If you're wondering what last week's SONA means for tech start-ups in SA, Adrian Dommisse has shared some wisdom. Read his full post to hear his thoughts on potential legislative and funding developments. #SONA #venturecapital #techstartups #vcsouthafrica
Was SONA relevant to tech start ups? I think it was, actually. Cyril Ramaphosa said that “We are expanding our support for small and medium enterprises … This includes streamlining funding for small businesses, unlocking venture capital for high-growth start-ups.” Was this a nod to the SA Startup Act Movement's proposals? Could this mean that they intend removal of Exchange Control red tape for tech start ups raising international growth funding. Or is it going to be a new set of regs around local funding only? There was also a statement “the Department of Science, Technology and Innovation will establish an Innovation Fund to provide venture capital to tech start-ups that emerge from our higher education institutions.” Very interesting, will this compliment the The University Technology Fund under Stocks & Strauss already in place, and open the way for SA institutional investors to put more funding into tech VC? That could be massive… By the way, loved the defiant tone in response to bully boy and his ex-South African Doge king. Did anyone else hear anything about funding local tech start ups that I may have missed? #TechStartups #InnovationFund #SAStartups #VentureCapitalSA
