Seen at the adjudication of the National Innovation Competition...

Promoting entrepreneurship through commercialising innovative ideas

The Innovation Fund (IF) is promoting technology through National Innovation Competitions at all higher education institutions (HEIs) and science councils in South Africa. The Innovation Hub's Incubation Manager, Jill Sawers, participated in the adjudication process for the competition at the University of Pretoria (UP), while the maxum Business Incubation at the Hub hosted the UP prize giving event.

The purpose of the competition is to promote entrepreneurship, through commercialising the innovative ideas of young entrepreneurs, and to build capacity in these institutions.

In the first phase of the competition, each participating institution runs its own internal, customised business plan competition, the Institutional Innovation Competition. Each HEI selects its top three business plans for the second phase - the national competition.

The three winners from each participating institution will automatically be entered into the national phase. The IF shortlists the 12 best business plans for presentation to a national panel of judges, possible investors and sponsors at a business trade fair, where the top three national business plans will be selected. The awards will be made at a high profile awards ceremony. Prizes at this national phase are:

• 1st Prize - R300 000 (50% to student/student team and 50% to their department/s)
• 2nd Prize - R200 000 (same as above)
• 3rd Prize - R150 000 (same as above).

The Innovation Fund also grants the winning student/team an amount of R100 000 to represent South Africa in a similar international competition and awards the most technologically innovative institution with a prize of R1 million.

For more information contact Jill Sawers on 012 349 0300.

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