Multichoice Group, a popular pay-TV service provider in Africa, has launched an Innovation Fund. It set up the fund to invest in small businesses in technology and video entertainment sectors.
The Innovation Fund will support businesses, entrepreneurs, and startups with a turnover of R50 million in South Africa. It focuses on innovations in broadcast technology, innovative media content, digital, and internet solutions.
The initiative will provide access to tools, skills, and financing required for startups to produce unique and innovative solutions. The aim is to enable businesses to create cutting-edge solutions that will impact the technology and video entertainment sector in South Africa.
“The video entertainment industry is on a fascinating digital trajectory. 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, MultiChoice Group chief executive officer.
Multichoice Innovation Fund is an extension of the Enterprise Development Trust for youth and women-led businesses. EDT was formed in 2012 to address the gender gap and youth unemployment, as well as access to sustained inclusion in tech, media, and entertainment industries. Multichoice invested over R180 million in about 25 businesses and created thousands of jobs through EDT.
The Innovation Fund will expand the already established team of 11 women-owned and four youth-led businesses it has supported. Multichoice Group is currently embarking on a roadshow in collaboration with various regional funding agencies in South Africa.
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