The Step-Up Technology Innovation Competition aims to secure several innovative ideas, processes, technologies and products, which will then be incubated and developed for commercial application, and will run until the end of September this year, says development support organisation Technology Innovation Agency (TIA) COO Mkhululi Mazibuko.
The competition aims to gather ideas, entrepreneurs, inventions and innovations in the chemicals, health and biotechnology, mining and manufacturing, information and communications technology, food and agriculture, and energy and green environment industries.
Any South African older than 16 years can enter. The competition receives support from petrochemicals giant Sasol’s innovation support division, Sasol ChemCity, which provides prototyping, development support, commercialisation and testing functions for entrepreneurs and innovators, says Sasol ChemCity technology development and innovation manager Herman Berry.
“The competition indicates the shared belief of the importance of innovation across all the industry divisions of the competition and the belief that individual and business-driven innovation requires more support,” says entre- preneur and business development company Traction MD Martin Feinstein.
Further, several partnerships, including those of global software company Microsoft Bizspark and entrepreneurial consultancy The South African Business Link to Experts Accelerator, will provide advice and business support for entrepreneurs, while venture capitalists Horizen Ventures, Hasso Plattner Ventures Africa, Crowdinvest and Impact Amplifier will select the best-performing concepts for venture capital.
The Southern African Business and Technology Incubation Association will also provide links to opportunities and companies that will be able to incubate and provide mentorship for the innovative ideas selected from the entrants, says Feinstein.
A strong value proposition of innovations is the key criterion that investors look for, says TIA Gauteng business development manager Muhammed Sayed.
“We provide support to, and funding for, innovators, but there must be a clear market need and the concept must address a specific challenge.”