Spatialedge’s successful acceleration
Spatialedge is a service provider of market intelligence and spatial profiling of consumers to clients in the property, banking, and health sectors. Using big data and analytics, this Stellenbosch-based company is assisting clients to better understand and engage with their customers. Through knowing where customers are located, and the profile of those customers, companies gain valuable insight into the market potential of their targeted growth area.
At the Attacq Retail Innovation Challenge, Spatialedge presented how retailers who leverage the full power of big data could increase their operating margins by as much as 60%, proving that understanding where your customers are located can be a vital step in giving your company a competitive “EDGE”.
LaunchLab ran the Retail Challenge across partner university campuses in the Western Cape and Gauteng region to unleash innovation in retail. In partnership with Attacq, a leading capital growth company in the commercial property sector, the challenge was open to anyone with an innovative idea specifically for the retail and property industry.
Spatialedge was one of the winners, and received a multitude of benefits as a result, both tangible and intangible. In addition to prize money, Spatialedge has also been able to tap into the LaunchLab partner network, which has facilitated access to corporates that are typically difficult for start-ups to penetrate. One of the main purposes for entering the challenge was to be introduced to the sponsors Attacq, who have subsequently become a client of Spatialedge. These coordinated introductions are essential to business growth.
Also as a result of the exposure from winning the Attacq Retail Innovation Challenge, Spatialedge has been accepted as one of only 10 companies in South Africa to take part in Techstars Cape Town acceleration programme, sponsored by Barclays Africa. This dynamic 13-week programme helps up-and-coming entrepreneurs accelerate their growth and scale their innovative start-ups in Africa and abroad. The selected companies will drive and scale innovation across various fintech systems, such as Spatialedge’s big data and analytics, and leverage Barclays Africa Group’s customers, technology teams and products to scale on a global level. Techstars startups will receive up to US$45 000 in investment, get perks valued at more than US$2-million, and have lifelong access to the Techstars network of investors, VCs and mentors.
Opportunities like these are rare, and come as a result of the incredible opportunities available at LaunchLab. Spatialedge directors Retief Gerber and Frank Ortmann said, “The LaunchLab provides an ecosystem that opens doors for entrepreneurs, as well as increasing marketing exposure of the company. Young entrepreneurs are highly encouraged to engage with innovation hubs such as Innovus and LaunchLab, and take advantage of all the opportunities, networking and support on offer.”
Moving forward, the main challenge that Spatialedge will face as the company grows is finding and retaining technical talent. But Gerber and Gordon have walked a long path together, and the partnership will ensure that these challenges too are overcome as they take Spatialedge to international markets in the near future. Watch this space!
When starting a business, make sure you know exactly where your revenue will be coming from, and work on that aspect first.