Based in the coastal city in Durban, the Durban Technology Hub which trades as SmartXchange, is an innovation node and a dynamic young business incubation center established to support and promote the regions vision to be the technology hub of Africa. SmartXchange aims to support and promote Media, Information Communication Technology and electronics (MICTe) entrepreneurs in South Africa through incubating small businesses. With fruitful partnerships, SmartXchange has continuously managed to deliver on its mandate of SMME development via the vast range of support services offered to SMME's during the three-year incubation period.
The fund is aimed at assisting technology-based SMME’s in bridging financing requirements to take their innovative ideas to market by supporting SMME’s and entrepreneurs in the MICTe innovation space. In order to qualify for this fund, applications must meet the following criteria:
- Be an entrepreneur or SMME based in KZN .
- The technology or business must be at a pre-revenue stage
- There is a clear market need and technology is commercially viable
- The technology is innovative and will result in a competitive IP position for the business
- Does not qualify for funding from traditional banks or other funding agencies
- Funding for pre-determined seed fund activities that are listed in the application template will only be considered