“We need to encourage more young South Africans to play in the Tech space in order for us to be globally competitive, even in terms of generating new ideas.”
By Cue Sibiya
WZ Capital, a venture capital firm, has announced that they will be offering up to R5 million towards assisting entrepreneurs with innovative tech-advanced businesses. The funding is intended as seed capital for startups and emerging enterprises who often struggle to access capital to transform their ideas into viable businesses.
The Tech Industry is one of the fastest growing industries globally and is rapidly changing the way of doing business across multiple industries.
“The rise in businesses like Air BnB, Uber, Alibaba, MpeSA, moWallet and Walletec among others, underscores an emergence in tech-advanced entrepreneurs who are rapidly challenging and changing the way businesses operate. From securing accommodation, organising transport, to sending money to your loved ones, technology is at the centre of these innovations which also brings about a lot of convenience,” says WZ Capital Principal, Wanda Lunika.
Lunika (30) a qualified Chartered Accountant, has broad experience in the financial services industry, Investments and Corporate Finance. She holds a Bachelor of Commerce degree from the University of Witwatersrand and a Post Graduate Diploma in Accounting Sciences with the University of South Africa.
She says, “We need to encourage more young South Africans to play in the Tech space in order for us to be globally competitive, even in terms of generating new ideas. There’s also a growing need for entrepreneurs to learn more about the various funding options as well as requirements by Angel Investors or Venture Capital investors. How to choose the best investor and issues to look out for or avoid when selecting investors especially at seed capital stage,” says Wanda.
As part of this funding model, entrepreneurs will be assisted with mentorship, an access to our networks as well as financial management skills. Wanda says that, most entrepreneurs also struggle with financial and business acumen making it critical for financial management support to be part of the funding package.
“We want to assist them with budgeting, scoping of financial projections, understanding the difference between revenue and profit among other things, and even go as far as assisting with refining the business proposals and models that are submitted to us. In some instances, entrepreneurs have the idea and concept but struggle to articulate it in a written format.” she says.
Entrepreneurs with innovative tech-advanced ideas can submit proposal to
firstname.lastname@example.org or visit www.wzcapital.co.za