The Silicon Cape Initiative is a private sector community movement that was founded by two South African high-tech entrepreneurs, Vinny Lingham and Justin Stanford.
[1][2] Both being entrepreneurs and angel investors in the information and communication technologies start-up sector in South Africa, they observed the unique confluence of circumstances emerging in their home country and in particular in the province of the Western Cape.
Speakers included Dr. Johann Rupert (chairman of luxury goods company Richemont), Dr. Mamphela Ramphele (chairperson of the Technology Innovation Agency), Helen Zille (premier of the Western Cape)[1][3] and Matthew Buckland (internet entrepreneur, founder of Creative Spark and Memeburn) who was the event's MC.
[3] Although there was no marketing budget or spend (the initiative was driven by word of mouth), the Silicon Cape received a large amount of press release from South Africa’s leading online publications.
[10][11][12] The following statistics were reported by 6 April 2010: In March 2011, Google announced the launch of Umbono (Xhosa for "vision"), a business incubator, and opened applications for venture capital of up to $50,000 as well as free internet and office space to existing and potential start-up companies.
Google's South African country manager, cited Yola, Mxit and Twangoo as successful start-up companies which showed signs of development in the IT industry in the Western Cape.
[19] On March 18, 2011, it was ruled by the Supreme Court of Appeal that "exchange control approval" is not required when transferring ownership of intellectual property to a non-resident,[20] although no amendment to the present regulations has been made.