dtic to launch the Khoebo Innovation Promotion Programme

The Department of Trade Industry and Competition (dtic), in partnership with the Industrial Development Corporation (IDC) and the University of Free State, Bloemfontein Campus, will launch the Khoebo Innovation Promotion Programme (KIPP) on Monday.

This as a fund to drive innovation among early-stage Small Medium Enterprises in the Free State. 

The programme was initially launched in June 2024 in Johannesburg and a series of regional launches will be taking place throughout the country.

The objective of the KIPP is to enable early-stage innovative SMEs to penetrate the market with their locally developed innovations resulting in a more competitive economic environment, thereby facilitating economic growth in the South African economy.

According to the Acting Deputy Director-General of Investment and Spacial Industrial Development at the dtic, Yunus Hoosen, the launch seeks to facilitate interactions with potential partners, beneficiaries, and supporters, building relationships that support the fund’s objectives.

According to Hoosen, since the establishment of KIIP in 2020, the programme has funded more than 36 projects across various sectors of the economy, with R 148.2 million committed and R113.8 million disbursed to date.

He said the launch will highlight progress for present achievements under KIPP to demonstrate the positive impact of the programme.

“The session is intended to enhance knowledge and increate public gain and clear understanding of KIPP’s objectives and application process. 

“The session will be characterised by an interactive stakeholder engagement that is expected to create public awareness and inspire participation and applications from Free State innovative SMEs eligible for funding and support under KIPP,” Hoosen said.

Local entrepreneurs and SME owners, especially those working in the technology and innovation sectors, and industry stakeholders including funders are expected to attend the event. 

Potential partners who are interested in promoting economic transformation through innovation and university students and researchers who are interested in innovation and entrepreneurship will also participate in the launch. – SAnews.gov.za