MultiChoice Group has created an Innovation Fund to invest in small businesses in the video entertainment and technology sectors.
The fund, which is an extension of the broadcaster’s Enterprise Development Trust (EDT), will focus particularly on youth- and women-led businesses and aims to “address the gender gap and youth unemployment, as well as ensuring increased and sustained diversity and inclusion in the tech, media and film industries”, said CEO Calvo Mawela.
The MultiChoice EDT was formed in 2012 to help the group’s contribution to enterprise and supplier development in the ICT sector to be more focused and streamlined. It has invested R180-million in about 25 businesses and claims to have created a thousand direct and indirect jobs.
The Innovation Fund is exclusively for South African entrepreneurs, start-ups and businesses with a turnover of up to R50-million. There will be a specific focus on innovation in broadcast technology; innovative content; digital and Internet solutions; and business processing.
“We anticipate that our Innovation Fund will spur original thinking and exciting new ideas that will lead to breakthrough moments for these growing entrepreneurs,” said Mawela in a statement. “We hope to help create cutting-edge solutions and competitive businesses that will shape the future of South Africa’s technology sector and video entertainment industry.”
As part of its search for entrepreneurs, MultiChoice will conduct a nationwide roadshow, starting this week and supported by various regional development and funding agencies including the Limpopo Development Agency, the Eastern Cape Development Corporation, Trade and Investment KwaZulu Natal and Wesgro. – © 2020 NewsCentral Media
