The MultiChoice Innovation Fund – R407 million disbursed to entrepreneurs
The MultiChoice Innovation Fund is supporting economic transformation in South Africa, with over R407 million already disbursed to entrepreneurs.
The Fund was first launched in 2012 to support black-, women-, and youth-owned enterprises in industries such as FinTech, HealthTech, EduTech, Broadcast Technology, and Emerging Digital Media.
It supports entrepreneurs and SMEs through financial backing, business support, supply chain access, and mentorship.
Thanks to this, the Fund has supported 77 black-owned businesses and helped create more than 1,400 jobs to date.
Meeting the challenge
The MultiChoice Innovation Fund plays a critical role in helping new technology companies navigate the challenges that can limit or even prevent growth for start-ups in South Africa.
Funding is a central issue, as many technology entrepreneurs struggle to secure early-stage capital for their business and therefore cannot build or scale their solutions.
This is due to traditional financiers viewing such new companies as high-risk investments – but MultiChoice is changing the game for start-ups with its targeted funding for these entrepreneurs.
Entrepreneurs also struggle to break into existing markets, as entering supply chains and mass markets is only feasible with the right partnerships and visibility – which are much harder to secure with limited funding.
MultiChoice helps here through its unrivalled industry relationships and clout, which it leverages to help start-ups get their foot in the door.
When a new tech company manages to enter the market, it faces the ever-present struggle of securing high-quality talent.
The tech industry, while growing, still suffers from a skill shortage, and new companies can’t compete with established brands when making offers to top talent.
A similar issue emerges with product scaling and commercialisation, with new companies needing guidance on product-market fit, pricing strategies, and operations to grow beyond the early stages.
Through the MultiChoice Innovation Fund, skills development is far more accessible for these start-up businesses, helping them equip themselves with the tools needed to thrive thanks to mentorship and other training opportunities.
Qualifying for the Fund
Entrepreneurs and start-up tech companies must meet the following key criteria to be considered by the MultiChoice Innovation Fund for investment.
These include:
- Operating within the Information and Communication Technology (ICT) sector.
- Be black-owned.
- Have a minimum B-BBEE Level 2 or more than 51% black ownership.
- Annual revenue and assets valued at less than R50 million.
- Demonstrate financial soundness based on validated financial projections.
Preference will also be given to youth-, female-, or disabled-owned companies.
Should you meet the criteria, reach out to the MultiChoice Innovation Fund and secure the resources your company needs to grow.
Click here to learn more about the MultiChoice Innovation Fund.
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