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BCCI and the Federation of Scientific-Engineering Unions in Bulgaria signed Memorandum of Cooperation between Business and Science
Representatives of the scientific circles requested Bulgarian venture fund
Today at the Bulgarian Chamber of Commerce and Industry, a Memorandum of Cooperation between Business and Science was signed by the President of the Federation of the Scientific-Engineering Unions in Bulgaria, Academician Vassil Sgurev and the President of BCCI, Mr. Tsvetan Simeonov.
At a brief ceremony, Academician Vassil Sgurev, President of the Federation, expressed the desire of the scientific community a Bulgarian venture fund to start real work for financing of Bulgarian inventions. Only support under the JEREMIE initiative for development of advanced scientific research in favour of business is not enough. Therefore, the state should also take its share of direct guarantees for the advancement of science. This is a scheme under which developed countries make a series of financing in favour of scientific developments following market rules and support themselves.
At the beginning of the transition to market economy, several such venture funds worked well in Bulgaria, the President of BCCI Tsvetan Simeonov reminded. Probably due to the crisis, there has been a withdrawal from this type of risky investments.
The Innovation Council with BCCI is already selecting scientific-research companies and teams to apply for funding of innovative solutions under the EU Competitiveness Programme, the Co-Chairman of the Innovation Council Mr. Yosif Avramov reminded.
He assured that at preliminary meetings with representatives of the European Investment Fund, held earlier in the Chamber, the beginning of a Fund for Venture Financing of Scientific and Technical Projects was confirmed as of next year. The Fund will start work on 01.01.2012 and the financing will proceed in several stages. In January the first stage at the amount of 30 million Euro will begin, followed by two more stages of 60 million Euro each, and in March and April the fourth stage of financing of 21 million Euro will start.
The Venture Fund will operate on market principle, and beneficiaries will not rely only on EU funds for realization of their projects. Private investors will be sought as well with the assistance of NGOs, following the example of the Western model for promotion of scientific achievements. Thus, cooperation between the business and scientific circles in Bulgaria will be stimulated.
The Memorandum signed between BCCI and the Federation of the Scientific-Engineering Unions in Bulgaria provides for modernization of the ways to engage the scientific, engineering-technical and economic potential of the country in the discussion and development of regional and national business programmes.
Trainings under the European Computer Driving License Programme and issuance of European certificate ECDL are also envisaged.
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Venture capital
Unlike traditional investors, venture capital investors take on additional responsibilities related to the activity of the company, such as determining its course of development, financial management, choosing channels for products distribution, etc. Thus, they add value to their investment.
10.10.2011
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