Applicants may seek investments up to $46,500.
The Cape Craft and Design Institute (CCDI) has announced a new seed fund called Design Innovation Seed Fund (DISF). While the total size of the fund has not been disclosed, entrepreneurs can apply for up to R500,000 ($46,500).
The new fund is being supported by South Africa’s Technology Innovation Agency (TIA) and the Department of Economic Development and Tourism. Applications are due by September 15, 2014, and applicants will need to match 20% of the funding.
To be eligible, applicants must be based in the province of Western Cape, and be either an entrepreneur, researcher or early-stage small and medium-sized enterprise. Students at the province’s universities are also able to apply so long as they do not already hold an intellectual property claim to the service or product. Pre-revenue startups or ventures still in an incubator may also apply.
The non-profit CCDI was created in 2001 as a joint initiative between the Cape Peninsula University of Technology and the Western Cape government.
Saberi Marais, business development manager for Western Cape and Northern Cape at TIA, said: “The Technology Innovation Agency is excited to partner with the CCDI and Western Cape government on the launch of the Design Innovation Seed Fund. Our intention is to provide impact, gap funding to innovators and entrepreneurs who need to address critical technical, intellectual property, market and business model questions that will inform their exploration of technological opportunities and inventions. The DISF is an ideal opportunity for inventors and entrepreneurs to apply design thinking principles to de-risk their opportunities, and bring them closer to securing follow on funding from the TIA or other public and private funders.”
