BIH to operationalise Innovation Fund
Pauline Dikuelo | Friday March 10, 2017 15:22
According to the Minister of Tertiary Education Research Science and Technology, Alfred Madigele, BIH is accelerating the implementation of the Fund to avail funding for the start-ups. “The Fund should be operational in the coming financial year.
Meanwhile, the hub continues to engage with the leading corporate and public entities to create market opportunities for youth innovators,” he said.
Last June, the hub announced that the Fund would be launched in August, but it did not materialise. Government has availed about P12 million to the Innovation Fund to fund the technology-based entrepreneurship development in the country.
Further the Minister said they are expecting companies to occupy the office space at the BIH building by the end of September this year adding that a specialist contractor is addressing a structural defect that was discovered on a portion of the building.
According to the Minister, they have already identified 39 companies that have shown interest in leasing the office space at the innovation park buildings.
Out of the 39 companies, about 20 of them are 100% citizen-owned and 19 foreign-owned. “With regard to internet services, no single company has been contracted to provide such services in the buildings,” he said.
He said the number of youth companies that would occupy office space at the new state of art BIH park buildings would be 250 with each company occupying 10 square metres with additional access to meeting places and boardrooms.
Madigele said the selection would be based on the scalability, social impact, marketability, technical aspect and originality of their businesses adding that the companies would be charged a minimal rent of P2,000 per month.
In addition, he said that BIH’s outreach programme in and around Selebi-Phikwe, whereby it partnered with the BCL Mine in support of innovative companies, has ended due to the Mine’s liquidation. Through the partnership, BCL Mine paid for premises used by these companies.
To reach out to innovation companies based out of Gaborone, Madigele said during the current financial year, BIH reached out to innovators based in Gantsi, D’Kar, Maun, Francistown, Thamaga, Oodi and Palapye among others.
The companies were assisted with mentoring and coaching, business network opportunities, technical and business advisory services as well.