Related Information

• Electronic copies of the documentation may be emailed to IFSeedFund@nrf.ac.za or may be delivered or posted to the Innovation Fund - on a CD (addressed to Seed Fund Manager). No paper applications will be considered.
• The Innovation Fund will, at its sole discretion, liaise with early stage fund venture capital resources regarding feedback on the opportunity at various stages of application evaluation.
• Applications of entrepreneurial ideas that are rejected will be precluded from resubmission to the Innovation Fund for a period no less than six months after the date of the rejection.
• Target timescales for completion of an investment are 4-6 months from receipt of the application information. The timescales vary depending on the complexity and scope of the investment, availability of the necessary technical and business expertise for the due diligence, the availability of resources and information from the potential fundee and how long the fundee takes to negotiate terms. Complications beyond the Innovation Fund’s control or related to incomplete applications may delay this process significantly. Wherever possible, the Innovation Fund will endeavour to minimise the time to finalising an investment. Timescales per stage of the application process are as follows:

Stage II

• On receipt of Executive Summary and Supplementary Information, IF targets to revert to the opportunity within 4-6 weeks on whether a full businesses plan is to be submitted.

Stage III & IV

• Innovation Fund aims to provide feedback to the opportunity within 4-6 weeks of receiving the full business plan information on whether it is rejecting the opportunity, or alternatively what terms it wishes to put forward for the Term Sheet, prior to proceeding to full due diligence.
• Negotiation of a Term Sheet, full due diligence and drafting of agreements for a potential investment typically takes between 2 and 4 months.