University Students/Entrepreneurs with Ideas

1 Submit Your Ideas Online:

Online entries close on 7 November 2018. You can apply online and submit a video of no longer than 3 minutes explaining your idea and including the following: Who you are? What your idea is? How it relates to safety? How it works?

 

2 Shortlisting:

After all the submissions are received, 10-20 participants will be shortlisted based on the following criteria:

  • Originality/Competitiveness: Is the idea innovative? Will it enhance the livelihood of all who use it and challenge old thinking?
  • Market attractiveness: Can the idea solve safety problems affecting all in SA? Does it have potential to attract investment (The extent to which the solution is commercially viable)?
  • Time to market: How much time will it take to get the product produced and put out to the market?
  • Applicability to Insurance: Can the idea lead to improving the management of risk on the ground at community level? Can it increase the resilience of communities and businesses through risk prevention? And can it have significant impact on insurance for the consumer?

Shortlisted candidates will go through a 2-week Bootcamp with LaunchLab so that we can get to know your team and prepare you for the Santam judging panel.

 

3 Selection

A Santam judging panel will select which of the shortlisted candidates will to go through to the LaunchLab Build Programme by 22 November. Successful concepts will then receive incubation space in the LaunchLab and seed funding to start building their prototypes.

 

4 Customer Discovery & Prototyping:

Successful concepts will move into the LaunchLab Build Programme where they will start developing a prototype and business model canvas. Working with LaunchLab and Santam over a 3-month period you will discover your customer’s needs and build/improve your prototype. The resulting prototypes will again be assessed by a panel and those who succeed will receive more funding to prepare to pilot with Santam in the LaunchLab Countdown Programme.

 

5 Investment Readiness & Engagement with Santam:

The prototypes that make it this far will have access to the LaunchLab Countdown Programme. This is a 3-month programme, with intensive coaching and mentoring. The programme has been designed to help businesses (entrepreneurs and their teams) to “progressively de-risk” their operations. You will complete a investment readiness checklist and be prepared to pilot with Santam.

Having started with multiple ideas, these will have been cut down to 2-3 prototypes which will have to be presented to a panel of Santam executives. The ideas at this stage may fall into one of two categories:

  • Application to safety in general: These businesses will create products, services or solutions that have a safety impact in general on the population or their possessions.
  • Application to short-term insurance business: These businesses will create products, services or solutions that can directly impact on the rating, underwriting and/or claims of Santam.

At the end of this step one winning concept will be chosen by Santam. Should Santam choose to invest, depending on the investment vehicle and business assessment, funding and contractual elements of the new business will be discussed. Please refer to the participation terms and conditions for further info.