12 Mar 2024

A Memorandum of Understanding (MoU) signed between Botswana Development Corporation (BDC) and Botswana International University of Science and Technology (BIUST) is expected to enhance local business landscape and possibly reduce the country’s import bill.

Speaking at the signing ceremony in Gaborone on Monday, BDC managing director, Mr Cross Kgosidiile said the scope of the MoU outlined various areas of collaboration, harnessing the power of research, innovation and entrepreneurship through joint activities such as proposal ideation, commercialisation of business outputs and screening of prospective licenses.

Mr Kgosidiile said their aim was to catalyse translation of knowledge and ideas into tangible economic value.

“Collaboration on proposal ideation will enable us to pull our expertise and resources to identity innovative solutions to pressing challenges facing the society,” he said.

He added that a shift in mindset change and deliberate shift in thinking were essential to truly unlock the potential of a knowledge-based economy and realise aspirations toward a high-income status by 2036.

That, he said called for willingness to embrace change and readiness to challenge conventional wisdom.

“It is in the mindset change that new possibilities are opened to harness the power of innovation and entrepreneurship. 

This cannot be achieved by maintaining the current status quo. We really need to start doing things differently,” he added.

He also indicated that by supporting commercialisation aspect of BIUST research and development projects, they can accelerate the transition of breakthrough technologies from lab to market, fostering economic growth and the much needed jobs.

Furthermore, he said the partnership would facilitate the identification and support of promising ventures and entrepreneurs, driving the growth of Botswana’s innovation ecosystem.

He said leveraging BIUST research capabilities and BDC’s investment expertise they can unlock new opportunities for economic diversification and competitiveness.

Mr Kgosidiile urged all to remain steadfast in the commitment to building a knowledge-based economy that empowered its citizens, fostered inclusive growth and ensured sustainable future for generations to come.

For his part, BIUST vice chancellor, Professor Otlogetswe Totolo said the MoU marked the beginning of a life-long relationship between the university and BDC with anticipation to establish strategic programmes to meet the nation’s economic aspirations.

Prof. Totolo said conversely, BDC stood on national economic goals through the pioneering of new industries in the country and unlocking the true value of existing ones to propel Botswana’s economic diversification agenda.

“With its proven record of stimulating private sector growth in Botswana, BDC has finally met a true partner in BIUST and I am confident that we can work together to facilitate the country’s socio-economic goals by reconciling price of innovation and applied research for economic and industrial growth,” Prof. Totolo said.

He said BIUST programmes, teachers and students were driven by academic excellence and their courses were accredited by Botswana Qualifications Authority (BQA), Engineering Registration Board (ERB), Engineering Council of South Africa (ECSA) as well as the Washington Protocol. Ends