French Tech, a French startup development hub, launched its first physical incubator yesterday, November 16 and it picked South Africa as the location of choice.
Venture Burn reports that French Tech chose Cape Town as its debut location because it found it easier to navigate its financial and legal system. The Cape Town lab will be dedicated to the development of French and South African Tech businesses and will serve as an incubator and accelerator.
The incubator aims to connect startups with investors as well as providing them with coaching, mentoring, business development, funding and access to an international network of 22 international French Tech Hubs around the globe. Selected startups will also have the opportunity to work in Paris for one year. The incubator also offers startups co-working space for a monthly fee.
Getting into the French Tech incubator requires a startup to show that its idea is feasible and worthwhile and that its business model is viable and sustainable. Lead ambassador of the French Tech Cape Town Hub, Christophe Viarnaud, added that a strong team is a key factor for startups looking to get into the incubator. In his words, “Sometimes, we’ve made investment decisions because on the quality of the team.”
French Tech is a community of individuals and institutions who are committed to the growth of startups and increasing their international influence. Viarnaud says French Tech is also planning to launch a sister incubator in Johannesburg in 2017.
