High-tech companies will receive RUR 3.9 bln from the federal fund for innovation

The Foundation for Assistance to Small Innovative Enterprises (FASIE) has completed accepting submissions for its Commercialization program: the selected projects will be entitled to grants of up to RUR 20 mio ($307K). As many as 234 companies have applied.

In 2019, the Commercialization program is being implemented with the support of the SMEs and Support of Individual Entrepreneurial Initiatives national project; the FASIE has already received RUR 4.5 bln ($69 mio) and channeled the funding to support research-intensive projects.

After a competitive selectin procedure, the best projects will receive grants for opening or expanding production: the completed R&D phase is one of the selection criteria. The business leaders will be entitled to use the grants to pay for marketing services, new equipment and raw materials, certification of goods and so on.

“SME support has increased significantly in recent years,” says Sergei Polyakov, FASIE Director General. “Since the completion of research and the start of commercial production require serious investment from any business, we strive to help teams enter the market, especially if they work on import-substituting projects.”

The foundation’s main goal is to help high-tech projects and promote expansion of innovative production and high-performance jobs. Businesses will receive funding on non-repayable terms, yet, in the event of significant underachievement FASIE may demand a refund.

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