The ESFRD (SAHA) CEO gave notice on the implementation of bylaw of venture capital from next year with its approval by the Cabinet.
According to the report by Public Relations of SAHA, the meeting of the ESFRD CEO with the managing directors of non-governmental research and technology funds was held for further familiarity with the bylaw of venture capital of SHOA at the Fund building.
The venture capital bylaw developed by the efforts of ESFRD is the first venture capital bylaw that is to be implemented by the government for the first time in the country.
Ali Vahdat, the Chairman and CEO of SAHA, described the purpose of holding the meeting as determining the areas of joint cooperation and said: One of the services and tasks of ESFRD (SAHA) according to the statute has been to implement venture capital initiative, which have not unfortunately been implemented.
He added: Fortunately, in the Wisdom & Hope government, with cooperation of member ministries of SAHA General Assembly, including Ministry of Industry, Mine and Trade, Science, Research and Technology, Communications and Information Technology, Energy, Economic Affairs and Finance, Defense and Armed Forces Logistics and Organization of Management and Planning, the bylaw of venture capital has been developed and adopted and sent to the Cabinet for final approval.
Vahdat continued: At now, this bylaw is pending for government approval, and we hope to see it implemented by the beginning of next year.
Explaining that the targeting of SAHA is not direct involving in the venture capital implementation, he added: SAHA approach in the implementation of this bylaw is to use the capacity and potential of the private sector, especially research and technology funds. Therefore, hopefully with the familiarity with this bylaw, you would acquire the needed readiness as the executives of the bylaw so that by coinciding with the approval in the Cabinet, the bylaw would become operational.
Vahdat reminded: The executive model of bylaw suggests that a private company or a private fund provides a portfolio containing at least 3 projects complied with preset specifications and standards for venture capital. Then, SAHA will support the projects with granting a 5-year loan by interest rate of 6% on the amount of capital that the company or the fund invests.
He added: In general, the aim of this approach is to promote venture capital by the private sector and institutionalize this culture in the country's economy.
In another topic, stressing that the industrial companies are the main core of economic activities of the country, said: For example, much of the turnover of the companies recently won the knowledge-based approvals from the scientific and technological Vice Presidency are related to the industrial companies, which indicates that the playground is in the hands of companies as the main producers of wealth in the industry.
He continued: For the same reason, in the government, the workgroup of the national plan for the development of knowledge-based economy has been assigned to the Ministry of Industry, Mine and Trade.
According to SAHA, at this meeting, Nazemi, PhD, the consultant of SAHA CEO, explained the process of cooperation of the ESFRD (SAHA) with non-governmental research and technology funds through describing the details of venture capital bylaw.
In the end, the managers of the research and technology funds, meanwhile emphasizing on cooperation with SAHA in the implementation of venture capital bylaw, asked their questions on common cooperation with the Fund.