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Thandiwe Katinhimure, Business Reporter
THE Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) has called on information communication technology (ICT) innovators to submit proposals to obtain funding for viable business projects.
Government has approved the $25 million package that was launched last month with the aim of supporting budding ICT innovators in Zimbabwe. The fund is managed by Potraz.
“Any ICT Innovators or start-ups that have brilliant innovations or solutions that have the potential to revolutionise its target market and/or drastically change the lives of Zimbabweans and the economy as a whole can apply,” said Potraz.
The regulatory authority also said the fund caters for telecommunications based applications, ICT software applications, ICT hardware, applications for postal and courier services, intellectual property registration for approved ICT innovations and establishment of innovation hubs.
Potraz has said there is no uniform fund disbursement as applicants will be granted funding according to the amount they would have applied for after assessment, feasibility study and analysis of the project’s worth.
It also added that the financials of the innovators’ projects should include “revenue projections of the innovation for a minimum of two years, historical financial data if the innovation has been in operation, income statement and balance sheet can be included for already established innovations.
Applicants are also required to explain how the new funding would improve their operations in terms of revenue, cash flow and profitability.
Potraz also stated that successful innovators will require a guarantor to secure the loan, which will be offered on 36 months tenure and that repayments will be done in line with cash flow projections through monthly instalments.
It also added that new projects will be granted a 12-month grace period to commence repayment of loan while operational innovations will be granted six months grace period to commence repayment of loan.
“All successful innovators will be required to sign a loan agreement before funding is released and police clearance will be required,” said Potraz.
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