South Africa-based MultiChoice Group, has announced the establishment of the MultiChoice Innovation Fund, an extension of its existing Enterprise Development Trust.
“The video entertainment industry – and indeed the world as we know it – is on a fascinating digital trajectory and we need to ensure that we are ahead of the pack if the continent’s entertainment industry is going to continue to grow sustainably and be globally competitive,” said Calvo Mawela, CEO, MultiChoice Group.
Mawela added: “We anticipate that our Innovation Fund will spur original thinking and exciting new ideas that will lead to breakthrough moments for these growing entrepreneurs.”
With a strong focus on youth- and women-led businesses, the Innovation Fund aims to address the gender gap and youth unemployment, as well as ensuring increased and sustained diversity and inclusion in the tech, media and film industries.
Looking ahead, MultiChoice Group said the Innovation Fund’s strategy is to expand on the already 11 women-owned and four-youth owned businesses it has supported.
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.
The Trust has so far invested in over 25 businesses totalling well over R180m ($11.6m), creating 1000 direct and indirect jobs.
The Innovation Fund will strengthen this focus, exclusively for South African entrepreneurs, start-ups and businesses with a turnover of up to R50m ($3.2m).