African pay-TV giant MultiChoice is creating an Innovation Fund with the intention of investing in small businesses within the video entertainment and technology areas.
MultiChoice says that this fund is a further development of its existing Enterprise Development Trust (EDT) and will “address the gender gap and youth unemployment, as well as ensuring increased and sustained diversity and inclusion in the tech, media and film industries”, according to CEO Calvo Mawela.
The EDT fund was established in 2012 and represents around R180 million (about €11.1 million) into some 25 businesses which, it says, has helped create a thousand jobs.
“We anticipate that our Innovation Fund will spur original thinking and exciting new ideas that will lead to breakthrough moments for these growing entrepreneurs,” added Mawela. “We hope to help create cutting-edge solutions and competitive businesses that will shape the future of South Africa’s technology sector and video entertainment industry.”