The Department of Science and Innovation, in partnership with the UN Development Programme (UNDP), has launched the Higher Education Innovation Fund (HEIF).

The aim is to empower aspiring innovators and tech entrepreneurs at South African higher education institutions by stimulating the creation of a culture of entrepreneurship and innovation in the post-school education sector in South Africa, with an emphasis on job creation and spin-off companies.

The fund aims to solve challenges in the innovation ecosystem such as a lack of skilled student tech entrepreneurs who can develop and commercialise competitive innovative products, a lack of entrepreneurial support and networks at universities and colleges, and limited exposure to opportunities, mentoring and coaching.

"These challenges are more acute in TVET colleges and historically disadvantaged universities," said the Minister of Higher Education, Science and Innovation, Dr Blade Nzimande.

Unveiling the fund on 25 March 2024, Dr Blade Nzimande said the vision is to grow the fund to R1 billion and he invited private sector companies and other funding institutions to help achieve this objective.

The HEIF will be administered through calls for proposals from interested parties with suitable programmes and expertise who will work with universities and technical and vocational education and training (TVET) colleges.

The HEIF will support students through general entrepreneurship, ideation and design thinking, business model development, validation, commercialisation, market access, intellectual property protection and investor readiness.

Minister Nzimande said the fund is also intended to plug the gaps in the existing suite of instruments and programmes available to support innovation and tech entrepreneurship in the country.

UNDP Resident Representative, Maxwell Gomera, said the fund will foster a culture of innovation and entrepreneurship within universities, as educational institutions are a reservoir of untapped potential that could address many challenges in Africa, from health to technology.

"It is imperative that we build robust ecosystems that support these innovations.  This means creating collaborative networks that include government, the private sector and academia, ensuring innovators have access to the mentorship, capital and platforms they need to thrive," said Mr Gomera.

In the next two months, the DSI, UNDP, and the Technology Innovation Fund as a co-funder, will launch two calls for proposals for interested parties with the necessary expertise to apply for funding to work with universities and TVET colleges.