Startups Archives

Lumec recently undertook research for Innovate Durban in order to develop an Innovation Publication for the Province, a first in KZN. The publication included a profile of 5 successful innovators, which provides a very useful resource for innovators and potential innovators. Parallels among the 5 innovators who were profiled were most evident in the following areas:

1. The toughest challenges to overcome;

2. Lessons learnt; and

3. Valuable insights on what they wish they knew at the start of their innovation journey

Challenges

Regardless of the innovators’ stage of development, each faced the same challenge when it came to accessing funding. The argument here is that funding is difficult to access, which increases the amount of time required for your project to move through the innovation pipeline. Therefore, whether you require seed funding, capital to develop your prototype or have a new product ready for commercialisation, having the skills to source funding is crucial. Furthermore, most of the innovators cited the same institutions as a critical source of funding for their innovations, namely Invotech and the Technology Innovation Agency. The majority of innovators profiled used competitions as a means to generate capital. Limited access to funding and limited funding in general suggests that it is important for innovators to diversify their funding options.

Lessons

All the innovators noted that the innovation journey is a long one, as evidenced in the fact that they began the process several years ago. This is why most identified consistency as the key to achieving results. In other words, it is crucial to be consistent in the pursuit of your innovation because it is a journey that comes with many hurdles, detours and slow progress. One innovator mentioned that he was able to achieve what seemed to be impossible by breaking down big tasks into smaller achievable actions. Furthermore, commitment to the journey may also involve going months and even years without a stable source of income.

What innovators wish they knew when they started

The innovators we spoke to are now all business owners. A few of them emphasised that they had to learn new skill sets in order to succeed in business. These were hard skills that improve business acumen and soft skills including knowing how to manage people (within and outside of your immediate team) and their different personalities. Many innovators seek commercialisation as the ultimate goal for innovations, therefore, an important consideration outlined by one of the innovators was to ensure that commercial aspects are incorporated from early on in your product design such as certification and industry standards. Other innovators pointed out that pursuing your innovation is not a task taken in isolation; the process requires collaboration, partnerships and the right team in your business.

You can see the full interviews here.

To read more about the Innovation Publication project, follow the link here.

At the end of March, Lumec celebrated 3 years in business at The Charlatan on Durban’s Florida Road. We were lucky enough to share this milestone with some of our clients, partners and friends.

There have been a number of highlights this last financial year including our team expansion, the development of our new company strategy for the next 3 – 5 years which outlines our focus areas and key services (see image below) and being involved in really interesting and innovative projects.

Some of our key areas of interest are:

Biomass Processing in eThekwini – Our growing interest in the circular economy allowed us the opportunity to work on the development of a business case for a biomass application centre in KwaMashu, Durban. The project is a partnership between the Durban Green Corridor and Plantbased Raw Materials (PRM) International, a Dutch-based organisation, which seeks to generate and convert fibres from alien plants and other organic waste into various end-products such as bio-based packaging and bio-composite planks. Since the completion of the business case, we have been working closely with PRM to assist them to manage the implementation of the various value chains in Durban.
Film Industry Research – Our passion for the growth of the creative industries led us to work on two interesting projects with the KZN Film Commission. The first was research into the trends of KZN audiences and how they consume filmed content and was based on the results of 1,200 surveys across the province. The second sought to identify the impact that micro-budget filmmakers are having on the provincial film industry. Both projects allowed us to deepen our understanding of the KZN and South African film industry, which has great potential to create jobs and stimulate the cultural and creative industries in the province.
The Informal Sector – we have recently become partners in a tech start-up, DIVERT, which aims to improve the livelihoods of informal waste pickers in the developing world. The aim of DIVERT is to produce and distribute container-based reverse vending machines that automatically analyse and weigh recyclable paper and plastic, electronically pay waste pickers a fair and transparent price, and digitally connect sellers and buyers of waste. Data is collected throughout the process, allowing all parties, including manufacturers, to increase efficiencies and the percentage of waste recycled.
Data Product Development – Our relationship with Open Data Durban (ODD) has enabled us to support government and other organisations to create data management and analysis solutions in the form of open source data portals. We have assisted ODD in the development of data portals for the South African Cities Network, the Centre for Affordable Housing, and eThekwini Municipality (via the Durban EDGE). Increasing the transparency of public information is important for us and we value the experience we have been afforded in this space.

To get a full view of our past projects, visit our website. You can also keep track of Lumec’s activities and areas of interest on our LinkedIn and Facebook pages.

Innovation: Key Insights from KwaZulu-Natal Innovators

Lumec turns 3!