Velociti is an accelerator built primarily to accelerate Neolab startups but now accepts applications from external startups as well. Over the years, Neolab figured out the most efficient way to create startups by turning ideas into sustainable enterprises and working with passion driven entrepreneurs in building these startups. The Challenge however became apparent very quickly… It is one thing to build a startup, scaling it and getting it to sustainability, is something else.
Neolab builds startups in a very iterative, and data driven way that takes a varying amount of time. Furthermore, Neolab builds startups under sub-optimal conditions, with limited funding and stretched resources as a way of building frugality and efficiency into the startup. It is great for birthing early stage startups, it however sucks when it comes to growing and scaling them. This is where Velociti comes in. The accelerator takes in 10 startups every 6 months in cohorts more commonly referred to as “shuttles” and provides these “resource- stressed” startups with working space, financial and infrastructural resources, mentors and advisors, and a series of events that serve to accelerate the startups, culminating in a Demo Day.
Over the six months, everything moves very quickly- things are tried, changed, modifies and tried again on a daily basis until the startup finds a scalable business model and pursues it relentlessly. Such a process requires hands on advisors who walk the journey with the startup and are carefully matched based on expertise, industry and founder advisor chemistry. The founders also benefit from being a part of an entrepreneurial community and get “fly by” support from mentors and service providers. These are essentially “friends of velociti” who pledge support through pro bono services (lawyers, accountants etc.)
The ultimate goal of Velociti is to help guarantee the success of startups that solve different problems in different industries all leveraging on some form of technology. Technology in Afirca will not feed the hungry or cure AIDS, it however can be leveraged on by startups to greatly increase the impact that they have and significantly lower the cost at which such impact is achieved. To achieve this, we invest our time, resources and some financing to 10 startups every six months and work with the best and brightest in their industries to achieve maximum velocity! Download our Investment thesis below: