The Johannesburg Stock Exchange (JSE) and the Technology Innovation Agency (TIA) have selected 10 South African technology small and medium-sized enterprises for a 16-week programme aimed at improving their readiness for investment and expansion.

The participating businesses operate in the health, agriculture and fintech sectors. Support will include investment-readiness preparation, pitch development, market access and introductions to potential sources of capital.

The programme is intended to help companies address the gap between early-stage innovation and the governance, financial systems and scale often required by institutional investors. Some participants could eventually be considered for AltX screening or private placements, although there is no indication that any of the 10 companies will necessarily list or secure funding through those routes.

Closing the commercialisation gap

South Africa has technology businesses developing solutions to practical problems, but many face difficulties moving from early venture funding to predictable revenue, stronger governance, reliable financial controls and audit-ready structures.

Institutional investors typically seek businesses with credible management teams, sound governance, predictable unit economics and markets large enough to support growth. The JSE has traditionally become involved at a later stage, when companies have products, customers, revenue and structures suitable for public investors.

Patrick Krappie, TIA’s executive for innovation enabling, said: “One of the key challenges in the innovation value chain is ensuring that new technologies and innovations are commercialised and access the markets.”

Krappie described TIA as a connector for commercialising local innovation. JSE chief marketing and corporate affairs officer Vuyo Lee said the programme was intended to give technology SMEs the capabilities and opportunities needed to compete regionally and globally.

Routes to liquidity

The initiative comes against a backdrop in which South African fintech and software companies have often reached liquidity through acquisitions by larger corporate or international buyers.

Examples cited include Nedbank’s reported 2025 acquisition of iKhokha for R1.65 billion ($99.5 million), Lesaka’s 2024 acquisition of Adumo for R1.67 billion ($100.7 million), Xero’s 2025 purchase of Syft Analytics for $70 million and nCino’s 2024 acquisition of DocFox for about $75 million.

These transactions illustrate the importance of corporate acquisitions as an exit route for technology businesses. The JSE-TIA programme is instead focused on building a stronger pipeline of companies capable of accessing capital, rather than simply increasing the number of exchange listings.

There have also been examples of technology companies accessing public markets. Optasia listed on the JSE Main Board in 2025 at an implied market capitalisation of R23.5 billion ($1.4 billion), while 4Sight moved from AltX to the Main Board earlier that year.

Outside South Africa, fintech company ValU’s flotation on the Egyptian Exchange is cited as a regional example of a technology business using public markets to create liquidity.

The names of the 10 participating SMEs have not been provided, and the programme’s start and end dates have not been specified. It also remains uncertain whether any participant will progress to AltX screening, a private placement or a JSE listing.