The Durban Technology Hub t/a SmartXchange is an incubator whose core mandate is to provide enterprise development services to small, medium and micro enterprises (SMME'S) in the Media, Information Communication Technology and electronics sector. SmartXchange manages a programme that identifies and assists in developing quality skilled MICTe SMME's in KwaZulu Natal and also to build a pool of skilled MICTe workers that will enable KwaZulu Natal businesses to flourish. SmartXchange partners with corporates from the MICTe industry, tertiary institutions and the government sector to work towards up skilling entrepreneurs and the youth. Through these partnerships, SmartXchange is able to also contribute towards the creation of sustainable jobs, economic growth and the competitiveness of the province.
"Seed Funding or Angel investors have always been a challenge in the South African landscape. Stories are often heard of people with great ideas being frustrated by the lack of financial resources that becomes a barrier preventing the dream to become a reality. The SmartXchange Incubator therefore invites qualifying projects to submit proposals to the SmartXchange TIA Innovation Seed Fund for Media; Information Communication Technology & Electronics (MICTe) innovations. The fund is focused on applied research that will lead to the creation of products, processe s and/or series that can commercialize and advance the South African MICTe agenda"
The fund is aimed at assisting technology based SMME's in bridging financing requirements to take their innovative ideas to market by supporting SMME's and entrepreneurs in the MICTe innovation space. In order to qualify for this fund, applications must meet the following criteria:
Be an entrepreneur or SMME based in KZN .
The technology or business must be at a pre-revenue stage
There is a clear market need and technology is commercially viable
The technology is innovative and will result in competitive IP position for the business
Does not qualify for funding from traditional banks or other funding agencies
Funding for pre-determined seed fund activities that are listed in the application template will only be considered