We implement the project “INNOventure Seed Fund as a key element of the Kraków ecosystem of support for research and development projects in the field of innovative technologies and industrial processes” co-financed from the European Regional Development Fund under the Intelligent Development Operational Program Measure 1.3: R&D works financed with capital funds,Sub-measure 1.3.1: Support for research and development projects in the preseed phase by proof of concept funds – BRIdge Alfa. The aim of the project is to support scientists and inventors in the commercialization of research and development projects by investing in spin-off companies based on R&D projects, building their value, and thus increasing the supply of entities based on the results of research and development that are attractive for venture capital funds and private equity. The planned effect of the undertaken activities is: financing the development of at least sixteen innovative technology companies. Of course, we hope that this number will be higher, but we also take into account the possibility of withdrawing from the investments made, if they will not meet expectations and do not develop in accordance with the assumptions. We assume that the needs of most of the start-ups financed by us in the first phase will not exceed one million zlotys, however, in selected, particularly justified cases, we can increase our financial commitment even up to PLN 3 million. We also have experience in co-investments with other funds, when the achievement of success requires even more expenditure.
The value of the project we carry out is PLN 30 million, and the contribution from European Funds accounts for 80% of this amount.
The BRIdge Alfa program is run by the National Centre for Research and Development (NCBR). Its goal is to increase the supply of research and development projects attractive for venture capital and private equity investors. To achieve this, NCBR, in cooperation with private investors, allocates funds for financing research and development projects in two areas:
– proof-of-principle or early verification of the idea, including industrial and applied research, initial project evaluation from the commercial side, and thus assessment of the potential, analysis of competitive solutions available on the market, defining the research plan;
– proof-of-concept, which is further, more advanced phase of project verification including research aimed at patenting a technological solution.
INNOventure is a partner in the project Startup Platform – Unicorn Hub, which aims to support the development of innovative startups from Eastern Poland through a comprehensive incubation program preparing this type of companies to enter the market. The funding for the entire project is PLN 18,197,893.31, and it is co-financed by the European Union under the European Regional Development Fund Priority Axis I: Entrepreneurial Eastern Poland, Measure 1.1 Startup platforms for new ideas, Sub-measure 1.1.1 Startup platforms for new ideas, of the Operational Programme Eastern Poland 2014-2020. More information can be found on Unicorn Hub website.