New fund to support university technology entrepreneurs

Dr Blade Nzimande, Minister of Higher Education, Science and Innovation;

The Department of Science and Innovation, in collaboration with the United Nations Development Program (UNDP), has introduced the Innovation and Commercialization Fund.

The Higher Education Innovation Fund (HEIF) supports ambitious innovators and technology in South African higher education institutions by stimulating the creation of a culture of entrepreneurship and innovation in the after-school education sector, with a focus on job creation and spin-outs. We aim to empower entrepreneurs. Leave the company.

Announcing the fund this week, Minister of Higher Education, Science and Innovation, Dr Blade Nzimande, said he envisioned expanding the fund to R1 billion, and said private companies and businesses would be encouraged to help achieve this goal. He said other funding agencies had been invited.

DSI says: HEIF operates through a call for proposals from interested parties with suitable programs and expertise, working with universities and technical and vocational education and training (TVET) colleges.

The fund addresses issues such as a lack of skilled student technology entrepreneurs who can develop and commercialize competitive and innovative products, a lack of entrepreneurial support and networks at universities, and limited opportunities for mentoring and coaching. It aims to solve challenges in the innovation ecosystem. .

Nzimande says these challenges are more acute in TVET and historically disadvantaged universities.

HEIF supports students through general entrepreneurship, ideation and design thinking, business model development, validation, commercialization, market access, intellectual property protection, and investor preparation.

Mr Nzimande added that the fund aims to fill the gaps in existing instruments and programs available to support innovation and technology entrepreneurship in the country.

UNDP Resident Representative Maxwell Gomera said the fund will help foster a culture of innovation and entrepreneurship within universities, as they represent a treasure trove of untapped potential that can address Africa's many challenges, from health to technology. He said he would promote the

Building a robust ecosystem to support these innovations is essential. This means building a collaborative network that includes government, the private sector, and academia to ensure innovators have access to the mentorship, funding, and platform they need to succeed.

Within the next two months, DSI, UNDP and the Agency for Innovation and Innovation, as co-funders, will put forward a proposal to stakeholders with the necessary expertise to apply for funding in collaboration with universities and TVET colleges. We are planning to start recruiting twice.

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