GRASP
Volume 2 | Issue 2 October 2018
Issue 1 | May 2017
A communication from UP’s Office of Government Relations and Special Projects
UP launches technology incubator
with the support of the Department of Small Business Development In
August 2018, the University of Pretoria (UP) launched its muchanticipated TuksNovation business incubator and accelerator in partnership with the Department of Small Business Development and the Small Enterprise Development Agency (Seda). TuksNovation was officially launched by the Minister of Small Business Development, Ms Lindiwe Zulu. In a knowledge-driven economy, universities play a major role in regional socio-economic development. This calls for universities to implement innovative strategies to leverage and commercialise their intellectual capital to create sustainable new enterprises, and subsequently job opportunities, in an effort to stimulate economies. Although the creation of spin-off companies is one of the key mechanisms that universities can leverage to promote socio-economic development, few universities in South Africa have done so, and the impact has been very modest. In this landscape, TuksNovation aims to be a leading facilitator of an innovation ecosystem that catalyses the acceleration of technology development into sustainable new enterprises. It provides innovative business incubation services to commercialise technologies that have been developed at UP and grow them into sustainable enterprises that can make a social and economic impact in South Africa. TuksNovation was initiated in UP’s Faculty of Engineering, Built Environment and Information Technology, with its main focus on postgraduate students and alumni. From here, it intends to expand its offerings to other UP faculties involved in science and technology. TuksNovation will host annual competitions in which students who are keen to become entrepreneurs and who are conducting research on projects with
UP’s commitment to Africa edition
Prof Cheryl de la Rey, Vice-Chancellor and Principal of UP, and Ms Lindiwe Zulu, Minister of Small Business Development, at the launch of TuksNovation. the potential to develop into commercially viable technologies can participate. These students can then qualify for seed funding to develop their ideas into commercial products. During the competition, participating students will engage in the technology and business model development stage, where the research will be conducted in a virtual incubator in UP’s laboratories and at facilities at local industries. The students will receive expert technical guidance from UP academics, as well as technological entrepreneurship training. Students with commercially viable technologies will pitch their business plans to potential investors to secure funding, and continue to the business launch and commercialisation stage, and then to the acceleration stage. By identifying and supporting promising early-stage innovations, TuksNovation lowers the risk involved in the technology development and commercialisation stages for both the inventors and the investors.
“UP has ramped up its efforts to implement innovative strategies to leverage and commercialise home-grown technologies in order to create sustainable new enterprises and contribute to the development of sustainable job opportunities.” – Prof Cheryl de la Rey, Vice-Chancellor and Principal
The TuksNovation programme is based on the triple helix model, building strong networks between academia, government and industry in order to create new companies that will benefit the broader society. The specific goal of TuksNovation is to act as a catalyst for the development of industrial clusters to make a positive impact in the Tshwane region.
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