Innovation Fund Invites South Africans to Submit Proposals for Investment in their novel inventions

The Innovation Fund is inviting investment proposals from all South Africans with novel and inventive technological ideas that are commercially viable.
The Innovation Fund, which is an initiative of the Department of Science and Technology mandated to promote technological innovation through investment in development and commercialisation of novel and inventive South African technologies, is inviting investment proposals from all South Africans with novel and inventive technological ideas that are commercially viable.

In announcing this invite the Innovation Fund’s Senior Commercialisation Manager Duncan Raftesath said, “this invite is based on the Innovation Fund’s firm belief in the inventiveness of South Africans, their ability to invent technologies and apply them in solving real life problems. Through this invite we are calling on South African scientists, engineers and inventors to come up with truly novel and inventive technologies that have a commercial case and we will help them finalise their R&D, protect their intellectual property and commercialise their inventions.”

Investments will be made available through the Innovation Fund’s investment programmes which are the Technology Advancement Programme (TAP), Seed Fund and the Patent Support Funds. Projects that need investments to finalise their Research and Development will receive investment through the Technology Advancement Programme which invests in late stage (i.e. where proof of science already exists) research and development of novel and inventive technologies. TAP investments are up to R15 million per project over five (5) years. 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, which invests in early commercialisation/ start up activities aimed at taking technological innovations to the market. Total value of Seed Fund investments will be on case by case bases. The last programme that seeks investment proposals is the Patent Support Fund which is comprised of instruments targeted at SMMEs and Techno-entrepreneurs. The Patent Support Fund’s instruments are meant to assist with the costs associated with the protection of intellectual property through the patenting system. Each successful SMME will receive an investment of up to R750 000.

All interested individuals, SMMEs and research institutions must submit their proposals by the end of this financial year, 31 March 2009. Another open call will commence from 1 April 2009. Further information and application forms are available on the Innovation Fund’s website www.innovationfund.ac.za.