Venture Financing

Cape Town Announces Hybrid Venture Capital Fund with Living Labs Global Award Winner PoweredbyVC

Cape Town today publicly announced its partnership with PoweredbyVC, a venture fund manager and winner of the Living Labs Global Award 2011 to create a hybrid venture capital fund to support social entrepreneurship in the city and all of Africa. The City is to assist a venture capital fund manager, PoweredbyVC, to implement its programme that was selected winner of the Living Labs Global Award 2011. 11 global cities, including Cape Town, called for innovative strategies to address major socio-economic issues through this global process in which PoweredbyVC was selected as one of 11 winners from 245 entries from around the globe.

“Our City’s economic growth model supports high-growth entrepreneurs who can benefit from venture capital. These are the employers of tomorrow. They provide real business solutions and ensure healthy returns to investors. With its billion people, Africa is the world newest untapped market and Cape Town is the knowledge and innovation gateway to the continent,” says Alderman Belinda Walker, Mayoral Committee Member for Economic, Environmental and Spatial Planning as she handed over the Living Labs Global Award 2011 to PoweredbyVC.

According to Eben van Heerden, CEO of PoweredbyVC, their concept is a new ‘hybrid’ venture capital funding model that combines the proven best practices of a traditional venture capital fund with a new 'business cultivator' funding system for a sustainable impact on innovation, job creation and growth. This second generation venture capital fund will combine funding, business angel investment, incubation and entrepreneurship development initiatives into a structured ecosystem to the benefit of emerging entrepreneurs and providers of funding alike.

 

Cape Town Announces Hybrid Venture Capital Fund with Living Labs Global Award Winner PoweredbyVC

Cape Town today publicly announced its partnership with PoweredbyVC, a venture fund manager and winner of the Living Labs Global Award 2011 to create a hybrid venture capital fund to support social entrepreneurship in the city and all of Africa. The City is to assist a venture capital fund manager, PoweredbyVC, to implement its programme that was selected winner of the Living Labs Global Award 2011. 11 global cities, including Cape Town, called for innovative strategies to address major socio-economic issues through this global process in which PoweredbyVC was selected as one of 11 winners from 245 entries from around the globe.

“Our City’s economic growth model supports high-growth entrepreneurs who can benefit from venture capital. These are the employers of tomorrow. They provide real business solutions and ensure healthy returns to investors. With its billion people, Africa is the world newest untapped market and Cape Town is the knowledge and innovation gateway to the continent,” says Alderman Belinda Walker, Mayoral Committee Member for Economic, Environmental and Spatial Planning as she handed over the Living Labs Global Award 2011 to PoweredbyVC.

According to Eben van Heerden, CEO of PoweredbyVC, their concept is a new ‘hybrid’ venture capital funding model that combines the proven best practices of a traditional venture capital fund with a new 'business cultivator' funding system for a sustainable impact on innovation, job creation and growth. This second generation venture capital fund will combine funding, business angel investment, incubation and entrepreneurship development initiatives into a structured ecosystem to the benefit of emerging entrepreneurs and providers of funding alike.

 

Eight Global Cities Launch Technology Award to Help 40 Million Citizens

Eight global cities from Europe, Asia, Africa and North America join us in a challenge to find innovative solutions to major societal problems by opening competition among international solution-, technology- and service providers. The eight winners of the Living Labs Global Showcase Award will be invited to pilot their solutions in these cities, proving the effectiveness of new solutions and offering a first step for innovative providers to enter new markets. http://www.livinglabs-global.com/flash/awards2011.swf

The participating cities, representing 40 million citizens from Europe, Africa, North America and Asia call for solutions that can solve some of their most pressing challenges:

  • Automation of Urban Services
  • Intelligent Urban Lighting Solutions for Social Interaction & Orientation
  • Venture finance for millions of African entrepreneurs
  • Sustainable Initiative on Intellectual Property Protection
  • Creating the Next Generation of Government
  • Solutions for digitally enabled accessible ecoCities
  • Intelligent Transport Solutions
  • Smart solutions for 10,000 Smart Houses, 16 Green Communities, 1 Eco-City

Oracle Corporation and Asia’s Farglory have been named as corporate partners for the 2011 Living Labs Global Award. Submissions follow the format of the Living Labs Global Showcase and can be submitted for free until the 28th of February 2011. A shortlist of the top 40 Showcases will be presented by the international juries on March 21st 2011. Winners will be announced at the Award Ceremony on May 12th 2011 at the Stockholm Summit on Service Innovation in Cities.

Behind each Category lies the commitment of a city to pilot the winning showcase, with full institutional support to evaluate the impact the solution can have on reaching the community’s objectives.