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The SA Innovation Summit is calling on South African startups to take part in their ANDZA competition, which has been launched in collaboration with SA SME Fund.

According to IT News Africa, the competition will be narrowed down to the 10 best startup companies, who will pitch their business ideas in front of a panel of industry leaders and get the chance to be considered for R10 million in investment funding and acceleration.

“I am thrilled to collaborate with the SA SME Fund. It enhances the Summits’s footprint as a giant accelerator for the economy. We link startups and entrepreneurs with markets and funding. The ANDZA competition is the vehicle that takes this impact to the next level,” said chairperson of the SA Innovation Summit, Dr Audrey Verhaeghe.

The competition will take place in Cape Town from 11th to 13th September, with road shows beginning from 9th May in KwaZulu-Natal and ending in Gauteng at a yet to be confirmed date.

The startups will have to meet five criteria to be considered in the competition, such as being a South African registered business, have evidence of a unique product or defendable service offering, as well as have scalable business model, showcase a proven traction or proof of concept and be actively seeking investment in the short to medium term.

The winner will receive a cash prize of R250 000 and the runners-up will receive R125 000. Entries close on 19th July 2019 and interested startups can apply here.