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The Department of Science and Innovation (DSI), in partnership with the United Nations Development Programme (UNDP), has unveiled the Higher Education Innovation Fund (HEIF). This groundbreaking initiative is designed to empower tech entrepreneurs and innovators within South Africa’s higher education institutions, particularly focusing on job creation and the development of spin-off companies.
Speaking at the launch, Dr. Blade Nzimande, the Minister of Higher Education, Science, and Innovation, outlined a bold vision for the HEIF, aiming to grow the fund to R1 billion. He called on private sector companies and other funding bodies to contribute to this ambitious goal.
The HEIF will address significant challenges in the innovation ecosystem, such as the scarcity of skilled student tech entrepreneurs and the lack of entrepreneurial support and networks in universities and TVET colleges. The fund will support students through various stages of entrepreneurship, including ideation, business model development, market access, and intellectual property protection.
Nzimande emphasized that the fund is especially critical for TVET colleges and historically disadvantaged universities, where these challenges are more pronounced. The initiative is also seen as a key tool to plug gaps in existing support systems for innovation and tech entrepreneurship across the country.
UNDP resident representative Maxwell Gomera highlighted the importance of creating robust ecosystems that foster innovation and entrepreneurship. He stressed that universities, as reservoirs of untapped potential, could play a pivotal role in addressing challenges across Africa.
In the coming months, the DSI, UNDP, and the Technology Innovation Agency will issue calls for proposals for programs aimed at partnering with universities and TVET colleges. These calls will be open to organizations with the necessary expertise to help realize the fund’s objectives.