Started the unique selection of innovation IT-projects

Within the limits of the Forum “Open Innovations” in October 31, 2013 for the first time in Russia has been executed the multilateral agreement on cooperation between Russian Development Institutes, the “Skolkovo” Fund, the Assistance Fund, industrial leaders “SAP Labs” and “EMC”, and the Investment Fund “Maxfield Capital”, which will allow conducting the selection of innovation IT-projects “FavorIT” and providing the best projects with financial and mentor support for development.
“For the selection conduction have been gathered together a;; main participants of the establishment process for innovation business. This means not only grants, but also money and competence of market, which can comprise safety coefficient for survival and formation of background for global success of projects”, - comments Igor Bogachev, director executive of the “Skolkovo” Fund IT-cluster.

In the common practice the projects selection is executed by separate specific for each institute criteria, directly depending on end targets of Institutes, which not always allows truly estimate potential of candidates at its “input”. The “FavorIT”, as opposite, represents synergy of technological, investing, commercial and mentor competencies both in choice and estimation of risks, and in support of selected projects-winners.

“Many people now are talking about a break, which appeared between Startups and venture capital, there are many complaints from both sides on “not ready” projects and difficult availability of investments. Our aim is to get closer these positions. We would like to support companies at the very important stage”, - comments Aleksander Turkot, founder of the “Maxfield Capital”.

Applications filing for participation will be conducted during 5 months, winners will be announced in June 2, 2014. According to the results of the selection, finalists will be provided with an opportunity of attracting grant financing from the “Skolkovo” Fund and the Foundation for Assistance to Small Innovative Enterprises in Science and Technology, grant funding from industrial partners, investments of the venture fund and mentor support. The total amount of the budget for the “FavorIT” selection comprises 23M RUB.

“Within the limits of this selection we support interesting projects on bioinformatics, and call up teams even if it has not yet finally formed its idea, to take part in it. This will deny Startups from addresses in many organizations and will give required expert support for further development”, - comments Kamil Isaev, vice-president of EMC.

Both Government Development Institutes, and Venture Funds meet tasks of selecting and supporting the most perspective projects. “The Assistance Fund already 20 years executes support of small innovation enterprises, and support of IT-sphere is one of the priority directions in our work”, - comments Sergey Polyakov, director general of the Foundation for Assistance to Small Innovative Enterprises in Science and Technology.

The Government scientific organizations usually give as grant only starting investments, further is required co-financing by private capital. Projects of the “FavorIT” will execute additional investigation at this selection stage. Thus, startups will get additional skills of working with venture funds.

“The selection value for “SAP Labs” in direct participation in the innovations ecosystem growth of our country: by supporting and exchanging ideas with the projects founders, we provide with great opportunities on the basis of our platforms”, -comments Dmitry Armyakov, director general of the “SAP Labs”, LLC.