Open Coffee founder, Saul Klein, let me know today that a new incubator for early stage Internet Start-Up’s has launched.
Seedcamp is inviting applications from new start-up’s, are choosing 20 for the selection round, and the winning 5 will be given 50 Thousand Pounds seed capital for a 10% stake, together with intense mentoring and introductions to the right Venture Capitalists to take their concepts to the next level.
Seedcamp is where Europe’s top young founders can come together in one place.
From securing funding to developing the right network, young entrepreneurs in Europe face challenges in building globally competitive technology businesses. Through the provision of seed capital and a world class network of mentors, we want to provide a catalyst for Europe’s next generation of entrepreneurs.
We welcome Europe’s brightest and most ambitious young entrepreneurs to take part in Seedcamp.
Seedcamp is similar and yet different to Y-Combinator and TechStars…
Y Combinator and Techstars have provided a great example to Seedcamp in their progress to date. Seedcamp though is different in some important ways 1) it is a collective rather than an individual initiative by members of the VC community, serial entrepreneurs, mentors, and angel investors and 2) it incorporates the challenges specific to European entrepreneurs in starting up businesses
I’ve questioned Saul whether Seedcamp is open to South African entrants, and am still waiting for an answer.
However, the faq on the Seedcamp site states:
Is this only open to European people?
This event is open to entrepreneurial teams within and outside Europe. The key criteria is that the teams are committed to building their business in Europe as a starting point.
So it looks like South African start-up’s will be eligible, but they would most likely need to relocate to London if they are one of the 5 winning plans.
I think it’s time South Africa had a similar initiative. I’ve been throwing ideas around like this with others for too long, and it’s time to start harnessing the South African ENTREPRENEURIAL talent that is abundant.
Here are some other blogs that have spoken about the new Seedcamp launch:
UPDATE: I’ve had a chat with Saul and in his words:
yes south africans welcome
So until South African Investors get their act together and launch initiatives closer to home to assist Internet Start-up’s, it looks like South African Internet entrepreneurs need to look further afield for their funding….
9 responses so far ↓
1 SHOUT.co.za // Jul 4, 2007 at 2:38 pm
Wow - this is pretty kewl! It sounds a bit like VeloCITI but obviously much, much more.. Beside the obvious need to move to London that many might not appeal to some (like me
I still think the requirement to be or have a ‘nominated’ developer (creator) is a bit kuk for many.
I have so many people coming to me (Yes, that includes you Adin) with great ideas and struggling to find people who can realise them.. We need a incubator for these types - the fresh thinkers, the one’s not held back by the constraints of mobile broadband penetrations, etc.
I think this is where you get the best innovation!
2 hash // Jul 4, 2007 at 5:27 pm
These kind of seed investment engines are really a good thing. I’d love to see something like this in Africa as well. Chances are, there are some interesting product ideas in people’s minds that won’t make it past that point. A little funding could go a long way.
3 alan // Jul 5, 2007 at 7:31 pm
eric. thanks for this. i’ve entered. wish us good luck…
4 Conrad // Jul 12, 2007 at 1:56 am
You talked about a south african equivalent, I guess Mark Shuttleworth’s HBD isn’t exactly the same thing but it’s worth mentioning.
The problem is that it would need be someone with knowledge of the web, startups and technology (and a lot of money) like shuttleworth; ycombinator’s paulgraham wrote on his site in an essay how it turns bad if business people are involved in startups with programmers
http://www.hbd.com/
5 Eric // Jul 12, 2007 at 9:02 am
@Conrad - HBD funded one of my company’s. They’re great but I don’t know of any examples where they provided early stage funding for start-up’s. (I’m talking seed capital, or 2nd round - they appear to come in later than that). And if they have, I doubt it would have been SMALL amounts.
but yes - HBD is definitely the closest thing we have to Venture Capital in South Africa at the moment for funding Internet & Cell Phone related business’s AFTER they have been set up, are trading and show potential.
6 Conrad // Jul 12, 2007 at 12:37 pm
Yes, I think Shuttleworth has the golden opportunity to become the Paul Graham of South Africa - there is definitely a need for something like this over here, that is, if he can spare the time for such a project.
He is obviously one of only a few South Africans that would be able to share his experience in starting up a successfull startup and leading it to a US acquisition.
Elon Musk (Paypal) also comes to mind, but he made it clear that he’s done with SA though, and definitely has enough on his shoulders with Spacex in California.
7 June // Jul 16, 2007 at 11:30 pm
Hi Sir/Madam
How do we go about getting funding for an IT idea, that we have .
Regards
June
8 Eric // Jul 17, 2007 at 12:01 am
It depends what your idea is and how much funding you are looking for.
Send me a very high level overview (3 lines giving the concept and how much you are looking for) and I’ll lead you in the right direction…
9 Charles Robbie // Mar 17, 2008 at 7:28 pm
This is a wonderful idea!
Not only is it needed in the IT industry, Tourism & Transport is just as important! Especially for 2010!
Coaches, Guest Houses, ISP, etc can ALL generate excellent returns for the investor.
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