infoDev, a funding programme managed by the World Bank, focuses on a number of specific products and services for developing countries including venture accelerators, funding labs, incubators and innovation centres. Entrepreneurs can access a critical mass of services and mentoring as well as early stage capital needed to get ideas into the market.
According to World Bank senior communications officer Angela Bekkers, "infoDev's work focuses on fast moving areas like climate technology, agribusiness, mobile innovation and others. Building on a grassroots tradition of over ten years, infoDev is connected to around 240 incubation centres in 70 countries."
infoDev programme manager Valerie D'Costa said that in addition to financing products and services, the programme also provides innovative intruments in early stages of finance. These options are rarely found in developing countries. Entrepeneuers in this stage need from approximatey $100 000 to just under a million dollars, which is a costly stage for traditional banks. Therefore, the programme aims to find solutions for entrepeneuers who need capital in this early stage.
It also uses networks and convenorship through events like the global forum, because "when you convene people on a journey in South Africa with those on the same journey in Brazil or Ghana, you facilitate peer exchanges, business linkages happen [and] personal and professional liaisons happen," she said.
Resources on knowledge and analytical products are also in place to codify what is being learnt in various countries so that it can be shared for the good of the global public. For South Africa, the benefit of its infoDev relationship extends beyond the forum.
"We've been partnering in South Africa for the better part of three and a half years and have financed an mLab with the department of science and technology and are now in discussions with the Gauteng province around a Climate Innovation Centre (CIC) and, hopefully, more activities (possibly here in the Eastern Cape) will come out of this week. South Africa realises, like many countries in the world realise, that many other countries are walking the same experience, and when you encourage an exchange of views you can really leapfrog a lot of the learning that will be painful otherwise," said D'Costa.
She said that many countries also look to South Africa to learn more. There is an interest in how things are done, why they are done in a certain way, how policies are formed and what South African entrepeneurs are doing. infoDev is ultimately hoping to create sustainable businesses through the ventures it has partnered with in South Africa.
D'Costa said: "The labs and climate centres are a means to an end. You don't create them so you can say you created 100 of them. You create them so you can see if you were able to attract the best and brightest. Did we help interesting and innovative companies address their startup challenges and overcome the risks they would ordinarily face and have they been able to monetise those ideas?
"All of these initiatives are undertaken here to support the development of labs and centres. The goal is to figure out who are the entrepreneurs that were supported. Have they grown sustainable businesses? Are they hiring? Have they generated sustainable revenue?"
The other goal is for the World Bank agenda to stimulate the right kind of policy constructs. The Bank holds a lot of experience and knowledge that can help many countries forge sustainable innovation frameworks.
infoDev programmes in South Africa
mLabs
These specialised mobile business incubation units include workspaces, equipment, back office support, testing facilities and technology-neutral platforms.
Their focus is on providing the capital-intensive resources that entrepreneurs need to test their products and develop the technical skills and business knowledge to turn their ideas into scalable, mobile businesses.
Africa is home to two mLabs — one in South Africa and one in Kenya.
Climate Innovation Centre
infoDev is working with the Innovation Hub in Pretoria to develop a Climate Innovation Centre to leverage South Africa's technology and financing capabilities, and allow local entrepreneurs and innovators to develop innovative technologies and businesses addressing local climate challenges.
About infoDev
infoDev is a global partnership programme within the World Bank and promotes competitiveness, employment, sustainable and inclusive growth by enabling the growth of innovative, technology-enabled new ventures.
infoDev catalyses and enables the provision of better access to knowledge, capital and markets for innovative growth-oriented enterprises, by engaging stakeholders across the wide innovation and entrepreneurship eco-system, including business incubators, accelerators, innovation centres, business angel networks, financial institutions, industry, academia and governments.
infoDev assists government and technology-focused small and medium-sized enterprises (SMEs) to improve capacity and skills, increase access to finance and markets, ensure the appropriate enabling policy and regulatory environment for business to flourish, and test out innovative solutions in developing country markets.