In its first yearly report launch on Friday, innovation and technology funder the Technology Innovation Agency (TIA) revealed that it had boosted third-party financing by 168.8% year-on-year, attracting R200-million in funding from sources other than the Department of Science and Technology (DST) in the twelve months ended March 31.

The agency also increased the number of small, medium-sized and microenterprises it assisted over the period from 1 904 in the 2013/14 financial period to 2 188 in the year under review, dispersing some R371-million in funding support – R15.9-million of which comprised loans.

The TIA made 17 new investments over the twelve months, supporting 37 youth projects and enabling the development of 38 new “knowledge innovation products”.

During the year under review, the agency achieved 73% of its overall target in terms of key performance indicators, generating revenue of R460.65-million.

“We end the period confident that the initiatives we embarked upon will be realised. It is also very satisfactory, given the challenges under which the organisation found itself, to announce that it received a clean audit,” chairperson Khungeka Njobe said on Friday.

The agency last year underwent a culling of its senior leadership, dismissing CEO Simphiwe Duma and CFO Barbara Kortjass for breaching several procedural and governance protocols at the agency.

A forensic audit into the alleged breakdown in corporate governance, procurement processes and investment services by employees and management at the time was initiated following several allegations, including nepotism, intimidation, irregular investment transactions, failure to follow procedures when procuring goods and services and discrepancies in the CEO’s expense claims.

“The TIA is now well positioned to continue, in an accelerated manner, with the numerous impressive projects contained in the yearly report. There are also significant process improvements to augment governance and the control environment so that the clean audit achieved in the period becomes the organisational standard,” commented newly appointed CEO Barlow Manilal.

Commenting on the agency’s performance, DST deputy director-general Daan du Toit told attendees that, as the custodian of the national system of innovation, it was encouraging how “nimble and adaptive” the agency had been in a changing science and technology environment.

“We congratulate the TIA on its consistent improvement in corporate governance over the years and note the progress of the support it has provided to youth programmes and young entrepreneurs.

“If the TIA didn’t exist, it would have to be invented, as it is critical for the development of innovation and to ensure that the national system of innovation is responsive to the needs of the South African public and promotes inclusive growth,” he said.

Manilal added that strategic partnerships, collaboration and high-yield synergistic relationships – both on the African continent and further afield – would be a key focus, as the agency sought to position South Africa for enhanced localisation and beneficiation, in support of the National Development Plan.