The Innovation Fund and business consulting firm Deloitte have announced a joint programme to commercialise technology opportunities developed through the fund.
The fund is an instrument of the Department of Science and Technologies and is administered by the National Research Foundation.
Both organisations say the new programme is also a way of laying the groundwork to establish a critical element of the future growth of the local economy.
"The Innovation Fund has identified projects with the highest potential for success across a wide spectrum of industries. By partnering with Deloitte, which has the expertise to bring new technologies to market, we are doing everything possible to ensure these ideas become viable businesses," says Richard Doyle, senior commercialisation manager at the Innovation Fund.
Jan Kotze, director of Deloitte`s innovation business, says the need for growth in the local economy is the prime driver behind the programme.
"Deloitte has developed methodologies and networks for testing ideas and bringing them to market. It has commercialised globally unique methodologies that offer CEOs an end-to-end innovation process to bridge the gab between great ideas and profitable growth," he adds.
An important aspect of the programme is to recruit new empowerment graduates, who will enter a mentoring programme run by Deloitte on behalf of the Innovation Fund.
"We will build capacity and skills in this way, steering the candidates through the process of developing business plans, identifying and concluding investment and licensing agreements and exploring opportunities through Deloitte`s global network and knowledge base," he says.
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