like to work with us as one of the above, please email me on db@88mph.ac)
How Do You Apply?
Just click here and follow the prompts.
You can apply as an existing business, with just an idea (Although a proven business concept or working prototype is preferable), or simply if you want to work in a startup.
