South African Pay-TV Operator, MultiChoice, Announces Special Innovation Fund
The South African company that is behind two popular Pay-TV services in Africa, DSTV and GoTV — that’s MultiChoice Group — has today announced the launch of the MultiChoice Innovation Fund.
The MultiChoice Innovation Fund has been established to assist small businesses in the video entertainment industry and technology sectors.
The fund will invest in exciting new opportunities for innovators in the video entertainment industry and technology sectors, allowing them to bring their ideas and dreams to life.
According to the Pay-TV operator, the new fund is an extension of MultiChoice’s existing Enterprise Development Trust.
The MultiChoice Enterprise Development Trust was established in 2012 to help the group’s contribution to enterprise and supplier development within the ICT sector to be more focused and streamlined.
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So far, the trust has invested over ZAR 180 Mn in 25 businesses, creating some 1,000 direct and indirect jobs, and that’s according to MultiChoice.
“The video entertainment industry – and indeed the world as we know it – is on a fascinating digital trajectory and we need to ensure we are ahead of the pack if the continent’s entertainment industry is going to continue to grow sustainably and be globally competitive,” says Calvo Mawela, MultiChoice Group CEO.
“We anticipate that our innovation fund will spur original thinking and exciting new ideas that will lead to breakthrough moments for these growing entrepreneurs.”
The new fund has a strong focus on youth- and women-led businesses; an effort aimed at addressing the gender gap and youth unemployment gaps in South Africa while also ensuring increased and sustained diversity/inclusion in such industries as tech, film, and media.
Part of the goals of the innovation fund is to expand on the 11 women-owned and four-youth owned businesses it has already supported.
According to MultiChoice, the innovation fund will strengthen this focus, exclusively for South African entrepreneurs, startups and businesses with a turnover of up to ZAR 50 Mn. The focus is on innovation tailored for broadcast technology, innovative content, digital and Internet solutions, and business processing.
“We want to partner with South Africa’s most exciting entrepreneurs – giving them the tools, skills and financial support to bring their original ideas to life,” Mawela explains.
“We hope to help create cutting-edge solutions and competitive businesses that will shape the future of South Africa’s technology sector and the video entertainment industry.”
Mawela adds: “By investing in and developing entrepreneurs with innovative business ideas, MultiChoice is helping to shape the industries of the future.”
Successful beneficiaries of the fund will be afforded the relevant financial support tailored to the specific circumstances of each business case, the company says.
To create awareness, roadshows have been earmarked by the company to take place in various parts of South Africa.
