INNOVATION SUPPORT FUND 2024

what is the innovation support fund ?

The Innovation Support Fund is a prototype and testing fund developed by Innovate Durban in 2019/2020. The fund is open to all innovators, applications from women and people with disabilities are encouraged. Innovate Durban has also worked on enabling the ecosystem with technical and business support and funding partners to increase your success rate to prototype and offer holistic support to your innovation.

WHO IS ELIGIBLE? ​

Our program welcomes various participants, such as start-ups, SMEs, micro-sized enterprises, and individuals. We foster innovation by promoting collaboration, knowledge exchange, and networking. We strive to create an environment where innovation flourishes, providing a platform for collaboration. Participants can form valuable connections, gain exposure to diverse perspectives, and benefit from a vibrant innovation community.

Objectives​

Our objectives encompass fostering innovation and supporting prototype development, enhancing the commercialization potential of innovative ideas, products, processes, or services, contributing to economic growth and job creation in South Africa, evaluating and assessing project opportunities based on innovativeness, feasibility, and market attractiveness, and providing financial support subject to fund availability.

WHAT INNOVATE DURBAN FUNDS?​

We also offer a range of resources and mentorship programs to guide innovators throughout their journey, helping them refine their ideas, navigate market challenges, and scale their ventures successfully. By fostering a collaborative ecosystem and fostering partnerships between entrepreneurs, investors, and industry experts, we aim to create a thriving innovation ecosystem that drives economic growth and fosters a culture of entrepreneurship in the region.

Benefits

Unlock your innovation potential with the Innovate Durban Innovator Support Fund

Financial Support

Receive funding to cover the costs associated with prototyping and testing your innovative ideas, helping you bring them closer to market readiness.

Expert Mentorship

Benefit from the guidance and support of experienced mentors who will provide valuable insights and help you navigate the challenges of turning your concept into a successful reality.

Collaboration Opportunities

Connect and collaborate with industry leaders and experts, opening doors to potential partnerships and synergies that can accelerate your innovation journey.

Networking

Join a vibrant community of like-minded innovators, providing you with opportunities to share knowledge, exchange ideas, and collaborate on projects that push the boundaries of innovation.

Market Access Linkage Sessions

Successful beneficiaries will enjoy direct access to potential markets, unlocking opportunities for business growth and expansion. Showcase your products, network with industry leaders, and establish valuable partnerships to accelerate your market entry.

Commercialization Potential

Explore avenues for commercializing your innovation, with access to resources, networks, and expertise that can help you transform your idea into a viable and marketable product, process, or service.

MINIMUM REQUIREMENTS 

Meeting the minimum requirements does not guarantee funding being awarded.

 

  • Proof of Concept: Applicants should have a well-defined proof of concept for their idea or technology
  • Market Analysis: Applicants should have conducted some level of market analysis to assess the viability and potential demand for their idea or technology.
  • Scalability and Impact Potential: Applicants should demonstrate the scalability and potential impact of their idea or technology.
  • Intellectual Property Protection: Having Intellectual Property Protection is an added advantage
Apply here

We reserve the right to modify, amend, or change the criteria at any time without prior notice. Such changes will take effect immediately unless otherwise specified.

oTHER FUNDING OPPORTUNITIES

FUNDING MAP ​

In partnership with Human Scientific and Research Council and local innovators, the Funding Map was developed to map out various funding mechanisms available to support innovators across the country. It identifies the gaps and highlights where funding exists and how innovators can access funding. It also mapped out various funding mechanisms available to support innovators across the country.

other funding opportunities

Explore over 1000 various funding option for your business with the Innovator Funding Map
Click Here
ISF 2023

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Head Office:
0873653131
info@innovate.durban

20 Hurst Grove, Musgrave, Berea,

Durban, 4001


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087 821 1023
Umkhumbane Entrepreneurial Centre,
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