The South African Breweries (SAB) Foundation is set to announce the winners of its fourth Annual Social Innovation Awards at the end of October.
“Innovative solutions to economic and social issues in South Africa can be a powerful driving force behind bringing positive change for people within local low-income communities,” says SAB Foundation manager Bridgit Evans.
She adds that, through the Social Innovation Awards, the SAB Foundation aims to encourage individuals to empower themselves as entrepreneurs and, in turn, empower others. By promoting the provision of affordable access to resources and services that can improve individual’s lives, the awards serve an empowerment purpose.
The foundation notes that a total of 18 innovations will move through to the final judging phase, adjudicated by an independent panel of business and industry experts later this month.
The pro-poor innovations range from products to processes, which are selected according to whether they are scalable and can be commercialised. Each must also benefit the SAB Foundation’s target beneficiaries, who are women, youth, people living with disabilities and people living in rural areas.
Evans points out that there has been a marked increase in the number and quality of innovative solutions presented since the first Social Innovation Awards in 2011.
“We are encouraged each year by the rise in the number of individuals wanting to make a concerted [effort] to solving South Africa’s social challenges and we are proud to be a part of helping them build onto their dreams for others.”
Since its first awards ceremony in 2011, the SAB Foundation has invested in a total of 40 social innovations through a financial commitment of more than R10-million.
Apart from the first place prize of R1-million, the second place winner receives an investment of R500 000 and third place winner receives R300 000. Additionally, several seed grants of between R100 000 and R150 000 will be awarded to other deserving finalists.
“Winners receive the grant funding in tranches over a period. The amount is determined by their growth plan to commercialise and upscale the service and product,” concludes Evans.