To stimulate and boost the Brazilian science, technology and innovation system, the Brazilian Innovation Agency (FINEP) launched the first request for proposals under the FINEP Investment Program for Innovative Startups on June 26, 2017. The program is intended to assist and promote technological innovation in highly dynamic startup companies by injecting financing so that they can manage their business plans. The announcement should target 50 companies per year in two rounds of investment. According to estimates, up to R$400 million will be invested over a four-year period.
Support will be concentrated in startups in specific sectors, including education, sustainable cities, the internet of things, creative economics, energy, defense, mining, petroleum, biotechnology and agricultural technology. To obtain funding, the product (process or service) must already be in the prototype or testing phase or already be available for sale, even if it is on a small scale. In the year of the announcement, the startup’s gross revenue can be no more than R$3.6 million.
The selection process will consist of three phases: a proposal review, appearances in person before a selection committee, and a technical inspection. Once the contract is signed, FINEP will become a shareholder of the startup. If the company is successful, FINEP can extend the partnership for two more years. Otherwise, the investment will end. The model is unusual in the public sphere in Brazil and is based on programs in other countries, such as the United States. August 7, 2017 is the deadline for submitting proposals. For more information: bit.ly/2sydMj7.Republish