Pay TV MultiChoice group has launched a multi-million rand fund to help develop innovative small, medium and micro enterprises that produce media content.
Dubbed the Innovation Fund, it will target innovators in the video entertainment industry and technology sectors, giving them an opportunity to bring their ideas to life.
The commercial satellite services broadcaster explained in a media statement that the Innovation Fund will focus exclusively in investing in South African entrepreneurs, start-ups and businesses with a turnover of up to R50m.
“There will be a specific focus on innovation in broadcast technology, innovative content, digital and internet solutions, and business processing,” said the company.
MultiChoice added that the Innovation Fund was an extension of MultiChoice Enterprise Development Trust, established in 2012 to contribute towards enterprise and supplier development in the Information and Communications Technology sector.
Thus far the MultiChoice Enterprise Development Trust has invested in over 25 businesses totaling well over R180m and creating 1,000 direct and indirect jobs, said the company.
MultiChoice group chief executive Calvo Mawela said: “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.
“We anticipate that our Innovation Fund will spur original thinking and exciting new ideas that will lead to breakthrough moments for these growing entrepreneurs,” he said.