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Chance for social entrepreneurs to win big

Apr 27 2016 14:43

Johannesburg - The SAB Foundation will open entries for its annual social innovation programme on May 3 2016.

Any entrepreneurs or innovators who have developed a product or service with a demonstrable social impact are invited to participate in the programme which offers a first place award of R1.2m, along with business development support and mentoring.   

The Social Innovation Awards was launched in 2011 as part of the SAB Foundation's primary focus to ignite a culture of entrepreneurship in South Africa. To date, the programme has invested in 63 entrepreneurs and their innovations at a total investment of over R17m.  

This group has seen a turnover increase of 61% and job growth of 62.5%. Previous award winning innovations have improved efficiency and/or affordability in housing, health care, small holder farming techniques, education, medical diagnostics, waste disposal, township security, fire prevention, support for people with disabilities, to name but a few.

The awards offer a first place grant of R1.2m, a second place grant of R600 000 and a third place of R400 000. In addition, several developmental awards are awarded to deserving and stand-out social innovations.

In addition to a significant cash investment in the top businesses selected to participate in the programme, the SAB Foundation will offer these entrepreneurs business development and growth support. 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.

Product innovations which will be considered for participation in the social innovation programme cover goods and services which can be divided into "new" or "improved". A new product may use advanced technology and knowledge, or a combination of the two, while an improved product is one that already exists, and its performance has been enhanced.

Process innovations involve adapting and creatively improving ways of delivering a product or service. This could come from changes in knowledge, perception and/or understanding.
 
Applications close at noon on Tuesday May 31 2016, and all applications must be completed online at www.sabfoundation.co.za.

sab  |  entrepreneurs  |  small business  |  innovation
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