Specialized fund creates to support the development of GLONASS technologies
Subsidiary fund of "Vnesheconombank", "VEB Innovations", is preparing to establish a special fund to support GLONASS technologies with a view to their promotion in Russia and abroad. The fund is creating by the order of the Government of the Russian Federation.
Offer of the feasibility of establishing a special fund to support the development of GLONASS technologies and their promotion in Russia and abroad, and specialized Technopark also, was presented by GLONASS Union. On September 4th after a meeting of the working group on the implementation of technologies GLONASS chaired by a member of the Military-industrial Commission Igor Sheremet was decided to support this proposal.
According to GLONASS Union President Alexander Gurko, this fund will be one of the main tools of the commercialization of GLONASS in terms of growing businesses.
Among the objectives of the fund are promotion and development of the market of intellectual property in the field of navigation technologies and products that support small innovative enterprises implementing projects in the field of navigation technologies.
In the concept of GLONASS fund prepared by "VEB Innovations" inter alia described nontrivial methods of supporting GLONASS technologies. For example, in the interest of promoting GLONASS abroad there are plans to stimulate the creation of "centers of expertise for the development of navigation on the existing collaboration platform trade representatives of the Russian Federation with a view to the formation points of presence of commercial agents involved the promotion of Russian innovative products to the local market."
Final approval of the concept and the investment priorities of the GLONASS fund to be held in Q42014, and the funds transfer from "Vnesheconombank" to the new fund is scheduled on February-March of 2015. Attracting of about 3 Bln. Rubles of co-financing from private investors is scheduled on the end of 2016. The total amount of the new GLONASS fund will be 8 Bln. Rubles.