185 Startups Apply For Potraz Innovation Drive

A total of 185 young technology players submitted their applications  before the deadline to the  Potraz Innovation Drive applications,seed funding initiative being spearheaded by the Zimbabwean Government.

Speaking to TechnoMag in an interview, Potraz Director General Dr Gift Kalisto Machengete, said hundreds had responded to the call and they are currently going through selection process.

By Toneo T Rutsito

A Total of 185 applications have been received so far, we are now going in to a phase of selecting the most competent ones, a panel of industry experts will now be adjudicating over the applications as we await their results.

Mr Machengete however said that this was only the first batch and those who did not make it will be reconsidered after the initial assessment as they seek to support and promote as many young innovators.

He also said it was a bit too early to announce how many of these applications had been approved and how many were dismissed, as this will be done by a team of relevant industry experts who are going to be sitting over the matter to discuss.

The same could not be said about types of applications and industry categories which were applied for as they are still compiling a report on this.

Potraz insisted that they could not independently ascertain when this process would be completed to announce the final winners as this also needs the adjudicators to do due diligence first in assessing the quality of applications.

They also sent a relief message on the contentious collateral issues, stating that applicants who had outstanding proposals, but without any back up to support their loans were going to get a favourable response if their projects were bankable as a form of security.

Hopefully, in the next few weeks to come, the ministry of ICT would be done with the basic evaluation process and feedback the anxious applicants who, for the first time will be receiving financial assistance from the state to commercialise their projects.

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