The SAB Foundation has announced the 17 finalists in its tenth annual Social Innovation and Disability Empowerment Awards. Earlier this month, 17 finalists received awards and grants up to the value of R1.3 million. A total of R12.6 million was awarded to social innovators and entrepreneurs.
The SAB Foundation Social Innovation Awards find, support and scale social innovations that address socio-economic and environmental challenges. By providing challenge funding and tailored mentorship to promising local innovators, it contributes to the alleviation of social problems and help to improve the quality of life for many South Africans, with an emphasis on women, youth, people with disabilities or those in rural areas.
SAB Foundation’s long-term commitment to this work is underpinned by our belief that the economic, social and environmental issues affecting South Africa and further afield today are escalating too fast to be addressed in traditional ways. Disruptive technology and income generating innovation bring the promise of increased effectiveness, efficiency and scale. Our aim is to launch and then grow these businesses to the point where they become an attractive option for traditional and impact investors.
Over the past nine years, we have supported 170 incredibly talented South Africans, from all walks of life. Not only have they produced socially informed and transformative products and services in in multiple sectors, but also contributed an additional R219 million per annum to the economy, while creating almost 1 000 jobs.