The Patrice Motsepe Foundation has partnered with US-based Milken Institute to launch a multimillion-rand Milken-Motsepe innovation prize programme, calling upon entrepreneurs to find technological solutions that enhance the agriculture, energy, education and health sectors.
Registration is now open for the first of these free-to-enter prizes. Agritech solutions stand to benefit the most, with prize money of $2 million (R28.4 million) as the Milken-Motsepe programme seeks innovative solutions to increase economic value to farmers, from seed to sale.
Teams have until 8 December to register and submit designs and business models. An independent panel of expert judges will select up to 25 teams to each receive $10 000 to develop small-scale prototypes over the ensuing six months. In the final round, teams will demonstrate their entries in field tests which will be evaluated by their ability to:
- Increase net economic value to the farmer
- Increase productivity at harvest and/or decrease post-harvest loss
- Reduce costs for farmers
- Provide a viable and sustainable business model
- Be implemented by small and medium-sized farms
- Develop or integrate innovative technologies
The judges will award a $1 million Grand Prize, with additional prize money distributed among Second and Third Place winners.
Emphasis will be placed on technological solutions that accelerate progress towards implementing the United Nations Sustainable Development Goals (SDGs), with a spotlight on the African continent.
For Dr Patrice Motsepe, founder and chairman of the Motsepe Foundation, the programme is meant to encourage entrepreneurs to solve societal problems.
“Fourth industrial revolution technologies have the power to solve complicated socio-economic and human problems. In the hands of entrepreneurs, these technologies can turn Africa into a global economic powerhouse and transform the world.”
To register for the prize, or to learn more, visit www.milkenmotsepeprize.org.
