South Africa based startup accelerator, Ignitor is offering to invest in startups without taking any equity.
Accelerators are known to generally take 20% equity in startups. TechCentral reports that Ignitor is proposing that an accelerator that churns out successful startups will not have a problem finding sponsors. The accelerator also does not require any exclusivity agreement with startups.
Interested participants will begin with an online training program followed by a three-day bootcamp. Successful startups will subsequently be chosen to participate in a three month accelerator program. Startups can exit the program after 12 weeks of participation or choose to continue with the accelerator.
“There is really only an upside in getting involved in a programme and this means we can attract better quality entrepreneurs,” says Paul Smith, co-founder and CEO of Ignitor.
The accelerator is supported by Standard Bank, First National Bank and Microsoft.
Application is currently open till June and July for startups in Johannesburg, with different programs for Green startups and Technology startups while a date is yet to be fixed for Software startups.
Source: TechCentral
