Bodibeng Technology Incubator (BTI) has launched a programme to harness and commercialise innovations emerging from tertiary education institutions.
BTI CEO Leon Lourens says one of the biggest obstacles hindering small and medium enterprises (SMEs) in SA is the lack of innovation. "This seems to be the general consensus from potential stakeholders looking to back promising SMEs."
To help stimulate innovation in SA, BTI`s tertiary education satellite incubator programme (TESIP) will see students and staff at tertiary education organisations working on projects identified as being of significant commercial value, with BTI offering mentoring, coaching and assistance with business development.
"Instead of research and development from tertiary education institutes lying on the bookshelves of libraries, it can now be channelled directly into the commercial space," says Lourens.
The TESIP is being piloted at the Vaal University of Technology. Although the initial focus is the automotive sector, the programme will be advanced to cover the broader spectrum of the information, communications and electronics technology sectors.
Lourens notes that the Centre for Innovation at Oxford University in England has, since 1998, created 35 companies with a present day combined value of around R22 billion through programmes similar to the TESIP.
"Statistics for innovation centres at tertiary institutes in the US, Australia and Europe also show the benefits of such programmes," he says.
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