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Skills and seed money needed to support UCT’s innovations
16 November 2011
UCT is a hive of innovation in many fields, from the discovery of novel drug compounds to new medical devices. It’s a tradition that stems from early pioneers like Nobel Laureates Max Theiler, who discovered a vaccine against yellow fever, Allan Cormack who conceptualised and built the CAT scanner; and Aaron Klug who developed crystallographic electron microscopy and furthered knowledge of nucleic acid-protein complexes.
The tradition has continued and there are many current success stories. For example, Associate Professor Keertan Dheda of the Institute of Infectious Disease and Molecular Medicine has invented an extrapulmonary TB diagnostic test for which several international patents haves been filed in strategic areas. The diagnostic will allow rapid testing of pleural TB at the patient’s bedside. Medical personnel will be able to prescribe medicine on the spot. A spin-off company, Antrum Biotech (Pty) Ltd, is now developing and commercialising the intellectual property behind the invention.
Similarly, CapeRay Medical (Pty) Ltd, led by biomedical engineer Dr Kit Vaughan, has developed a machine that combines low-dose X-ray and ultrasound mammography to detect minute cancers in breast tissue.
Cape Carotene, a UCT biotechnology spin-out in the Northern Cape, is the first South African company to pilot algal technologies, producing a powerful antioxidant and dietary supplement for aquaculture and as a neutraceutical for humans.
There are scores of innovations waiting to be developed. But without hard-to-get early-stage funding in the R500 000 to R2 million range, most will never see the light of day.
To bridge this gap, UCT recently launched the UCT Evergreen Fund, which aims to generate R10 million, building on the R2 million nucleus provided by the late Richard Sonnenberg.
It builds on the achievements of the existing Pre-Seed Fund, which provides smaller levels of funding (up to R100 000) for innovation activities. The idea is that successful projects and spin-off companies will replenish the Evergreen Fund in the form of interest-bearing loans or equity that can be sold by UCT.
"There’s an incredible amount that can be done with R500 000 to R2 million," said intellectual property manager Dr Andrew Bailey.
But there’s also a skills requirement. People are needed to assist in the evaluation of technologies and/or to run these start-up companies. UCT is calling on alumni with the necessary skills to consider getting involved This could be as a CEO or a director of a company or for others who’re able to donate tranches of their time and expertise to help mentor and guide these spin-off enterprises more informally, or for shorter interventions. Research Contracts and IP Services also need individuals with specific sector knowledge to assist with the assessment of emerging technologies and protected IP, which can even be done by email. Find out more about how you can help here.
If you’re interested in investing time and/or a financial contribution to the Evergreen Fund, please contact Piet Barnard, Director: RCIPS, Piet.Barnard@uct.ac.za, 021 650 3865 or visit the evergreen fund webpage.
