The Scientific and Industrial Research and Development Center (SIRDC) and the Reserve Bank of Zimbabwe (RBZ) recently entered into an agreement to form a joint venture company that would be responsible for the commercialization of four (4) of SIRDC research products, namely roofing tiles known as SIRTILE, animal antibiotics – brand name SIRDAMECTIN, a foundry branded SIRMET and science laboratory and teaching equipment known as SLATE.

Through FINTRUST, the Reserve Bank of Zimbabwe is injecting a minimum of Z$233.5 billion into this new investment company to be called SIRTECH Investments (PVT) Ltd and holds a 60% equity position. SIRDC is responsible for the rollout programme of the projects into businesses within Zimbabwe and beyond. It will appoint the Chief Executive Officer (CEO), management staff as well as other employees. The current head of SIRDC Dr. Robson Mafoti will be the interim SIRTECH CEO until a substantive head is found. RBZ will maintain control through board representations in line with the majority shareholding position.

A seven member Board oversees the operations of the joint venture with four General Managers each responsible for the running of the business units. The main operations of SIRTECH will be located at the SIRDC campus; however, plans have been drawn up to eventually spread some of the operations to other provinces of the country. Currently tile-manufacturing centers are being established in Bulawayo and Mutare. The Bulawayo center is scheduled to commence operations at the beginning of November 2005.

Viable spin-offs will be commercialized much to the benefit of the economy. Value-addition and competitiveness will still be key business development drivers. Initial production factory shells will be provided by SIRDC and in response to product demand and business viability, the joint venture will decentralize across the country and within the region.

The Stage Gate Framework:

The four business units as well as other future joint venture business development efforts will be anchored by the stage gate framework. This is a system that places heavy emphasis on teamwork, culture of effective communication, rapid product development, market assurance, financial independence and excellent compensation for employees.

Impact on the Economy:

The impact on the Zimbabwean economy will be tracked through analysis of expenditures (benefits to other industries), jobs created and retained, revenue and profitability, foreign currency generation, foreign currency saved, patentable products and monopolies broken.

Continuation of Applied Research:

The adoption of a business approach does not in any way imply that SIRDC is abandoning its applied research mandate. SIRDC will continue with its applied research program in various scientific disciplines including the four products that were recently launched under SIRTECH.