The Innovation Fund And It's Goal To Inspire Innovational Ideas To Improve The Quality Of Life
Set up in 1999 by the Department of Science and Technology and regulated by the National Research Foundation, the Innovation Fund was set up to aid students in protecting, developing and marketing their technological inventions so they can be used to improve South Africans' lifestyle. 

By mapping out a step by step guide, the Innovation fund can fast track research and development in any field and provide it to areas of South Africa to begin their projects with efficiency and effectiveness. The guide takes you through each step of acquiring money for your innovation starting with merely having an idea, patenting your idea, researching the modifications necessary to make your idea marketable, and garnering start up money from the fund and co-investor venture capitalists to introduce your innovation as a viable commodity into the South African marketplace. 


 I have an idea 

The Innovation Fund provides three main avenues for acquiring funding for the student's project. Technology Advancement (TAP) provides financing for ideas that are in the late stage of development and research. Seed Funds aid in the initial start up phase of the activities so that the inventor can provide their technologies to the South African Market. The Patent Support Fund allows money to be donated so that the student's ideas can be protected and the patent can be registered. 

     

I am building my prototype 

Many projects run into a financial roadblock at the prototype phase of the project. A great amount of research and development is required so that the student can take their original prototype and modify it in such a way that it can be marketable to the South African Population. By funding the proof-of-science to proof-of concept phase the idea can be taken to small and medium enterprises start up companies and higher education science councils and institutes.   

I am ready to go to market 

One can have the idea, the prototype, the research and the development aspects and still have difficulty creating a marketable commodity.  he Seed Fund has been designed for people who have their idea and prototype finalized, but need the start up capital to begin the marketing and distribution process. With the seed fund money, the student can organize and create a viable business model.  They will also help you in trying to find and access a co-investor from a venture capital resource.    

 The philosophy behind the fund hypothesizes that infusing an influx of new innovative ideas and technologies into the South African market will stimulate business growth. With the added business growth, a cyclical upward spiral would take form, providing more employment opportunities to the population, creating the flow of money into the country which can be distributed to the people and in turn provide them with a better living situation. The difficulty is getting the technologies into the country in a marketable format. Once the technologies have been introduced then the marketing can commence.