348. Let me join other delegations in thanking the delegations of Chinese Taipei and the US for introducing the subject of innovation incubators. Botswana is a relative newcomer to this initiative. Botswana Innovation Hub has established as part of the Botswana Excellence Strategy, which proposes a three-prong national strategy, the goal being economic diversification, job creation and moving the country towards a knowledge-based economy. Botswana Innovation Hub was incorporated as a company to develop and operate Botswana's first science and technology park. The company is mandated to support new ventures in existing companies as well as attract companies, universities, research and advanced training institutes to establish a science and technology park. This is intended to help transform Botswana into a technology-driven and knowledge-based economy by promoting a culture of innovation and competitiveness among its associated companies and knowledge-based institutions. In order achieve one of its mandates, that is of supporting new ventures, the Botswana Innovation Hub established a technology entrepreneurship development programme, branded First Step Venture Centre, which is a hybrid business technology accelerator incubator.
349. The first venture centre started its operation mid-2013 and serves technology entrepreneurs in the following priority sectors: biotechnology; clean technology; mining technology; and ICT. In addition to providing subsidised working space within the science and technology park, the centre of qualified support services include business advisory services, IP and legal advice, corporate compliance and business coaching and mentoring. The centre has also just opened a technology transfer office which is responsible for, among others, interrogation of ideas and claims to innovations on issues of patentability or any other IP protection; convention on conceptual and detailed designs for prototyping, helping creation of spin-off companies to facilitate take-up innovations from the Centre to the market stage.
350. As mentioned earlier, Botswana's innovation incubator is relatively new, and like any new establishment is facing teething problems, biggest and most challenging being inadequate financial resources. Currently, the First Steps Venture Centre is 100% government-funded and has to compete for the little resources with other competing national priorities. In an effort to try and be self-sufficient the Centre is considering to try activities such as hot-desking to try and generate income. Assessing suitable finance for the start-ups is also the biggest challenge in that sense. The Centre is still looking into assisting its clients with bridging funding within the programme. In addition, to try and make the programme more sustainable, the Centre is looking into equity holding of not more than 5% in the businesses that they support. The suitability of this idea is still being evaluated.
351. This is to mention but a few challenges and efforts by the Centre to try and overcome these challenges. The Centre is looking for collaboration with partners than can facilitate the attainment of intended objectives of this important initiative. We are therefore looking forward to support or collaboration with Members who are currently at a more advanced stage than we are.
