South Africa’s venturing market is established as regional leader and further growth from corporate and academic-led initiatives is anticipated.

It was South Africa’s risk-taking culture that temped California-born Joshua Romisher into the hotseat at LaunchLab, the incubator for Stellenbosch University. All across Africa’s rainbow nation, entrepreneurs striving to make ends meet remind him of California’s go-big-or-go-home psyche. “LaunchLab has done some great work but I thought it was ready for the next level of what I think it can do, so we have spent the last couple of months rebuilding the product, and rebuilding some of our platform,” says Romisher, who was appointed chief executive in February 2020. The newly-revamped LaunchLab, expected to debut on September 1 – spring in the southern hemisphere – reflects Stellenbosch’s heightened ambition, and the tangible excitement around tech transfer nationally. Things moved into another gear early this year with the debut of South Africa’s R230m ($13.9m) University Technology Fund (UTF). The UTF is anchored by the $72m public-private fund-of-funds partnership SA SME Fund, which aligns industry in a bid to expand South Africa’s venture landscape, now established as a focal point for the surrounding region. According to trade body South African Venture Capital Association, the country generated more than R1.5bn ($107m) across 181 deals in 2018, up from about $70m year-on-year. South African entrepreneurs have a commitment to and deep knowledge of their target sectors, but are seeking expertise in scaling up their businesses, according to Fabian Whate, head of Naspers Foundry, the early-stage, domestic-focused investment arm of South Africa-headquartered internet group Naspers. Naspers Foundry is well placed to assist local startups, adding value through the expertise and global network of its wider group. Whate said: “The founders bring very deep expertise in their sector, not only in their technology but also sector-wide. They have spent a number of years in their industry and have spotted an opportunity to disrupt and innovate. “They also demonstrate a significant amount of tenacity given the high personal costs to each founder of going into business – for instance the opportunity cost in lost salary – with many having put all or most of their savings into their new venture.” Tech transfer in the rainbow nation Building more quality spinouts to leverage the country’s knowledge capacity would provide greater depth for investors. Tech transfer in South Africa only really got started in 2010, when it gained its equivalent of the US Bayh-Dole Act – the Intellectual Property Rights from Publicly Funded Research and Development Act. What is so impressive is how universities have progressed, despite relatively tight…

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