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Startup

Reserve Bank is looking to further unblock ecosystem challenges – Winde

The Reserve Bank is looking at further ways to unblock challenges that entrepreneurs face, Western Cape Minister of Economic Opportunities Alan Winde revealed today during the announcement of seven projects to receive seed funding from the Cape Craft and Design Institute (CCDI).

Speaking in Cape Town, he said he and officials from the Western Cape government, including Finance MEC Ivan Meyer, were asked by the Reserve Bank to present to the bank on happenings in the Western Cape ecosystem and economy.

The presentation took place last month and Winde said that it was the first time that his office has been asked to present to the Reserve Bank.

“And when they did their presentation, the presentation opened up with a discussion led by Silicon Cape and the kind of work that has been happening here by Webber Wenzel about how do we change IP and the rule around IP and the enabling environment so that our entrepreneurs can play a far more meaningful role.

Read more: Startups take note — An update on IP exchange control

‘They opened up with it, to say we know where these issues are’

“And that is what we spoke about when we prepared ourselves for the Reserve Bank meeting — but they opened up with it, to say we know where these issues are and we thank you for those kind of engagements that have been happening with us and we are really working on trying to change this ecosystem,” he said.

Read more: Vinny Lingham to open Civic office in SA following IP rule change

Winde says Cape Town has a great story to tell, and said he believes innovative tech and the agricultural sector will be key drivers in the Cape economy and the Fourth Industrial Revolution.

“The smaller the world gets, the more I am convinced that this southern tip of Africa is going to be playing more of a role in that future economy,” he said.

However he stressed that SA entrepreneurs shouldn’t sell their innovations and companies to foreign firms. “We mustn’t sell it to Silicon Valley or anywhere else. We must own it,” he stressed.