If you are young South African and have a brilliant, innovative tech idea, I would suggest the Youth Technology Innovation Programme (YTIA) which is provided by the Technology Innovation Fund (TIA), of which Austics Project is part of.
Approximately, 50 percent of the youth is unemployed in South Africa
YTIA caters for 18-30 years olds because the age group is the least active in the mainstream funding process.
TIA has found that the above age group are the ones with the highest rejection rate for funding
Promote and stimulate the culture of innovation
Increase tech innovation and entrepreneurial capital
Provide access to finance and business support resources
Create pipeline projects for TIA sectors
Pre-approval process runs for 6 weeks whereby a committee evaluates your proposal or tech idea and minimum requirements checked: business registration, business account, tax clearance etc.When your project is approved you will be funded with up to a million rands.
a. Call for proposal
b. Screening: minimum requirements checked
e. Committee approval
Conditions of funding
Finance is disbursed in voucher(s) and stipend
For business plan creation, prototyping, SABS testing, incubation etc
15 K for 4 persons each in a business
must have a project plan — activities, outcomes, timelines etc.
must have an active business account
must provide a quarterly report of the stipend to keep for consecutive stipends
stipend can be utilised for overheads and operational costs
Take you calling as an entrepreneur
I encourage young entrepreneurs with world changing ideas to take advantage of the opportunity offered through TIA to take their idea from pre-commericialization (prototyping and testing) to the market. I believe that if the youth drive their tech ideas into commercialisation is one of the ways will have an economic success in SA.
Article by Mongi Nyembe