Cross-linked at Future Challenges Organization‘s blog
With the current state of innovation spreading across the African continent; what we need exactly as social entrepreneurs and change-makers is the space to network, share ideas and work on projects that become businesses and profit-making ventures. I’m very happy to say, this space is here for the African Tech Community as at today.
Google has chosen South Africa’s Cape Town as a pilot township for its new technology incubator called Umbono which aims to bring together seed capital, Google mentorship, angel investors, local tech stars, social entrepreneurs and business leaders.
Africa's Newest Incubator - Umbono
According to Google:
the incubator is in keeping with its ongoing commitment to foster innovation in Africa and it will help selected startup teams transform their ideas into companies.
The Umbono program lasts for 6 months—enough time for your team to get your idea formally off the ground or to prepare your existing business for its next round of funding. The Umbono program will help transform your vision into a business. Your idea – probably web or mobile deployed – is exciting on many levels: for your future users, potential investors, and for the people on your team building it.
Teams should expect to receive a minimum of $25,000 and a maximum of $50,000. Capital from Angel investors will be exchanged for equity (10%) and will be governed by standard terms of investment (the same terms for each team).
Teams will also have regular access to our extensive network of business and technology experts, many of whom are Googlers. All team members should be able to legally reside and work in South Africa in order to apply to the program (regardless of their citizenship).
Google is also collaborating with the Silicon Cape Initiative and the Bandwidth Barn, to ensure that Umbono’s teams are well positioned to succeed.
Applications are available on the Umbono website from March 18, open to all South African residents. The deadline for first round applicants is April 15, 2011, but the website will continue to host applications for all interested candidates. To learn more and apply, go to www.google.co.za/umbono.
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