In its aims to stimulate technology innovation and entrepreneurial capacity among young South Africans, the Technology Innovation Agency (TIA) launched its Youth Technology Innovation Fund (YTIF) on Thursday.

Targeted at people between the ages of 18 and 30, who are not already funded by the normal TIA process, the fund further aims to provide an enabling environment for young people to tap into cutting edge innovations and technologies, in order to find solutions to South African challenges, while boosting the economy.

“We designed the YTIF to give innovators access to funding, mentorship and business support to enhance their chances of commercial success and increase the contributions they make to technological innovation in the country,” TIA CEO Simphiwe Duma said at the launch.

TIA, which is an entity of the Department of Science and Technology, has been lobbying for the creation of the YTIF since December 2011, when calls for proposals from interested parties were published.

To date, 13 projects have already been selected to receive the support of YTIF. These projects include ways to save electricity in an already burdened environment, educational toys, biotechnology and innovative tools.

Further, TIA welcomed new applications and proposals, particularly from projects that may benefit South Africa’s currently underresourced sectors, including, but not limited to, health, advance manufacturing, mining, information technology and communications, energy, industrial biotechnology and agriculture.

“While funding and support is not exclusively available to projects in these sectors, they are the key focus areas of YTIF, given the urgent need that exists within them for the development of a sustainable pipeline of skills and talent,” TIA GM Dr Margaret Mkhosi said.

“Technology innovation is a prerequisite for continued success and sustainable growth and development,” she added.

Mkhosi concluded that through the combination of financial, technical and business support structures, the YTIF not only provided vital assistance to its approved technology projects, but also offered the next generation of innovators the incentive they need to purse a future in technology.

Successful applicants would receive support funding and services, as well as South African Bureau of Standards product certification worth up to R100 000, intellectual property protection worth up to R150 000, 160 hours of business coaching, a voucher worth up to R250 000 for services at TIA technology stations and platforms, and access to business incubation services through TIA partner organisations.

Further, up to four individuals involved in the supported projects could also qualify for a yearly stipend of up to R60 000 for a two-year period.

“By creating such opportunities for our country’s future innovation leaders, the fund would be contributing to a brighter and more sustainable economic future for all South Africans,” she said.