Vaal hosts SA’s first-ever GITR City Final
The Vaal Triangle Campus of the North-West University (NWU Vaal) recently made history when it hosted the first-ever Get In The Ring City Final in South-Africa.
On 27 August 2015, the Campus joined more than 64 countries around the world when it played host to a Get In The Ring (GITR) City Final. Get In The Ring is a global investment competition often referred to as the “Olympics of Entrepreneurship” and 2015 marks South Africa’s second rendition of this highly popular and much anticipated global entrepreneurial challenge. The event was proudly hosted by the bHive Enterprise Development Centre (bhive EDC) on the Vaal Triangle Campus and RealSuccess.net – a leading online entrepreneurship magazine.
A total of 21 entrepreneurs took up the GITR challenge. At the end of it all, the top three start-up entrepreneurs saw themselves qualifying for the South African finals of GITR 2015. The Vaal City Final winners are: Phat Pat Catering (Patricia Esterhuizen), Solar Bliss (William Hartzer) and NewTech Rail (Jan Jooste).
|Jan Jooste (left) from NewTech Rail celebrating his win||Patricia Esterhuizen celebrating her knock-out round||William Hartzer celebrating his victory|
Each presentation to the panel of judges – also called the “pitching battle”, consisted out of a brief introduction and five different rounds (of 30 seconds each). A “Battle Support Team” – experts and established entrepreneurs, were on hand to support participants with their pitching tactics by means of a basic pitch training course. The “pitching battle” – with two start-up entrepreneurs facing off against each other, took place as follows:
Round 1 (Team)
This round covered the compilation of the start-up’s management team, and highlighted their various skills and expertise.
Round 2 (Achievements)
In this round the start-ups had to outline what they have achieved thus far.
Round 3 (Business model and market)
Start-ups could use this round to explain their businesses, the markets in which they find themselves, and their respective market strategies. In addition, noting competition, and how they are different – including their unique selling point
Round 4 (Financials and Investment Proposition)
The fourth round covered the financial situation and the investment sought. Aspects that came to the fore included the share amount offered or sold to investors, how the money will be spent and also a three to five future projection.
Round 5 (Freestyle)
During this round start-ups are free to do what they want in a final effort to convince the “champions” – the investors, why they should invest in them and their company. Each start-up needs to try to even convince its competitor why he/she should win. In short: each participant needs to try to get to the core of its existence. Short product demonstrations were also allowed during this round.
Local City Finals will also be held in several other major hubs – such as Johannesburg, Pretoria, Cape Town, Durban and Bloemfontein to identify the top 100 young start-up entrepreneurs. The top 100 participants will take to the “ring” during the South African semi-finals in October.
In November the entrepreneurial challenge will see the Southern Regionals take place in Malawi, Namibia, Zimbabwe, Angola, Madagascar and the Democratic Republic of Congo (DRC). The top 3 participants of the Southern Regionals will join their South African counterparts in November for the final stage of Get In The Ring: Southern Africa. The winners of this event will join entrepreneurs from around the world during the Get In The Ring: The Investment Battle in January 2016. This much-anticipated event will be hosted in Columbia in the USA.