The Sunday Mail
Midlands State University (MSU) is set to launch two Small to Medium Enterprises (SMEs) as the incubation hub initiative begins to bear fruit at the tertiary institution.
The incubation hub concept was launched last year to promote research and tailor solutions for local challenges.
The hubs also feed into the Transitional Stabilisation Programme (TSP)- which seeks to prioritise fiscal consolidation, economic stabilisation, stimulation of growth and employment creation.
MSU vice chancellor Professor Victor Muzvidziwa said the institution was preparing to launch the two SMEs early next year.
“The incubation hub is instrumental in the establishment of Small and Medium Enterprises (SMEs) and such SMEs have shorter incubation periods, usually under two years, he said.
“Such businesses are weaned from the incubation hub once they have surpassed the SMEs annual income threshold of $250 000.
“The (MSU) hub expects to roll out two such SMEs in 2020 and at least three SMEs per year starting 2021.”
Professor Muzvidziwa also said researchers at the university had developed innovations expected to revolutionise road infrastructure in the country.
He, however, could not be drawn into revealing more details on the innovations.
“Our researchers from the Faculty of Science and Technology have produced two cutting-edge innovations which are going to revolutionise road infrastructure in this country and, hopefully, beyond borders,” said Prof Muzvidziwa.
Furthermore, Professor Muzvidziwa said the University was in the process of setting up an industrial park and modern laboratories.
“Our approach is to incubate and facilitate commercialisation which will lead to the production of goods and services for the domestic market,” he said
“We will incubate private sector businesses, leading to employment and income generation, thus contributing to the National Gross Domestic Product.
“Further we are incubating businesses focusing on import substitution products in order to reduce the import bill, think locally and sell globally to earn foreign currency for the country.”
The incubation hubs are expected to strengthen links and collaboration between universities and the private sector.
They act as a provider of incentives to local researchers, through royalties from the commercialisation of their inventions.