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Far East | Finance, business | Technology & innovation
Yakutia to set up $19m venture fund by the end of 2011
7 Oct '11
A regional venture fund worth a total of $18.7m is to be set up in the Republic of Yakutia, reports.
Of the total funding, $3.1m is reportedly to be allocated from the regional budget, and $15.6m is to be received from the “Republic Investment Company”.
Under plans, in the beginning of its operations the fund is to include scientific innovative projects, which are supposed to grow into applied projects in the future.
According to the news portal , which cites the Governor Egor Borisov, the fund, scheduled to be launched by the end of the year, is “to become a basis for innovative infrastructure in the region. Its main goal is to support innovative projects, small companies in the science and technological sector.”
The fund was first announced in March 2011. Back then the news agency wrote, that the fund was to total $31m.
“The region really needs to create such structure, that is why I have assigned the Government to work on this issue. It is too early to speak about the size of the fund, but it should not be less than $31m. I directed that the regional government and the Republic Investment Company find some structures, that could participate in the fund creation. I think that the structure should be set up during this year, and our intellectual minds, innovators will get opportunities for implementation of their ideas in production,” Egor Borisov said in spring.
According to him, the fund is to promote innovative technologies and development, created in Yakutia. The Governor noted that he had seen many examples of interesting projects in the region, especially those of youth, however the authors can’t afford to finance their ideas, as they have no assets to secure bank loans. Under plans, the fund is also to help businesses to raise circulating assets.
Of the total funding, $3.1m is reportedly to be allocated from the regional budget, and $15.6m is to be received from the “Republic Investment Company”.
Under plans, in the beginning of its operations the fund is to include scientific innovative projects, which are supposed to grow into applied projects in the future.
According to the news portal , which cites the Governor Egor Borisov, the fund, scheduled to be launched by the end of the year, is “to become a basis for innovative infrastructure in the region. Its main goal is to support innovative projects, small companies in the science and technological sector.”
The fund was first announced in March 2011. Back then the news agency wrote, that the fund was to total $31m.
“The region really needs to create such structure, that is why I have assigned the Government to work on this issue. It is too early to speak about the size of the fund, but it should not be less than $31m. I directed that the regional government and the Republic Investment Company find some structures, that could participate in the fund creation. I think that the structure should be set up during this year, and our intellectual minds, innovators will get opportunities for implementation of their ideas in production,” Egor Borisov said in spring.
According to him, the fund is to promote innovative technologies and development, created in Yakutia. The Governor noted that he had seen many examples of interesting projects in the region, especially those of youth, however the authors can’t afford to finance their ideas, as they have no assets to secure bank loans. Under plans, the fund is also to help businesses to raise circulating assets.
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