The Innobiz at the Durban University of Technology (DUT) Centre for Social Entrepreneurship Rapid Incubator recently hosted an entrepreneurship workshop for spin-off companies for DUT researchers and innovators, at the Centre for Social Entrepreneurship (CSE) offices, ML Sultan Campus.
The Centre successfully hosted a spin off companies’ entrepreneurship workshop which was facilitated and led by the Director: Technology, Transfer and Innovation.: Professor Keolebogile Motaung, Business Development Officer at the Centre for Social Entrepreneurship Rapid Incubation, Ms Brightness Nyawose, and Finance Officer at the Centre for Social Entrepreneurship Rapid Incubation, Mr Thobani Banda.
In attendance were DUT’s Deputy Vice-Chancellor Research, Innovation and Engagement, Prof Sibusiso Moyo, Director: Technology, Transfer and Innovation.: Prof Keolebogile Motaung, Prof Francis Oluwole Shode, Prof Santhosh Kumar Kuttan Pillai, Dr Poppet Pillay, Lana-Ann Brady, Brightness Nyawose, Thobani Banda, and other DUT academics and staff.
Prof Motaung is an award-winning Biomedical Scientist who has received a number of accolades due to her continuous efforts in bridging the gap between science and entrepreneurship. Her goal at TTI is to positively impact the changing landscape of technology, transfer, innovation and commercialisation through excellent leadership and planning. She plans to transfer scientific research results into tangible economic and social benefits and lastly carry those wonderful products/prototype to the marketplace.
The goal of the workshop is to grow DUT spin-off companies by training all attendees in all aspects of business and creating an entrepreneurial mind-set. The programme covered design thinking which is known as the a non-linear, iterative process that teams use to understand users, challenge assumptions, redefine problems and create innovative solutions to prototype and test.
The workshop also looked at lean canvas business modelling which is a one-page business plan template that helps entrepreneurs deconstruct their ideas into its key assumptions, replacing elaborate business plans with a single page business model.
DUT’s Mr Banda spoke on the financial models, giving the attendees more understanding on the summary of a company’s expenses and earnings used in the form of a spreadsheet, which is used to calculate the impact of a future event or decision.
Professor Shode is the founder of Sholab Nutraceuticals (PTY) from DUT’s Department of Biotechnology and Food Technology. His aim is to focus on the improvement and development of antiviral nutraceutical agents (actiovir and coglovir) against COVID-19 and HIV/AIDS; whilst Prof Pillai, who is from the Department of Biotechnology and Food Science, is researching into edible bioactive coating for fruit preservation.
Prof Motaung, who led the workshop, emphasized on the importance of knowing one’s target audience in business, as well as understanding the customer needs and not being afraid to focus on product distribution and marketing channels.
During creative and design thinking, Ms Nyawose encouraged the audience to think outside the box, differently, unconventionally, and to believe in themselves.
Mr Banda closed the workshop by welcoming entrepreneurs to the Innobiz CSE and encouraging them to take advantage of the services provided by the Centre in order to grow their businesses.
Pictured: Attendees at the entrepreneurship workshop for spin-off companies for DUT researchers and innovators.
Snelisiwe Hlongwane
