Business

This initiative is giving away R3 million in funding to emerging start-ups – Here’s who qualifies

Business Insider SA
(Getty)
(Getty)
  • The Innovation Hub, through its 2022 Gauteng Accelerator Programme (GAP) Innovation Competition, is giving away seed funding worth R3 million to innovative start-ups.
  • Emerging small businesses that qualify for the competition should operate in the following fields: ICT, Medical, Biosciences, the Green Economy, and the Township Economy.
  • All winners within the five categories will win a cash prize, incubation support, intellectual property advice and more.
  • Applicants have until 15 July 2022, to submit their online application.
  • For more stories go to www.BusinessInsider.co.za.

The Innovation Hub, an innovation agency of the Gauteng province responsible for Africa’s first internationally accredited Science and Technology Park, recently opened entries to a competition that aims to provide seed funding worth R3 million to new innovative start-ups.

Through the 2022 Gauteng Accelerator Programme (GAP) Innovation Competition, innovators and entrepreneurs within the field of ICT, Medical, Biosciences, the Green Economy, and the Township Economy, are called to apply to win a share of the seed funding.

This will give successful applicants the opportunity to participate in training aimed at helping them develop critical business skills. They will also be matched with appropriate mentors to provide guidance on their business strategies.

“The GAP competition aims to build a better future by supporting novel ideas and products with the potential to completely transform industries and meet the evolving needs of our society,” said CEO of The Innovation Hub, Advocate Pieter Holl.

Winners of the competition – from each of the five categories – will, in addition to the cash prize, receive incubation support at The Innovation Hub, intellectual property advice, and access to a network of industry and governmental partners.

“South Africans are brimming with many wonderful ideas, but often lack the knowledge and support needed to transform these ideas into minimum viable products, successfully pitch to funders and executives, and scale their businesses.

“Through this competition, we look to plug into this gap, while embracing diversity and driving sustainable economic development,” Holl said.

Since its launch in 2011, the GAP competition has played a role in the launch of over 100 successful start-ups, including Paseka Litabe’s Autumn Green, which offers an innovative system that can automatically switch off non-essential equipment and appliances when the national electricity grid is under strain.

Start-ups that qualify

  • Gauteng Accelerator Township Economy (GATE): Nurtures innovations which can contribute to the growth and development of township economies. This category seeks to improve government service delivery, and promote the overall economy of the province and country in line with Gauteng’s Township Economy Revitalisation Strategy.
  • Green: Addresses some of South Africa’s most pressing environmental issues such as energy security, water management, waste and sanitation, sustainable mobility and food security. The winner of this category will be incubated at the Climate Innovation Centre South Africa (CICSA) business incubation programme.
  • Biosciences: Allows scientists and entrepreneurs in the biosciences space to develop and showcase technologies with a focus on agro-processing and health. This category is managed in collaboration with the Technology Innovation Agency and the Emory University’s Goizueta Business School in Atlanta, Georgia.
  • ICT: Focuses on the development of ICT-based solutions, from internet of things (IoT) technology and artificial intelligence to educational mobile applications.  The winners of this category will be incubated at Maxum business incubator. 
  • Medical: Seeks to identify and develop innovations for improving health service delivery within hospitals, specifically focusing on medical technologies and hospital processes. This category is also run in collaboration with the Technology Innovation Agency and Emory University. 

Applicants have until 15 July 2022, to submit their online applications to the GAP competition on The Innovation Hub’s website.

There will be a workshop held virtually for two days starting on 23 June to cover essential topics for successfully preparing applications, as well as more information on the GAP competition itself.

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