As of April 14, the I’M IN accelerator programme will take on new incumbents in the form of startup entrepreneurs by providing opportunities to technically apt entrepreneurs with limited access to resources in and around Johannesburg.
Launched in 2015, I’M IN partners with entrepreneurs with viable application technologies by providing funding through early-stage equity deals in conjunction with business development support and one-on-one mentorship from industry specialists.
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Zikona Nkabi, one of the project coordinators, explained: “In April, we are going out there and calling all women from underprivileged backgrounds to come forward and submit their business plans to be shortlisted for funding and mentorship”.
“The Ideation Incubator will target students at universities and colleges in lower LSM areas, where there is a lack of youth entrepreneurial skills and development and support structures,” she elaborated.
Through early-stage equity, I’M IN has helped startups to secure seed funding of up to R2 million.
So how does one actually go about pitching a business idea and securing this funding?
Applicant criteria
Well, firstly you’ve got to be black, female and South African, between the ages of 18 and 35.
You’ve also got to have a Tech MVP – a minimal viable product – that has enough features to satisfy early customers and provide feedback for future product development.
You’ve got to have a team of two or more that are fully invested in the business.
Nkabi explained that the programme was about investing in people and those who were willing to work together to achieve their dreams.
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You’ve also got to show that the business has a proven product market fit and a scalable business model.
According to Nkabi, the showcase will feature progress and growth exhibited in pitches from its main accelerator and pre-accelerator start-ups moderated by a curated panel.
“Following the success of its first four accelerator cohorts, the I’M IN Entrepreneur Accelerator will then make the public announcement of its new pilot programme (Ideation Incubator) for the support and development of local entrepreneurship soon.
“In partnership with global financial services leader J.P. Morgan, we are excited to once again offer black female students aged 18-35, from underserved areas the opportunity to participate and make their dream a reality,” she said.
