The Faculty of Economics and Management Sciences (EMS) at the University of the Free State (UFS) has launched an exciting new initiative aimed at empowering entrepreneurs and generating third-stream income: a business incubator.
“There are countless wonderful ideas stored in computers and gathering dust on shelves, brimming with potential. If we can unleash and harness these ideas - package them effectively and put them to use - they could serve as valuable university assets, helping us generate additional income streams,” says Prof Philippe Burger, Dean of the Faculty of EMS.
Chipo Matambo, Business Coach at the incubator, highlights that this initiative will create a comprehensive entrepreneurship ecosystem. It aims to foster the development of an entrepreneurial mindset and skills while encouraging collaboration within the UFS community. Matambo explains, "The incubator brings together like-minded individuals and provides access to cutting-edge research, industry experts, mentors, potential funders, partners, and networking opportunities."
Currently referred to as "The UFS StartUp, ScaleUp, and SpinOff Hub," the incubator’s official name is pending finalisation. While spearheaded by the EMS Faculty, this initiative spans multiple faculties, uniting projects from across the university. "It serves as an incubator for all of us," remarks Prof Burger.
Key pillars of the incubator
The incubator is built on three pillars:
1. Commercialisation of Research: This pillar focuses on transforming university research into spinoff companies. “There is a lot of research at this university that can be channelled into potential commercialised projects and startups,” notes Prof Burger.
Matambo emphasises the importance of transferring UFS-developed innovation and technology to society to create an impact and generate revenue. This involves forming commercial links between the UFS and private or non-profit organisations to develop and commercialise UFS-created and owned technology. Key mechanisms for technology transfer include patented inventions, licensed technologies, partnerships, and new ventures. The Directorate of Research Development (DRD), along with various faculties, will be crucial partners in this endeavour.
2. Strengthening Student Entrepreneurship: UFS is dedicated to cultivating students' entrepreneurial mindsets and skills to empower graduates to become job creators. Key components include experiential learning, entrepreneurial support, mentorship, and access to industry experts and networks to foster innovative student startups.
3. Supporting Community Entrepreneurship: The incubator aims to help local communities develop their ideas into viable business ventures and establish enterprises within their communities.
Support services for entrepreneurs and startups
The incubator offers a range of services to support entrepreneurs and startups, including:
Feasibility Studies: Assistance with feasibility studies for potential candidates.
Advisory Services: Business coaching and mentoring provided by business coaches, DRD experts, and EMS faculty members specialising in various domains.
Business Matchmaking: Connecting startups with angel investors and potential clients through events like matchmaking events, trade fairs, and one-to-one introductions.
Consultation Services: Linking startups with external partners such as banks, auditors, lawyers, and business mentors.
Office Space: Providing office space equipped with WiFi, meeting facilities, collaborative workspaces, individual workspaces, and communal meeting areas to foster a conducive working environment.
Prof Burger mentioned that the building on South Campus designated for the incubator will be completed by the first half of 2025. In the interim, the incubator will operate virtually, although Matambo and the university team will conduct real meetings and interactions to drive its activities.