Internet Solutions to create new VC fund for web innovation?

It looks like Internet Solutions (IS) may be creating some kind of incubator or venture capital fund to encourage local web innovation and startups. The details are sketchy at this stage, but it in fact looks like the new initiative will launch as soon as this month, possibly middle of the month, with the launch of their website.

I’ve been promised further clarity on the new venture in the coming weeks. I am guessing there is some Ronnie Apteker influence in this, as Ronnie has been travelling the world lately looking at new online ventures to invest in. Apteker was the founder of Internet Solutions and still continues to play a role at the company.

If Internet Solutions are indeed looking at a local incubator, it will be good news for local web industry, which is seeing a raft of new web 2.0 startups from local innovators.

UPDATE: I’ve been told that the new initiative is taking on a role of an “incubator of good ideas” and “getting people to think about the South African internet…” — but with this comes a funding angle, perhaps connecting entrepreneurs with VCs or providing advice, or perhaps funding.

Comment (1)

  1. vincent wrote::

    So its an incubator of new ideas; interesting…interesting.. What I find most promising is your suggestion of the social networking potential. I had in my past life as a corporate employee attempted to create something similar in a global research firm, I called it thoughtbox, branded it for fun and sold it to the big-wigs who oddly enough saw potential in it. What I found most unbelievable though was when there was no monetary incentive, no promise of remuneration for thoughts that swapping ideas became a very lack lustre subject..

    So if its a bumping of heads I truly hope people see the potential in brainstorming, swapping thoughts and gaining some great contacts for the future..

    Thursday, June 5, 2008 at 10:22 pm #