Start-Up Concept Guide: Part 1

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The SA Innovation Summit hosts various competitions open to South African and African inventors and start-ups, and those from the rest of the world, that are creating solutions to solve African problems. The competitions have different criteria and it is important to understand which stage of the start-up cycle your business is in so to prevent early elimination from the competition you enter.

INVENTORS GARAGE

AFRICA CUP

  • Targets pre-commercial products/services still in the prototype stage.
  • Undertaking a needs analysis – how the market is responding to the prototype
  • Looking for Seed or Series A funding or technical support
  • Open to all inventors and innovators
  • Targets post-commercial start-ups – products/services already in the market
  • Looking for further investment to grow the business.
  • Looking to secure business support in the growth and scaling phase.
  • Open to all tech and tech-enabled start-ups

FEM-IN-TECH DEVELOPMENT PROGRAMME

  • Targets pre- and post-commercial start-ups.
  • Looking for funding or business support.
  • Open to South African women-run start-ups only, in any sector.
The competition entry form poses questions that enable the reviewers and judges to understand your business model and product/service to better assess its viability for investment and business support.
The information below will help guide you when completing the general information section of the competition entry form. The General Information section requests for basic details of the founder and the company/product.
Click on any one of the icons below for more information.

DESCRIBING YOUR PRODUCT/BUSINESS

Funders want to know and understand what the product/service is, how it works, what pain point does it addresses, the value it brings to consumers, and what sets it apart. Many products are somewhat similar and it’s important to show that yours is better; how it’s innovative.

Describe your product/service – what does your product do? How does it work? How have you tested it with customers?

Value Proposition – what problems does your product/service address? What makes your product/service unique? How is it better than the alternatives?

STAGES OF COMPANY DEVELOPMENT

PRIVATE

Developmental stage of a company usually self-funded: product design and testing, market research etc.

SEED CAPITAL

Establishing a new business/product and business plan with minimal operational costs. Start-ups in this stage often receive funding from friends or family.

ANGEL INVESTMENT

Early stage start-ups ready to commercialise and get their business off the ground.

VENTURE CAPITAL

Start-ups with high growth potential looking to expand and scale their business, and private equity funding.

MEZZANINE

Established company looking to expand or fund a specific project, often opting for financing that combines debt and equity funding.

INITIAL PUBLIC OFFERING (IPO)

Company offering its shares to the public through stock options.

BUSINESS MODEL TO TARGET CUSTOMERS

THE TEAM

Funders invest in people and want to know you have a strong team to run the business efficiently.

  • Who is in your team?
  • What relevant experience and skills does your team have?
  • What’s special about the character of your team that makes you stand out?
  • What brings your team together as entrepreneurs to fix the need you are addressing?
We hope this information will help guide you when submitting your application for any one of the SAIS2020 Competitions. The Competitions Team is always available to help. Feel free to contact us at: competitions@innovationsummit.co.za or give us a call: +27 78 630 2589.
For more information on the 2020 Competitions, CLICK HERE.

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