There is also a venture fund in Kuban – look through the microscope!
A large fund for the little ones
Oksana Voronkova, Krasnodar NewsLast year, Kuban announced the creation of its own venture fund designed to support innovation.
Now this is probably the surest way to get financing for an innovative project. "KI" decided to find out how the fund works in the conditions of the global economic crisis.
To date, since the beginning of March, 33 projects have been submitted to the Regional Venture Fund for Investments in Small Enterprises in the Scientific and Technical Sphere of the Krasnodar Territory. Experts believe that about 70 percent of interested persons and enterprises have done this. However, the acceptance of applications for the competition for the selection of innovative projects for their financing from the fund continues – this process is not limited by a time frame.
Recall that the closed-end mutual investment fund of especially risky (venture) investments "Regional Venture Fund for Investments in Small Enterprises in the scientific and Technical sphere of the Krasnodar Territory" with a volume of 800 million rubles was finally formed last February. This is an example of a public-private partnership. The main direction of using the funds of the venture fund is the financing of innovative small business projects through participation in the capital (by repurchasing part of the shares of closed joint–stock companies and acquiring shares in the authorized capitals of limited liability companies).
The shareholders of the project are the Fund for the Promotion of Venture Investments in Small Enterprises in the Scientific and Technical Sphere of the Krasnodar Territory, established by the regional administration, and private investors attracted by the Ai–Man Capital Management Company CJSC, which selects and subsequently finances projects. Priority areas for investments of funds under the management of the AI-Man Capital Management Company are biotechnologies, pharmaceuticals and medical equipment, new materials and nanotechnologies, alternative energy and energy engineering, information and telecommunication technologies.
There are a number of requirements for applicants of innovative projects applying for investments of the Kuban venture fund. A small enterprise must work in the scientific and technical field and be registered on the territory of the Krasnodar Territory. The main activity is the introduction and commercialization of R&D results (research and development), inventions, improvements and innovations in the scientific and technical field. Availability of intellectual property rights, patents, copyrights or a real possibility of obtaining them. The possibility of implementing the project for no more than six years. The number of employees should not exceed one hundred people. Revenue – no more than 400 million rubles. The estimated investment in one company is no more than 120 million rubles.
Alexey Ternavsky, Executive Director of the Fund for the Promotion of Venture Investments in Small Enterprises in the Scientific and Technical Sphere of the Krasnodar Territory, told KI about the fate of the applications already submitted:
– Out of 33 applications, 18 were rejected due to non-compliance with the selection criteria. Nine projects are undergoing initial examination, six applications – detailed. And this is the last step before the start of financing. We will be able to make the first investments in approved projects this fall. We actively promote our foundation: we hold open seminars, work with universities, where we explain the rules for submitting applications. The venture fund is already well-known in the region, and we are ready to accept new applications.
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16.09.2009