In an era where research informs innovation, the HEI Innovation Practice by EyeCity Africa is at the forefront of unlocking academic innovation potential and ideas into real-world impact. Our initiatives include capacity-building workshops, research, policy advocacy, and community building. As part of our commitment to the Higher Education Institution (HEI) innovation ecosystem, we recently hosted a webinar titled, "Innovation to Impact: Strategies for Securing Funding for Entrepreneurs and Innovators within Academic Ecosystems,"
This webinar brought together over 150 participants from 35 countries, uniting thought leaders, industry experts, research centers, ESOs, and academia in a shared exploration of academic financing and innovation. Throughout the webinar, we discussed the importance of funding for HEI and strategies to secure funding and propel entrepreneurial ventures within academia.
This session was delivered by Adenike Adeyemi, Executive Director of FATE Foundation. Adenike is a social innovator with over 22 years of experience in developing, funding, and implementing large-scale social impact programs.
Adenike's presentation provided the participants with the requisite information and knowledge to improve the financing of innovation and entrepreneurship within their institutions. She spoke of the need for HEIs to first understand the model they run (such as Non-Profit model, Social Enterprise model, Earn-income model, etc.) and, in turn, define the business model that suits their operational type. This knowledge as well as a good understanding of their funding needs and objectives, will determine what financing they need and how to secure them.
She explained how HEIs can map their objectives to the most suitable traditional funding options, such as grants, individual donations, corporate sponsorships, and earned income, while strongly advocating for the need to leverage partnerships and collaboration. Partnerships with incubators and accelerators, engaging angel investors and venture capitalists, pitching compelling value propositions, and applying for government and development institution grants and subsidies are some of the options available to institutions. The pathway to sustained funding is by maintaining transparency as an institution, this is important to funders and ensures accountability through regular fund disbursement reports, and donor engagements (through events and continuous updates on beneficiary impacts).
Following Adenike’s presentation, we hosted a robust Q&A session where participants had the opportunity to explore further the topic discussed. One of the standout questions was from Mohammed Amran, a lecturer at the University of Dodoma in Tanzania, who inquired about the effectiveness of funding collaborations, specifically whether partnering with multiple institutions or engaging with various faculties within a single institution is more advantageous, and which approach proves most successful.
The energy and insights from the session continue to resonate. Feedback indicates that many participants will be applying the strategies discussed within their respective institutions and organisations.
Betsy Wanjala from the Open University of Kenya noted; "Securing funds for HEI activities requires strategic planning, collaboration, and teamwork. You cannot afford to walk alone in this space. Business modelling was a big score for me. Aligning financing with the HEI growth phase required specific added value."
The HEI Innovation Practice by EyeCity Africa remains dedicated to connecting visionary minds with the resources they need to thrive. Did you miss the live session and want to catch up on the session? You can still access the recording of the webinar here ( English and French).
Be sure to check out our upcoming webinars and programs for more opportunities to learn, and you can join our community to network and connect with other stakeholders.
For more information on future webinars, opportunities, or partnerships, please contact us at heipractice@eyecity.africa
Learn more about HEI Innovation Practice By EyeCity Africa here.
