Immobazyme, a biotech company based in Stellenbosch, and UVU Bio, the biotechnology division of UVU Africa (previously known as the Cape Innovation and Technology Initiative), a non-profit organization dedicated to supporting the startup ecosystem, have joined forces to introduce Catalyst 2024. This initiative is a competitive event designed for biotech startups that are in the early stages of development.
The purpose of Catalyst 2024 is to provide budding biotech entrepreneurs with the necessary tools, guidance, and network opportunities to succeed. By participating in this competition, these entrepreneurs can gain access to essential resources that will aid in the development and growth of their startups.
The application process for Catalyst 2024 is currently open and will continue to accept entries until October 8. Following the application period, there will be two rounds of elimination to narrow down the competitors to seven finalists. These finalists will then have the opportunity to present their innovative ideas in front of a live audience at the UVU Africa innovation hub located in Woodstock, Cape Town. The live pitch event is scheduled to take place on November 7.
The winner of the competition will be awarded a substantial prize package, estimated to be worth over ZAR350,000 (approximately US$20,000). This prize is designed to serve as a launchpad for the startup, assisting in the progression from a mere concept to a marketable minimum viable product (MVP). The package includes a six-month rent-free period in UVU Bio’s laboratory facilities, specialized business support through UVU Bio’s business development programme, and a half-year of tailored mentorship from the leadership team at Immobazyme. Additional benefits are also part of the prize.
Dheepak Maharajh, the CEO of UVU Bio, expressed enthusiasm about the partnership with Immobazyme, highlighting the surge of innovation within South Africa’s burgeoning bioeconomy. He emphasized that Catalyst 2024 serves as a dynamic platform for bringing to light novel biotech ideas and fostering their development through a comprehensive support system. Maharajh is confident that this initiative will significantly hasten the progress of South Africa’s bioeconomy and empower a new wave of biotech entrepreneurs.
Applications are open here until October 8.
