SeedStarsWorld is an exclusive worldwide competition, held in 20 countries through 2013 to discover the best startups in emerging markets and regions with vibrant startup communities.
The South African leg of the event was held on Friday 10th May, in Cape Town. Each entrepreneur was given exactly six minutes to pitch their business idea in front of a jury made up of local and international judges.
GustPay, a Stellenbosch based startup was selected as the winner. The prize included a flight to Switzerland to compete in the global finals and a cash prize of R50,000.
GustPay is a mobile financial services startup. Their apps include Gust Pay, Gust Finder and Gust PayPoint and are available for iOS, Android and BlackBerry platforms.
Judges were impressed by Gust’s Event Intelligence product which uses NFC wristbands for event ticketing, access control and cashless payments. The product is designed for music events and outdoor markets, but judges also saw scope for the technology in educational environments.
After a series of regional pitching events in their respective cities, only one startup per country will participate in the final event held in February 2014 in Geneva, Switzerland. The winner will be crowned with the prestigious SeedStars World Best Startup title.
The winners will receive different prizes such as mentoring from partners and well-known entrepreneurs, SeedStars equity investments, entry into acceleration programs and hosting services.