Innovation Fund supports emerging entrepreneurs and stimulate the development of innovative technology products and services in Tanzania.
The overall aim of the project is to strengthen Tanzania's development towards a knowledge-based information society with enhanced capacities to contribute to the achievement of socio-economic development goals of the Tanzanian government.
The Tanzania Information Communication Technology Project (TANZICT) introduced Innovation Fund in collaboration with Commission of Science and Technology (COSTECH) to support emerging entrepreneurs and stimulate the development of innovative technology products and services.
To encourage small entrepreneurs to access the Innovation Fund, the application process was kept as simple as possible. A novelty introduced in the grant application and management required that applicants linked up with a mentor organisation such as a business incubator, technology hub or university which provided them technical guidance to implement their project as planned.
Both the entrepreneur and mentor signed the contract and shared joint responsibility and accountability for ensuring that grant money was used accordingly and results were reported.
Between 2011-2016, TANZICT organised six competitive Innovation Fund rounds, resulting in more than 500 applications of which 45 start-ups successfully received funding.
Examples of initiatives that received funding: