The SAB Foundation is preparing to once again open its yearly Social Innovation programme to innovative entrepreneurs with a product or service with a demonstrable social impact.
The programme, for which entries would be open from May 3 to 31, would award the winning entrepreneur a R1.2-million grant and business development and growth support and mentoring.
The second and third place winners would secure grants of R600 000 and R400 000 respectively, while several “deserving and stand-out social innovations” would receive developmental awards.
“As part of this support package, each entrepreneur will be offered a personal mentor who will help guide them on their journey to develop their business and product or service,” SAB Foundation manager Bridgit Evans said in a statement on Thursday.
Since its launch in 2011, the Social Innovation Awards had invested R17-million into 63 entrepreneurs and their innovations, which led to a collective turnover increase of 61% and job growth of 62.5%.
The foundation customised mentorship opportunities to each entrepreneur, and their stage of operation and growth requirements, with the grants and business development support assisting in the upscale and commercialisation of innovative solutions.
“Previous award winning innovations have improved efficiency and/or affordability in housing, healthcare, smallholder farming techniques, education, medical diagnostics, waste disposal, township security, fire prevention and support for people with disabilities, to name but a few,” concluded Evans.