SAB Foundation announces finalists for 2nd Annual Innovation Awards

SAB Foundation announces finalists for 2nd Annual Innovation Awards | Source: Equities.com | Oct 10, 2012

The South African Breweries (SAB) Foundation has announced the finalists of its 2nd annual Innovation Awards. The Innovation Awards form part of the SAB Foundation’s primary focus to ignite a culture of entrepreneurship in South Africa as a source of economic growth, job creation and innovation.

Investments are made into pro-poor product and service innovations, which can be commercialized and which address challenges by the SAB Foundation’s identified beneficiary groups, namely women, the youth, people with disabilities and people living in rural areas. The innovations are recognised and supported through an open competition format. The winners will be announced on Thursday, 1 November 2012.

Some of the 25 finalists are:

• Ecotyre – eco-friendly filtration system producing clean air and water made from recycled tyres.
• Ilima Cleaning and Recycling – collection of recyclable materials in township communities.
• Sanitary Pads from Banana fibres – manufacturing of inexpensive sanitary pads using banana fibres.
• Tunnel Vision Farm – recycling of waste to fertilise vegetable crops.
• Eco-dynamic Toilet – designed to save water and enhance sanitation networks.

The Innovation Awards offers a first place grant of R1-million and two runner-up grants of R500 000 each. In addition, several seed grants are awarded to deserving innovations. Grants include funding for the up scaling and commercialization of the innovative solution, a process supported by the Foundation over a period of two years or longer, as needed. The size of the grants is designed to allow for substantive progress to be made by the winners.

For further information, please contact:
Twitter: @SAB_Limited
Facebook: www.facebook.com/SouthAfricanBreweries

Background: The SAB Foundation was founded in 2009 as a beneficiary of SAB’s broad based black economic empowerment deal, SAB Zenzele and holds 8.4 million shares. Dividend income received from Zenzele is used for investments in initiatives which benefit the wider community.
The Foundation is overseen by a board of trustees which include respected South African businessmen and women. It is chaired by SA businessman, Cyril Ramaphosa, whose passion for young entrepreneurs is widely acknowledged.