Pay TV company MultiChoice has launched an innovation fund aimed at helping small businesses in the video entertainment industry and technology sectors.
An extension of MultiChoice’s existing enterprise development trust, established in 2012, the fund will enable innovators to bring their ideas and dreams to life.
Focusing on businesses led by young people and women, the new fund will address the gender gap and youth unemployment in South Africa while ensuring increased and sustained diversity and inclusion in industries such as tech, film and media. Part of the goal of the innovation fund is to expand on the 11 women-owned and four-youth-owned businesses it has already supported.
Calvo Mawela, MultiChoice group CEO, said: “The video entertainment industry and indeed the world as we know it is on a fascinating digital trajectory and we need to ensure we are ahead of the pack if the continent’s entertainment industry is going to continue to grow sustainably and be globally competitive.
“We anticipate that our innovation fund will spur original thinking and exciting new ideas that will lead to breakthrough moments for these growing entrepreneurs.”
According to MultiChoice, successful beneficiaries will be afforded relevant financial support tailored to the specific circumstances of each case.
“We want to partner with South Africa’s most exciting entrepreneurs, giving them the tools, skills and financial support to bring their original ideas to life,” Mawela added.
“We hope to help create cutting-edge solutions and competitive businesses that will shape the future of South Africa’s technology sector and the video entertainment industry. By investing in and developing entrepreneurs with innovative business ideas, MultiChoice is helping to shape the industries of the future.”