Google has chosen Cape Town as a pilot for its new technology incubator called Umbono which aims to bring together seed capital, Google mentorship, angel investors, local tech stars, entrepreneurs and business leaders.
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. By the end of the program, you’ll be pitch-ready and have a business plan in place.
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).