South Africa: Govt creates funding agency for innovators

As part of its strategy to turn the ideas of locals into money-making projects, government is planning to create a public funding agency for the nation’s innovators.

This week, the Department of Science and Technology (DST) conducted public hearings in Parliament on the Technology Innovation Agency Bill. “The creation of the Technology Innovation Agency (TIA) is part of the DST’s Ten-Year Innovation Plan, and will allow the DST to fulfil its mandate with regard to technology more effectively,” said the department. The agency will be established under the auspices of the department and the Bill has been open for public comment, since being gazetted in August last year. This agency is different however, as it will not be a typical technological institute, dealing with what the department terms “fundamental scientific research.”

The TIA, will go closer to the people by “identifying and evaluating available and new technologies” and assist innovative South Africans by sharing research and development with them. Local boffins, with existing and emerging enterprises, will also be given access to technical and commercial business services.

The TIA’s key objects include:

* Stimulating the development of technology-based products and services;

* Stimulating the development of technology-based enterprises – both public and private;

* developing a significant technology base for the South African economy;

* facilitating the development of human capital for innovation; and

* providing the primary bridge between the formal knowledge base and the real economy.

“It is envisaged that the agency will have the latitude to raise further revenue for reinvestment in the system through the establishment of subsidiary companies and equity shareholding,” explained the department.