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UK-SA Tech Hub to give second round of funding to SA Start-up Act Movement

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The British High Commission’s UK-SA Tech Hub has committed to a second round of funding for the SA Start-up Act Movement (SUA).

The UK-South Africa Tech Hub forms part of the International Tech Hub network delivered by DCMS (Department for Digital, Culture, Media & Sport), under a UK government initiative designed to promote digital inclusion and inclusive growth of the digital ecosystems in partner countries. Alongside South Africa, there are hubs in Nigeria, Kenya, India, Indonesia and Brazil.SUA is a collective of South African start-up investors, incubators, accelerators, and founders.

According to statement , the UK-SA Tech  will provide financial and technical support to the SUA, in line with advancing the latter’s efforts.

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Milisa Mabinza, director of the UK-SA Tech Hub, believes the SUA’s efforts are key to the country moving towards a more supportive policy environment.He noted that the Start-up Act Movement has a vital role to play in steering the policy framework in South Africa and it’s the impetus behind the decision to put funding behind this endeavor for a second year.

 SUA  has called on the government to implement a comprehensive Act to reinvigorate SA’s start-up scene, supports high-growth start-ups, and relax policy hindrances.

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Since its establishment in 2020, there has been noteworthy growth. Start-up visas are firmly on the president’s radar, the deputy finance minister has adopted some of the business case studies that have been shared, and the SUA has also garnered support from the World Bank.

The statement also noted that with a few key policy changes, South Africa can create a flourishing start-up ecosystem that will have a positive fiscal impact, elevating South Africa’s high-growth entrepreneurs to attract international VC, while encouraging the development of more high-growth start-ups locally.

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Milisa Mabinza, Director of the UK-SA Tech Hub

Matsi Modise, Chairperson of the SUA, adds:The UK-SA Tech Hub is committed to supporting the development of SA’s tech entrepreneurship ecosystem and actively looks for gaps in the market where support is needed.The organisation identified a need in the local tech landscape to help us drive policy reform and enable the growth and expansion of emerging businesses.

The key policy reforms the SA Start-up Act Movement aims to address include intellectual property legislation, exchange control restrictions when a start-up establishes its global HQ, capital gains tax, as well as a start-up, and remote worker visa.

Our role is to support South Africa’s high-growth start-ups – whether in the tech industry or by enabling SMEs in rural and township communities to become tech-enabled businesses − to maximize the value and impact they have on the South African economy and job creation.We believe the country has the potential to cultivate the emergence of the next unicorn on the continent, and through this second round of funding, look forward to being part of these important efforts,said Matsi Modise, Chairperson of the SUA

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Milcah Lukhanyu
Milcah Lukhanyuhttps://techmoran.com
I cover tech news across Africa. Drop me an email at [email protected]

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