According to a statement, the partnership will see the TIA and the SAB Foundation co-invest in a social innovation fund, the Social Innovation and Disability Empowerment Awards, and the University Seed Fund.
TIA announces that it will invest 5 million rand, as well as 23.6 million rand from the SAB Foundation.
The co-investment with the SAB Foundation aims to accelerate impact and leverage private sector support across the innovation value chain, within the small business sector.
The funds will use a combination of grants and loans, along with technical and business development support, to scale these entities and create jobs. Funding will also be channeled to unique businesses that are trying to address some of South Africa’s biggest social challenges through the use of technology, and the ripple effect of their growth is expected to be exponential, TIA notes. .
The intention is that as a result of the support received from the SAB Foundation and the TIA, companies will be ready to accept investment capital from venture capitalists and other impact investors.
“TIA’s collaboration with the SAB Foundation positions the two organizations as partners in cultivating a culture of inclusive innovation with tech start-ups at the forefront of growing the economy and thereby improving the quality of life. of South Africans,” said Tandokazi Nquma-Moyo, Acting Managing Director, Strategic Partnerships and Business Development for TIA.
“Through the TIA Seed Fund, TIA will be able to raise funds by working with private sector partners to develop and commercialize publicly funded university intellectual property.”
TIA supports innovations by bridging the innovation gap between research and commercialization. The agency says it invests around R400 million a year to support technological innovation through various funds and programs.
Since 2010, the SAB Foundation has been supporting and funding entrepreneurs and micro-business owners who want to grow their business and reach new levels of success.
“We are delighted with this strategic partnership,” said Bridgit Evans, Director of the SAB Foundation.
“Social innovation holds great promise for the country and we are thrilled that the TIA believes in what we are trying to achieve.
“We look 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 it needs to meet the challenges we all face right now,” concludes Evans.