Innofund launched to support technology business incubators

14:34 | 08/10/2015 Science - Technology

The Ministry of Science and Technology held a ceremony in Hanoi on September 25 to launch the Innofund aiming to provide support and improve capacities for technology business incubators.

Innofund launched to support technology business incubators

Minister of Science and Technology Nguyen Quan presses the button to launch the application system for the Innofund's support

The launching is part of the “Support to innovation and development of business incubator policy” project worth a total EUR4.4 million, of which EUR4 million was sourced from the Belgium government’s nonrefundable official development assistance, whilst the remaining amount will be sourced from Vietnam’s reciprocal capital.

Innofund will mainly provide financial support (nonrefundable) to feasible projects of organisations and inpiduals operating technology, science and technology business and startup incubation activities at the incubators which are established and operate in line with the law. The Innofund finance for each project will range from EUR15,000 to EUR45,000.

In addition, Innofund will also offer various forms of assistance such as consultation to creative innovations at scientific research institutes of universities; consultation to buying materials and buying/hiring equipment to develop products; and consultation to the development and protection of intellectual property and market study.

The project steering committee and management board will receive profiles of organisations and inpiduals for the first phase from October 1 to 30 via the website The project prioritises funding for several technological areas including biotechnology and technologies in agriculture, environment, and economic and efficient use of energy. In addition, incubation projects in other fields of technology will also be considered for financing if suitable.

In order to be selected, a project must meet the following requirements: high feasibility, positive impacts on green growth, employment provision for labourers, creative and innovative, provides a demonstration of predicted outcomes, and includes a clear business plan./.

Source: NDO