3rd Startup Knight competition to take place in SA
By Tom Jackson, South Africa
Byte Orbit has launched the third edition of its annual Startup Knight competition, which the company says aims to empower aspiring tech entrepreneurs in South Africa and offers the winner ZAR250,000 (US$22,000) in prizes.
The competition is themed “Technology That Enables” and will be divided into two phases - the Startup Phase and the Concept Phase - with the former requiring entrants to have a working prototype or product in the market, and the latter requiring an innovative idea with commercial viability or the ability to attract high volumes of users.
The winning startup of the Startup Phase will earn software development to the value of ZAR150,000 (US$13,000) as well as R100,000 (US$9,000) in PR, while for the first time there will be a prize for the runner up of ZAR50,000 (US$4,500) towards PR or software development. Byte Orbit will take a negotiated minority stake in the winning startup.
For the Concept Phase, the winning startup will earn ZAR100,000 (US$9,000) in cash, as well as cash prizes for runners up. However, the winning entry will cede the rights to the concept.
“The winners will also be given the opportunity to showcase their business at the Standard Bank Matchi Event in Johannesburg in December. These winning businesses will join 23 other FinTech business at an exclusive showcase event to be held at Standard Bank Offices in Rosebank that will host top FinTech companies and sponsoring banks from around the world,” Byte Orbit said.
Online entries opened last week and need to be submitted by midnight on Sunday, October 26. Eight finalists in each phase will be announced by Friday, October 31, with the finalists then be required to attend a mentorship day on November 7 at the Byte Orbit offices in Durbanville, Cape Town, where they will pitch to well known entrepreneurs in the industry.
There will then be pitching to a judging panel on November 8, with the winners announced at the Startup Knight cocktail event on the same day.
“So if you have a great idea or a promising startup, get your entries in at StartupKnight.co.za and you could be the next Mark Zuckerberg, Elon Musk or Bill Gates,” Byte Orbit said.