The Technology Innovation Agency (TIA), an entity of the Department of Science and Innovation, and the SAB Foundation have collaborated to support innovative start-ups across SA.
According to a statement, the partnership will see the TIA and SAB Foundation co-invest in a Social Innovation Fund, the Social Innovation and Disability Empowerment Awards and the University Seed Fund.
TIA says it will invest R5 million, along with R23.6 million from the SAB Foundation.
The co-investment with the SAB Foundation is geared at accelerating impact and leveraging private sector support in the innovation value chain, within the small business sector.
The funds will use a combination of grants and loans, with technical and business development support, to scale these entities and create jobs. Funding will also be channelled towards unique ventures that are trying to address some of SA’s biggest social challenges through the use of technology, and the knock-on effect of helping them grow is expected to be exponential, notes TIA.
The intention is that following the support received from SAB Foundation and TIA, businesses will be ready to take on investment capital from venture capitalists and other impact investors.
“TIA’s collaboration with the SAB Foundation positions the two organisations as partners in cultivating a culture of inclusive innovation with technology start-ups at the forefront of growing the economy and thus improving the quality of life for South Africans,” says Tandokazi Nquma-Moyo, acting GM, strategic partnerships and business development for TIA.
“Through the TIA Seed Fund, TIA will be able to leverage funding by collaborating with private sector partners in developing and commercialising publicly-funded IP from universities.”
TIA supports innovations by bridging the innovation chasm between research and commercialisation. The agency says it invests approximately R400 million annually to support technology innovation through various funds and programmes.
Since 2010, the SAB Foundation has provided support and funding for entrepreneurs and micro-enterprise owners who want to grow their businesses and achieve new levels of success.
“We are very excited about this strategic partnership,” says Bridgit Evans, director of the SAB Foundation.
“Social innovation holds so much promise for the country and we are delighted that TIA believes in what we are trying to achieve.
“We are looking forward to working with TIA to further support our entrepreneurs on their journey to success. Through this partnership, we hope to give social entrepreneurship in our country the boost required to help tackle the challenges that we currently all face,” concludes Evans.
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