DST calls innovators

By Staff Writer for Department of Science and Technology
Johannesburg, 05 Sep 2008

The Innovation Fund seeks investment proposals from South Africans with novel and inventive technological ideas that are commercially viable.

The agency that answers to the Department of Science and Technology says this is an open call, allowing people to apply until the end of this financial year, ie 31 March 2009. Another open call will commence from 1 April 2009.

The fund's senior commercialisation manager, Duncan Raftesath, says the invite is based on his “firm belief in the inventiveness of South Africans; their ability to invent technologies and apply them in solving real life problems”.

Raftesath says scientists, engineers and inventors that come up with truly novel and inventive technologies “that have a commercial case” will find the fund will help them “finalise their R&D, protect their intellectual property and commercialise their inventions”.

Money will be made available through the Innovation Fund's Technology Advancement Programme (TAP), Seed Fund and the Patent Support Funds.

TAP investments are up to R15 million per project over five years. The TAP invests in projects that need funding to finalise late stage R&D - “where proof of science already exists”.

Projects that have already developed novel and inventive technologies, but need investment to take their technologies to the market, will receive investment through the Seed Fund. This invests in early commercialisation/start-up activities aimed at taking technological innovations to market. The total value of Seed Fund investments are decided on a case by case basis, says Raftesath.

The Patent Support Fund seeks to help SMEs and techno-entrepreneurs. Each successful SME will receive an investment of up to R750 000.