TECHNOLOGY FUND HELPS UNLOCK VAST POTENTIAL

THE FIRST university technology fund in Africa will enable the commercialisation of technology innovations developed by South African universities, the SA SME Fund said in a statement yesterday. Corporate South Africa, via the SA SME Fund, had made a R150 million investment into the University Technology Fund (UTF). It said R25m would be allocated to pre-commercialisation funding, which included proof of concept and technology development support, and R125m for commercialisation. Ketso Gordhan, the chief executive of the SA SME Fund, said: “This investment is intended to unlock the vast potential located inside our worldclass universities by commercialising South African technology. This will not only create viable businesses and jobs, but will also encourage a culture of innovation throughout universities in South Africa. We are exceptionally excited about the potential that this creates.” The UTF’s initial university partners were University of Cape Town and Stellenbosch University, who each contributed R20m to co-invest with the UTF. SA SME Fund said South Africa punched above its weight in research capability, having doubled its output since 2000. “Where the country lags is in the commercialisation of the research and patents, which is the gap that the SA SME Fund’s investment is aiming to address,” it said. African innovators struggle to pay the hefty costs of patent registration. SA SME Fund said its next step was to expand the programme to universities across South Africa. The UTF would be managed by Stocks and Strauss, an independent thirdparty fund manager.