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Innovation development: new tendering procedure for financial intermediary

Date

2012 09 21

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UAB “Investicijų ir verslo garantijos” (hereinafter “INVEGA”) has launched a tendering procedure for the selection of the financial intermediary in order to promote commercialisation of ideas generated in education institutions and implement a risk capital measure entitled Creative Innovation Development (CID).

“A number of excellent innovative ideas are generated in Lithuania but then are often buried because of lack of access to seed and start-up financing. Therefore, this new risk capital measure for creative innovation development is aimed at promoting cooperation with Lithuanian and foreign universities, research and development centres and other education institutions by providing financial means to implement the projects of new commercial high-tech ideas,” says Daumantas Lapinskas, chairperson of INVEGA Board and Vice-minister of Economy.

The terms of the tendering procedure have been published online at the Central Public Procurement Information System (www.pirkimai.eviesiejipirkimai.lt) and the website of INVEGA (www.invega.lt). The deadline for submission of applications is 31 October 2012, 9.00 a.m. (Lithuanian time).

Under the CID measure, two risk capital funds – Seed Fund and Start-up Fund – will be set up to provide investment support to early-growth stage micro, small and medium-sized (SME) operating in high technology sectors. The Seed Fund will invest in the development of the initial idea or concept of a SME, while the Start-up Fund will support SMEs which have not yet sold their products or services and have not yet generated revenue for product development and marketing.

The CID measure will be financed from the INVEGA Fund supported by the European Regional Development Fund. The measure will be implemented by a single financial intermediary selected during negotiations with publication of a contract notice under the provisions of the Law on Public Procurement of the Republic of Lithuania.

The financial intermediary shall assist high-technology ideas to reach business, assist the development of corporate operational processes and strategy, assist with every-day corporate operations and provide financing for early-growth stage SMEs (equity investments).