GrindstoneX, Naspers Labs female-focused accelerator selected ten SA startups
The three-year GrindstoneX accelerator program, which seeks to empower female entrepreneurs while generating employment, has chosen ten South African firms.
Grindstone, a company founded in 2014 and jointly owned by Knife Capital and Thinkroom, focused on helping high-growth, innovation-driven firms achieve scale. The youth development initiative of the international consumer internet company and technology investor, Naspers, is called Naspers Labs.
The two organizations have teamed up to create GrindstoneX, which will annually identify the top 10 female-founded South African businesses and put them through Grindstone’s 12-month growth engineering program. This program evaluates each business based on its individual merits and then provides targeted interventions that allow the business to undergo business transformation and growth.
The first group of entrepreneurs has been selected, and they include: Blushproof, which develops innovative, leak-free period underwear and sells it online; Chicken Bar, a grilled chicken restaurant with an online delivery service that uses GPS and other cutting-edge technology; Africa Beyond 4IR, a digital incubation and empowerment program that introduces underprivileged communities to business opportunities in tech fields like animation, gaming, virtual reality, and drones.
Thetha Digital, which develops top-notch digital and educational content for South African businesses, Tsehla Holdings, which builds futures for women in hydroponics using cutting-edge technology, Wisi-Oi, an online marketplace for pre-loved clothing, and Young Rebels Marketing, a digital marketing firm, were also chosen. Seponono Africa, a digital branding firm, Abaguquli4IR, upskills and trains people with 4IR skills.
GrindstoneX, which draws on the expertise and accomplishments of Grindstone’s growth engineering programs, is made possible by financial backing from Naspers Labs. Female entrepreneurs will go through thorough evaluations and analyses of their businesses, then, if necessary, carefully planned adjustments.
Business strategy, go-to-market planning, capital preparedness, networking, and professional business coaching are all interventions. These include mentorship and assistance from Grindstone alumni firms who have successfully scaled or exited their businesses.
“We have been intentional in our recruitment approach in all our Grindstone programmes to ensure we increase the number of businesses that are female-founded and led. This enables us to provide direct support to improve entrepreneurial opportunities equally, and to provide further springboards for investment-ready female-founded businesses in South Africa,” said Catherine Young, partner at Grindstone.
