While the Innovation Fund has invested over R1.2 billion in projects over the last 10 years, ICT funding still lagged behind other sectors, and the fund struggles to translate technological excellence into widespread economic benefit.
The fund's annual report reveals it had invested in 270 projects over the years. The bulk of the funding has gone into health, manufacturing, mining and minerals, agriculture and the environment.
The Department of Science and Technology (DST) established the Innovation Fund in 1999, with the aim of promoting intellectual property, providing seed financing for technology ventures, and the creation of science and technology platforms in partnership with industry.
While science and technology minister Naledi Pandor focused on the successes of the fund, the report reveals that projects still had to align with the goals of the department's 10-year innovation plan.
“The Innovation Fund has been a bridge between research and the marketplace. It has promoted technological innovation by investing wisely in late stage research and development, intellectual property protection and commercialisation,” she said.
The focus should now be on ensuring investments made through the Innovation Fund are aligned to the “grand challenges” identified in the 10-year innovation plan, the report states.
Judging success
“The focus has been on the originality and inventiveness of the proposed technology, market need and size, the capacity of the team and potential national benefit. Nevertheless, proof of the success of the Innovation Fund's efforts lies in the projects it has supported,” she said.
The report states that future projects should be geared towards addressing “constant challenges faced by the national system of innovation in ushering SA into a new era of technological innovation”.
A history of promoting a culture of technological innovation, along with a sound intellectual property management platform, will ensure future investments made by the TIA are competitive and technically sound, the report states. The DST established the TIA earlier this year.
The new agency was set up to address the fragmentation of funding instruments and build a network of competence centres focused on market opportunities in partnership with industry and public research institutions.
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