The newly renovated building, namely the Nedbank Stellenbosch University LaunchLab, was inaugurated at a glittering function attended by 120 guests on 21 May 2015. Helen Zille, Premier of the Western Cape, delivered the keynote address.
"Big innovations come from real problems, of which we have many in South Africa. But how many academics think of the commercial applications of their research? We must keep our best minds here. That's why this is such a welcome initiative," Zille said.
The LaunchLab offers networking opportunities, assistance with business model development, mentorship and affordable rent rates in an entrepreneur-friendly environment. The objective is to boost innovation and entrepreneurship.
Since its founding two years ago, the LaunchLab has assisted 50 businesses and business ideas to transform their ideas into viable products and services.
The LaunchLab's activities have been extended to the other three universities in the province - University of the Western Cape, University of Cape Town and Cape Peninsula University of Technology - as well as to Copperbelt University in Zambia.
The presence of the LaunchLab has created greater awareness of the possibilities regarding the commercialisation of research-based intellectual property. Innovus, SU's intellectual property company responsible for the LaunchLab, has helped to found seven new SU start-up companies in the past year - an increase of 70%.
"If you create the ecosystem, the geniuses will come and claim the space," Zille said.
Anita Nel, CEO of Innovus, explained the origins of the LaunchLab: "The role of universities across the world is changing and, as a leading university on the African continent, SU is keeping up with this new direction.
"Top universities are engaging in new and different ways with their communities to allow more interaction and free movement of knowledge and opportunities between the university and specifically entrepreneurs and innovators."
Michael Brown, CEO of Nedbank, said his company's support of the LaunchLab was in line with its slogan to "Make Things Happen".
"Small businesses create jobs and for that we need innovation, hence we are investing in this initiative."
Prof Leopoldt van Huyssteen, Chief Operating Officer of SU, highlighted another trend in higher education - away from a narrow focus on students' academic achievement, towards a more holistic take on their development.
"The LaunchLab helps us to give our students the best possible chance at success in life by equipping them to be dynamic professionals, with enquiring minds so that they can become engaged citizens and, overall, well-rounded individuals."
Conrad Sidego, Mayor of Stellenbosch, said he sees the LaunchLab as part of the vision for the town to become an Innovation Capital.
"Innovation is in the DNA of Stellenbosch, which is good because although this is a valley of opportunity, there are also major challenges, such as poverty, hunger and inequality. The entrepreneurship stimulated here can help us solve some of these problems."
The LaunchLab is home to exciting young companies that are spearheaded by driven, ambitious student and non-student entrepreneurs who are passionate about what they do. Some of these are CubeSpace, a company that specialises in satellite control systems, My Sidekick, a shopping app that is gaining traction on smartphones, and Order Cloud, a software platform for integrated online shopping and deliveries.
For more information on these and other companies at the Nedbank Stellenbosch University LaunchLab, please email Brandon Paschal.
