Student Seed Fund to support innovation enterprise

The University of Limpopo (UL), in partnership with South African Breweries (SAB) Foundation recently launched the University of Limpopo Student Seed Fund (LSSF) which will encourage and support student-owned social innovation enterprises.
The SAB Foundation has pledged up to R400 000 which will be managed and disbursed by the newly launched Fund.
The LSSF will be open for applications from 1 to 31 May and all entrepreneurs registered at the UL who are seeking funding for their early stage social enterprises are welcome to apply.
The fund will further allocate up to R15 000 to students who have ideas and solutions and are hoping to upscale their innovations. The UL will offer business coaching and mentorship to all qualifying enterprises.
All applicants will go through a rigorous selection process with the final enterprises being decided by an investment panel consisting of representatives from the UL, SAB Foundation and industry experts.
Bridgit Evans, SAB Foundation Director was quoted to have described social innovation enterprises as: “Enterprises that are intentionally developing and creating solutions to address identified social needs and challenges within their respective societies”.
She expanded on the further long-term goal of the fund as being: “To ignite the flame that will fuel a culture of entrepreneurship and social entrepreneurship in South Africa. This is important because small medium micro enterprise will assist to grow the economy and are seen as the major job creators of the future. It is hoped that over time the businesses growing out of social innovation will not only create jobs but will bring down the socio-economic burden on the State.”
One of the UL’s key strategies is to become an entrepreneurial institution whereby entrepreneurship is infused in all its academic programme offerings. Furthermore, entrepreneurship development and thinking is nurtured among students and staff alike with the ultimate aim of equipping future leaders with a skills set that will enable them to actively participate and contribute to the economy and realising solutions for the continent.
Ntandokazi Nodada, Social Innovation Specialist at the SAB Foundation was quoted to have said they were excited to be working with the UL and given the South African context where society is faced by a wide range of social challenges such as unemployment, lack of financial inclusion, access to quality primary healthcare and quality education, funds such as the Limpopo Student Seed Fund were critical in mobilising innovative and impactful solutions. “We remain committed to supporting the development of these innovations,” Nododa said.
“We have seen enterprises in educational technology, township economy revitalisation, last-mile product and service delivery, and agro-processing come through the University of Cape Town’s Bertha Centre for Innovation and we are confident that the entrepreneurs at the UL will take advantage of this opportunity,” Nododa concluded.

Story: Herbert Rachuene
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