Chinese, U.S. venture business interested in Belarus innovation projects

 

Venture business of the United States and China are interested in Belarusian innovation projects, Director of the Belarusian Innovation Fund Anatoly Grishanovich told media on 18 November.

According to him, negotiations with potential investors will take place in the near future. “Belarus receives proposals on joint implementation of venture projects from other countries as well. We expect that the Belarus’ first venture fair which is currently held in Moscow will result in concrete agreements with foreign companies,” Anatoly Grishanovich said.

Moreover, negotiations are also held with the representatives of the EurAsEC High-Tech Center. In particular, an opportunity of setting up the single venture fund of Belarus, Russia and Kazakhstan is being discussed, Anatoly Grishanovich noted.

First venture projects in Belarus will be launched next year. Their selection is under way, for which we have developed specific criteria. “The first venture projects will be implemented in pharmaceuticals and manufacturing industry,” Anatoly Grishanovich said.

Yet, the business community of Belarus shows little interest in venture projects so far. “So far this sector is underdeveloped in our country, but we hope the situation will soon change,” the expert said. This will be facilitated, among other things, by the community of business angels and venture capitalists BAVIN. Its will be in charge of selection of innovation projects, their finalization and presentation to investors. “We will be partners with this community not competitors, as many believe,” Anatoly Grishanovich added.

Creation of the venture funding system in Belarus will provide an additional impetus to the implementation of high-risk projects in research, development and manufacture of new high-tech products. Knowing that their projects are risky and success is uncertain, many scientists refuse to materialize promising scientific ideas. At the same time, international experience shows that if in, one project in ten is a success, it can cover the losses of all others.

According to www.belta.by