The LaunchLab incubator at Stellenbosch University has partnered South Africa’s Nedbank to host an innovation challenge in fintech and big data.
The partnership will be driven by the LaunchLab Breakthrough Innovation Platform, and is aimed at capturing new ideas and business models that may be the next disruptive innovation in the banking industry.
The programme extends across all universities in the Western Cape, tapping into student and non-student entrepreneurs as well as communities of innovative thinkers and creators.
“Nedbank has already benefited from various collaborations with residents of the LaunchLab and because of this they have decided to pose a challenge to our unique community in order to undercover more disruptive ideas which could change the future of banking in Africa,” said Brandon Paschal, LaunchLab’s operational manager.
Interested parties can apply by submitting a three-minute video pitch, with winning ideas standing the chance to win a share of ZAR80,000 (US$6,000) in seed funding and LaunchLab incubation support for six months to launch and develop their business ideas.
This support will include workspace, internet access, portfolio management and mentorship. Nedbank will be carefully monitoring the development of these business ideas during this time to gauge their potential and see if they can add value to Nedbank’s services.