The establishing of the fund to finance innovative startups has been foreseen in the draft budget for 2018, told Oksana Markarova the vice FinMin.
Oksana Markarova
The budget draft was itemized and submitted in September stipulating allocation of UAH 50mln for the so-called innovation fund. The fund is aiming at support of startups at their early stages. The investment will be sort of a bridging grant accounting 5-10% of total sum of a needed sum. The major part of investment is expected to come from the foreign investors. The aim of such projects is not earning profits but stimulation of state policies.
The policy development group is working on the structure and mechanisms of the functioning of the fund.
At this, Ukrainian Venture Capital Association plans to create the so called fund of funds. Such a fund will support IT industry at large. As an example, state provides financing to Ukrainian State Film Agency that participates in financing production of films together with private companies.
The fund of funds will invest in professional funds that fuel relevant industry startups. Such a fund may finance about 1 000 startups yearly if it starts functioning, according to Oksana Markarova.
