The Department of Science and Innovation (DSI), in collaboration with the UN Development Programme (UNDP), is calling on interested organisations to help develop innovation entrepreneurship ecosystems at local universities.
This forms part of the Higher Education Innovation Fund (HEIF) unveiled earlier this year.
At the time, the department said two calls will be made for proposals from interested parties with the necessary expertise to apply for funding to work with universities and TVET colleges.
In a statement, the DSI says the purpose of the appointment is to improve the extent of innovation commercialisation by student innovators at South African universities.
The overarching goal is to use innovation commercialisation to enhance youth employment and the country’s economy, it states.
UNDP resident representative Maxwell Gomera notes the fund will foster a culture of innovation and entrepreneurship within universities, as educational institutions are a reservoir of untapped potential that could address many challenges in Africa, from health to technology.
“It is imperative that we build robust ecosystems that support these innovations. This means creating collaborative networks that include government, the private sector and academia, ensuring innovators have access to the mentorship, capital and platforms they need to thrive,” says Gomera.
An initiative of the DSI and UNDP, the HEIF seeks to support students through general entrepreneurship, ideation and design thinking, business model development, validation, commercialisation, market access, intellectual property protection and investor readiness.
Furthermore, it aims to solve challenges in the innovation ecosystem, such as a lack of skilled student tech entrepreneurs, a lack of entrepreneurial support and networks at universities and colleges, and limited exposure to opportunities, mentoring and coaching.
Unveiling the fund, minister of science, technology and innovation Dr Blade Nzimande said he envisions the fund to grow to R1 billion, stating it will have an emphasis on job creation and spin-off companies.
The deadline for submissions is 19 August.
Interested parties can apply here.
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