South Africa innovators have an opportunity to get funding for their ideas and startups through the launched Technology Innovation Agency.
The funding is targeted at the youth between the ages of 18 and 30 years and who have innovating ideas. It also targets only South African youths who haven’t received funding from any other initiatives.
TechCentral reported that Margaret Mkhosi, GM for special projects at TIA, said that technological innovation is a precursor to growth and development.
She said that the Youth Technology Innovation Fund was created to provide financial support for the innovators. This is also to encourage young innovators to come up with ideas that would be commercialized making them techprenuers.
The TIA was established by an act of parliament the TIA Act 2008. The objective was to stimulate and spur technological innovations in order to improve economic growth and the quality of life for all South African s by developing and exploiting ideas.
According to TIA, the winners will receive a range of prizes to help them launch their product in the market. This will include a voucher to have their creations go through South African Bureau of Standards (SABS). The voucher will be valued at R100,000 (US$12,000)
The SABS voucher will include the following certifications: SABS Mark – Approved Performance to National/International Standards, Safety Mark – Approved Safety Performance to National / International Standards.
TIA will also provide R250, 000 (US$30,000) to enable the finalist to conduct Rapid prototyping, Technology analysis and testing, Process improvement, Piloting, Technology research and development.
There will be also a stipend awarded to not more than four people in the winning company which will be up to R60,000 (US$7,000) not more than two years. Trademark and patent issues will also be taken care of by the TIA to make sure that they products are market ready.