The Innovation Fund -- an instrument of the South African Department of Science and Technology that is managed by the National Research Foundation -- and Deloitte recently announced a joint program to commercialize technology opportunities developed through the Innovation Fund.
According to Dr Richard Doyle, senior commercialization manager for the Innovation Fund, this partnership will lay the groundwork to establish a critical element of future growth for the South African (SA) economy as a whole.
Says Doyle: ?The SA economy is currently growing at approximately 3 percent per annum. We need to dramatically boost this rate to increase employment and develop the country for all our people. The Innovation Fund has identified projects with the highest potential for success across a wide spectrum of industries. By partnering with Deloitte, which has the expertise to bring new technologies to market, we are doing everything possible to ensure that these ideas become viable businesses within a relatively short period of time.?
Although there is only one clear IT innovation project -- a low-cost foetal monitor for routine use in primary health care facilities -- within the ten projects chosen to be fast-tracked, he says there is a going to be a great focus on developments and innovation within the IT environment, as this is an area where lots of opportunities lie.
?If one thinks about the recent announcement on the legalization of VOIP and the movements within the 3G cellular technology space, there are going to be lots of opportunities for innovation, which will directly impact the SA economy.
?Our integrated approach will accelerate the commercialization process, while building capacity, transferring the skills required for building viable businesses,? says Doyle.
Commenting on the partnership, Dr Jan Kotze, director of Deloitte?s Innovation business, says that the need to grow the SA economy is the prime driver behind the joint program. ?Deloitte has developed methodologies and networks for testing ideas and bringing them to market.? These, he adds, extend to all sectors of the economy, including IT.
The foetal monitor project for primary health care facilities, says Kotze, is a PC-based innovation where hardware (the physical probe) and Windows-based software has been developed to provide a cost-effective solution in rural areas.
Doyle says that this partnership with Deloitte is just the beginning of something much larger, and that he believes that the private sector can play a huge role in growing the SA economy by getting involved in this initiative. He invites the private sector and IT organizations to approach the Innovation Fund and Deloitte with projects that will assist in making the SA economy thrive.
Concludes Kotze: ?It is crucial that we protect and develop SA intellectual property for both current and future generations. This program aims to maximize the possibilities offered by new inventions and businesses."