A floor of Stellenbosch University’s (SU’s) admin building, at the centre of campus, is being fitted to welcome a next generation of entrepreneurs.
Student entrepreneurs and aspiring business ventures will soon have a home in the heart of Stellenbosch, through the Business Launchpad, which is an initiative of SU’s technology transfer company, InnovUS.
Described as a business accelerator, the Business Launchpad offers tenants infrastructure and network services, as well as guidance from academic staff and leaders in the business world to help them launch their business ideas.
It further aims to boost entrepreneurship on campus by providing networking opportunities and mentoring in an entrepreneur-friendly environment.
The business accelerator will include SU spin-out companies, formed in conjunction with the university and student-owned enterprises, which function independently of the university, but have access to the services of the business accelerator.
In addition, it will be open to external start-up companies that would like to benefit from the entrepreneurial services on offer and to internal and external service providers that can provide mentoring, support and guidance for tenants.
The first tenants include two start-ups from SU – Stellenbosch Wind Energy Technologies and software company Praelexis, which is based on machine-learning technology, while established spin-out company SUN MeDIA Stellenbosch will function as a service provider within the accelerator.
“We are also particularly excited to welcome venture capital company, Orientis VC, a company that will provide mentoring for other tenants of the accelerator,” says InnovUS CEO Anita Nel.
“We have already received interest from both student ventures and external entrepreneurs to become launchpad tenants. “This shows that there is a significant need for entrepreneurial support in the region,” she adds.
The business accelerator will also offer a ‘hot desk’ area for students with promising business ideas. “For a limited period, we’re offering this ‘hot desk’ space free of charge – students will only be expected to cover their own expenses, such as telephone calls and inter- net use. In this area, students will benefit from the expertise of those providing mentorship in the accelerator and from the opportunity to network with other like-minded individuals,” says Nel.
The goal is for the accelerator to become the hub of entrepreneurial and innovational activities at SU. “By fostering entrepreneurship on campus, we are empowering our students to start their own businesses and create jobs, wealth and knowledge in the process. “We really need the support of a strong network of mentors who want to contribute to the growth of entrepreneurship on our campus,” she explains.
The business accelerator will also become the home of the InnovUS 50 hours internship programme. This programme is aimed at postgraduate students who would like to gain real-life experience of a start-up company by assisting in financial modelling, market research and other activities.
“This kind of experience is invaluable when you enter the job market,” says Nel.
“Universities have a responsibility to commercialise the products and services stemming from their research so that they are available to industry and the public. “As a research-based university, Stellenbosch University has an important responsibility in this regard to ensure that entrepreneurs receive the support they need to function as part of the innovation chain,” says SU executive director of operations and finance Professor Leopoldt van Huyssteen.