CPUT and THENSA hosts first Deep Tech Venture Builder workshop

CPUT in collaboration with Technological Higher Education Network South Africa (THENSA) recently hosted a workshop, the first of a series of eight workshops spread over 2023, targeted at designing a Deep Tech Venture Builder (VBA), which will be piloted by CPUT in 2024.

The vision is to have the formal launch of the finalised Venture Builder during February 2024. The pilot Venture Builder will be situated at the CPUT Bellville campus. CPUT and THENSA have agreed to collaborate in designing an adapted venture builder model for accelerating technology innovation and commercialisation through the creation of a technology ecosystem that includes top talent, leaders, investors and government all banded together to create a stronger, more innovative, inclusive and successful network.

“The adapted venture builder model will be designed using a participatory process and aims to accelerate innovation through interventions tailored around a set of key drivers of spinoff success. The current phase, for which the Research and Innovation Systems for Africa (RISA Fund) funds are required, is directed at developing the Venture Builder structure and formalising partnerships. In effect, this phase is directed at designing and thereby birthing a micro-innovation ecosystem,” said Dr Revel Iyer, Director: Technology Transfer and Industry Linkages. The 40 delegates who attended the workshop were from various higher education institutions including CPUT, Durban University of Technology, University of Venda, Walter Sisulu University, Central University of Technology, Tshwane University of Technology, Vaal University of Technology, and Mangosuthu University of Technology, as well as partner, THENSA and funder, RISA Fund (representative from United Kingdom Foreign, Commonwealth and Development Office (FCDO)). There were also delegates from the Department of Science and Innovation, National Intellectual Property Management Office, South African Research and Innovation Management Association, Technology Innovation Agency, City of Cape Town and the Greater Tygerberg Partnership.

In his keynote address, Vice-Chancellor, Prof Chris Nhlapo, said: “The approach you are going to learn today involves the design of a venture builder-type vehicle, that marries elements of traditional venture builders and seed accelerators, wherein teams of prospective technopreneurs compete and develop the business case for individual technologies within a supportive learning environment.” Nhlapo said the adapted venture builder model will be designed around a set of key drivers of spin-off success:

• Functional technology innovation.
• Suitably skilled technopreneurial teams.
• Cogent, scalable business models; and
• Acquisition of investment finance.

Reflecting on the workshop, Iyer said: “We achieved our objectives in that we targeted stakeholders from the broader national system of innovation with the view to introducing the concept of the Deep Tech Venture Builder to them with the hope to develop interest and buy-in. The feedback all round was exceedingly positive with a number of stakeholders contacting us with a view to having longer term partnerships in this endeavour.

“We also piloted a participatory approach in developing this new concept. This worked well and was appreciated by the audience.”

Nhlapo said: “We all understand the importance of science, technology and innovation in our day-to-day lives and the ways in which they are transforming the world. Our country has fantastic innovations.”

The VBA model is directed at systematically producing new companies, which will also help grow and support the economy – a key feature of any tech ecosystem.

Written by Aphiwe Boyce
Email: BoyceAp@cput.ac.za