This year’s Startup Knight competition, which was launched last year by software company Byte Orbit, is now underway, and offers some rather hefty cash prizes.

The competition has two phases, each with their own prize. The first is a concept phase, which this year has been themed Moneypulation, with the overall winner walking away with R100 000 in cash.

Byte Orbit explained that this phase  is intended to attract “visionaries with the most innovative concept phase software products that will turn heads in the financial and tech industry.” Some examples given include BitCoin, Square, PayPal, Mint and Freshbooks. The catch? Byte Orbit takes ownership of the winning concept’s intellectual property.

The second phase of the competition, dubbed the Startup Phase, offers a R200 000 consisting of a R100 000 development prize and a further R100 000 for public relations. This phase focuses on startups that have the most innovative software business that disrupts the South African tech industry. The winning startup will subsequently enter into a partnership with Byte Orbit whereby Byte Orbit takes 15% equity.

Purpose and guidance

The company explained that the competition is intended to promulgate, support and embrace tech startups in South Africa by offering a disruptive competition platform.

It asserted that while there are many similar competitions in and around South Africa, few if any of them enter into a partnership with the winner in order to provide ongoing support. Furthermore, Byte Orbit noted that the competitions are not hosted or sponsored by a software-based company that can provide infrastructure and professional guidance.

With this in mind, the company explained that the startup and the concept entrants will be guided by an array of successful South African entrepreneurs, including Amit Ramdath,  the chief operating officer of Byte Orbit, Charl Norman, the co-founder of OnNet, Andre De Wet, the  general manager of PriceCheck, and Anthony Stonefield, the managing director of Africa Gramercy Ventures, amongst many others.

To the point

Interested parties can enter online at www.startupknight.co.za. Eight concept phase finalists and eight startup phase finalists will be announced by 25 October. They will then be required to pitch to a judging panel at Byte Orbit offices in Durbanville, Cape Town on 2 November. The day prior to the final day of pitching (1 November) the finalists will be required to attend a mentorship session at the Byte Orbit offices.

Entries for the competition close on the 24^th and the winners will be announced on the 2^nd of November.