There is a first place grant of R1-million and two runner-up grants of R500 000 each. In addition, several seed grants are awarded to deserving and stand-out innovations and there is a separate category winner for an innovation that demonstrates the highest social impact.
Grants include funding to upscale and commercialise the innovative solution, a process which is supported by the Foundation over a period of two years or longer, as needed. The size of the grant is designed to allow for substantive progress to be made by the winners. Since its inception in 2011, it has paid out more than R6.5 million in prize money to deserving innovations entered into the competition.
SAB Foundation chairperson Cyril Ramaphosa says, "We need to create an alumnus of social innovators who are inspired by each other's creativity to achieve even more. Their success stories may well be the key to unlocking even further social innovations as they find combined solutions that deliver results for those key beneficiaries we are trying to support."
Product innovations 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. An "improved" product is one that already exists and has its performance increased significantly.
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. The innovation solution must have progressed past the 'blue-sky' thinking (idea) stage, and must have proof-of-concept. This means that applicants must be able to show evidence that prior to entering the competition; they have invested time and/or capital developing the innovation. The social impact of the innovation is a strong selection criterion.
Last year's R1-million winner was the Malaria Rapid Detection Kit from Real World Diagnostics, owned by the young entrepreneurial duo, Ashley Uys and Lyndon Mungur. The test kit detects all strains of malaria, while indicating within 30 minutes whether the treatment provided is effective. The kit is one of nine developed globally and costs R4, making reliable diagnosis feasible in poor rural areas.
An open competition puts innovator applicants and their innovation through a rigorous, phased adjudication process. In the end, investments are made in those innovations which are innovative, scalable and can be commercialised.
Entries for the Innovation Awards 2013 are welcomed from (but not limited to) individual innovators, entrepreneurs, NGOs, corporate foundations, corporate social investment professionals, consulting firms and university departments. Entry forms can be found on www.sabfoundation.co.za.
