Innovation Fund coordinator finally appointed
Pauline Dikuelo | Friday June 23, 2017 14:26
Dingake who commenced her duties in February this year is expected to launch the Fund in the second half of the financial year.
BIH public relations and communications manager, Tigele Mokobi told Mmegi BusinessWeek that they have also finalised instruments that are expected to assist in the operationalisation of the Fund.
The instruments comprise guidelines for obtaining funding, systems and processes, online application, terms of reference for experts that theFund may contract for due diligence, terms of reference for fund committee as well as legal agreements for beneficiaries, experts and committee.
“The instruments are however waiting to be approved by the Independent Fund Committee to be appointed by the ministry. The process to determine and agree on the best fund structure also delayed operationalisation of the Fund,” he said.
According to Mokobi, this in turn has had a ripple effect on the Memorandum Of Agreement (MOA) and appointment of an Independent Fund Committee. In addition he said BIH and the Ministry of Tertiary Education, Research, Science and Technology are finalising an agreement, which delegates the authority to manage the Fund.
“The wider strategy in innovation funding is that BIH will not only rely solely on government funding. BIH is therefore engaging other investors to bolster the funds committed by government,” he said.
According to Mokobi, as part of the strategy, BIH recently collaborated with NEPAD/SANBio in which they will be providing funding up to the value of P2 million for commercialisation of innovations addressing local challenges.
The Fund in which government has invested P12 million would benefit private companies or organisations registered and operating in Botswana who seek to develop commercially viable innovative products or processes, which have significant impact in society.
Meanwhile, Mokobi said construction at the BIH Science and Technology Park is going well as at May 2017, about 85% of the buildings were complete. He said major works have been completed and the building is now fully enclosed and internal works, which include drywall partitioning, electrical and mechanical, are currently being carried out.
“The next key milestones include covering of the exterior walls with specialised sun screens and landscaping which includes roofing and gardens. This will ensure that the functionality and intended use of the building as an innovation hub facility is achieved during 2017,” he said.