Grant policy, skolkovo foundation
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Transcript of Grant policy, skolkovo foundation
Grant Policy
Foundation for Development of the Center of Research and Commercializing of New Technologies
Moscow, 2011
18.11.2011 1
1. GENERAL PROVISIONS The Grant Policy of the Foundation for Development of the Center of Research and Commercializing of New Technologies (hereinafter – grant policy) is set to define the following terms and provisions:
- The terms of grant making for the applicants - The criteria for selecting the abovementioned applicants and the requirements forthem - The amount of provided financing depending on the stage and general purpose of the innovative project - The guidelines for grant financing distribution between project types for the years 2011-2013.
The grant policy sets the guidelines for the Grant Committee of the Skolkovo Foundation. The Grant Committee, in accordance with the Statute on the Grant Committee, has the right to overrule the grant policy. Specifically, the financing of R&D projects will be held in accordance with approved budget and in compliance with a separate regulating document. 2. TERMS AND DEFINITIONS
Skolkovo Foundation, Skolkovo
Foundation for Development of the Center of Research and Commercializing of
New Technologies
Innovative Project Project for research and/or commercializing of unique products and technologies
which have specific competitive advantages over international competitors.
Innovative Company Legal entity, which has obtained the status of the resident of the project for
development of the Skolkovo innovation center and which develops the innovative
project.
Research Activity Activity focused on research, development and commercializing new technologies
Priority Research Areas
5 main fields of research, defined by the with Federal Law of Russian Federation of
the September 28, 2010 No. 244-FZ "On the Skolkovo Innovation Center
(hereinafter referred to as the "Law")
- Energy Efficient Technologies (“Clean Tech”)
- Nuclear Technologies;
- Aerospace Technologies;
- Biomedical Technologies (“Biotech”);
- Information and Computer Technologies (“IT”).
Foresight List of priority fields of research within each of five priority research areas
Project Stage Stage in a project’s lifecycle, defined by certain characteristics, such as project
status, required financing amount etc. The classification of project stages is
supplied in Appendix 1.
Common Use Research Center
Infrastructure Center, created by Skolkovo Foundation which provides the
Participants of Skolkovo with the access to research, laboratory and testing
equipment, and also renders research, development and testing services.
Key Members Of The Team
Persons specified as Key Members of the Team in the documents, provided by the
Innovative Company.
3. TERMS AND PROCEDURES OF GRANT FINANCING
18.11.2011 2
Applicable Documents
The Foundation reviews the applications and provides financing in accordance with
the following documents, available at the official website of the Foundation, www.i-
gorod.com
- Federal Law of Russian Federation of the September 28, 2010 No. 244-FZ "On
the Skolkovo Innovation Center
- The Charter of a non-profit organization Foundation for Development of the
Center of Research and Commercializing of New Technologies
- Statute on the Grant Committee of Skolkovo Foundation
- Regulation on Assigning and Termination of the Project Participant status for the
creation and maintenance of operations of the Skolkovo Innovation Center
- Regulation on expert boards of the Skolkovo Foundation
- Order on the approval of the application form for applicants for Project Participant
status for the creation and maintenance of operations of the Skolkovo Innovation
Center
- Regulation on Carrying out the Preliminary examination of projects
Financing Mechanisms
Skolkovo Foundation provides financing to innovative projects in the form of non-
repayable non-dilutive grants to the Innovative Company. Skolkovo Foundation
intends to engage neither in equity financing nor in profit sharing mechanisms.
Co-financing Requirements
Grant Financing is pre-conditioned on confirmed indication of interest in the project
from third parties and/or applicants, and their agreement to provide equity financing
to the Project, primarily in cash. Detailed co-financing requirements are set forth in
Appendix 1.
Financing Principles The Fund provides financing to the projects, which are aimed at research,
development and commercializing the results of research and development,
including applied research, development efforts, organizing pilot production,
launching sales, promoting innovative product/technology to the market.
The amount of financing provided depends on the current stage of the project.
The Skolkovo Foundation provides financing for the project to move from its current
stage to the following one.
The financing is provided in tranches. Each consecutive tranche is provided only
after the achievement (fulfillment) of certain measurable results (milestones) of the
project, specified in the Grant Agreement.
The Foundation provides grants for the statutory activity of the Innovative
Company, which should be carried out mainly by the full-time employees of the
Innovative Company. Should the expenses for third-party contractors amount to
more than 20% of the total project’s budget, a detailed explanation of such
expenses will be required.
The Foundation finances the purchase of expensive laboratory and/or
manufacturing equipment through creation of the common use research center,
which be accessible by every Innovative Company. Should the expenses for
purchase of equipment amount to more than 30% of the total project’s budget, a
detailed explanation of such expenses will be required.
The Foundation does not finance industrial production.
18.11.2011 3
Monitoring Of The Financed Companies
The Foundation evaluates whether the milestones specified in the grant agreement
are met.
The Foundation Examines the reports of completion of the Project’s stages and
uses external experts and auditors to confirm the project’s competitiveness,
evaluate intermediate results and assure the proper use of funds.
4. PROJECT SELECTION CRITERIA
Industry Focus The Foundation finances only the projects’, industry specialization of which
corresponds with Foundation’s stated Foresights.
Project And Project Initiator Requirements
The Foundation finances the projects, which meet the following criteria:
- The required amount of financing, project stage and the amount of confirmed co-
financing commitments is in accordance with the Appendix 1 to the Grant Policy
- The Project is focused mostly on the global market
- The Company possesses or plans to possess all of the intellectual property
required for commercializing the product/technology of the Project on its key
markets without breaking third parties’ patent rights.
- The Company has long-term incentives in place for the Key Members (equity,
licensing agreements ets.)
- Neither Key Members, nor the Project Initiator, nor the investor, nor their
beneficiaries, were held liable for economic crimes
5. INFORMATION DISCLOSURE Information regarding approved projects, as well as regarding approved amounts of financing is published at the Skolkovo Foundation official website www.i-gorod.com
18.11.2011 4
Appendix 1
Classification of projects by stages and amounts of grant financing
Project Stage Distinct
Characteristics Of The Project Stage
The Purpose Of Required Financing And The
Expected Results Of Financing
Grant Amounts
% Of External
Financing
Project Success Factors
Pre-Seed Stage
(Stage 0)**
- The idea is formulated, however there is no business plan or research program - The team with applicable experience and education is assembled at least partially
- Development of business plan - Development of investment memorandum, incl. that for the purpose of obtaining Skolkovo Grant*** - Preliminary research - Investor search - Trainings, consultant services - Access to common use center
Under $50k Not
applicable
- Ambitious team with entrepreneurial ability - Potential for commercializing in the domestic (at first) and global (later) markets.
Seed Stage (Stage 1)
- All of the above - First results of the research - Research program, business plan, strategy of managing intellectual property rights
IT: Building a working prototype, detailed specification, system architecture NT: Completing research, creating a technical project BMT: roof-of-concept*** EE: creating pilot device ST: Concluding early research, creating prototype
Under $1m Not less
than 25%
- All of the above - Distinct competitive advantages - Amount of Russian market from $300 m, amount of global market from $1 bn. - Ability to achieve $50m in sales or $100m in capitalization in 5 years
Early Stage (Stage 2)
- All of the above - Results of Stage 1 achieved
IT: creating alpha version, concluding research (for H&S****), pilot application ST, NT, EE: creating experimental product BMT: pre-clinical and first stages of clinical experiments, conclusion of R&D (for industrial biotech.)
Under $5m Not less
than 50%
- All of the above - Co-investor with relevant experience
Advanced Stage
(Stage 3)
- All of the above - Results of Stage 2 achieved - CEO with international experience
IT: releasing beta version , concluding development (for H&S), launching sales BMT: final stages of clinical tests, pilot application and/or production (for industrial biotech) NT, EE: Pilot application, experimental production ST: Concluding development, approbation, implementation
Under $10m Not less
than 75%*****
- All of the above - Prospects for the success at the global markets (ability to reach capitalization of $1bn in 5 years)
Abbreviations: NT – Nuclear Technologies, EE –Energy Efficiency, IT – Information Technologies, BMT – biomedical technologies, ST – space technologies * % from total project budget. In case of non-compliance the Project initiator and the responsible Foundation employees should provide detailed basis for financing the project on these conditions. ** Stage 0 financing decision is made by the Head of the Cluster, financing of all the subsequent stages due for approval by the Grant Committee *** Grant for developing a package of investment documents is applicable for any stage. Co-financing clauses do not apply unless the stated grant exceeds 1,5m **** proof-of-concept – first experimental proof of the viability of Project’s technology, method, principle etc. ***** Hardware&Software suites
18.11.2011 5
****** BMT and NT projects are required to secure external financing of at least 50%
Applendix 2
Distribution of financing by project stages for the years 2011-2013 гг.
Project Stage % Of Budget
2011 2012 2013 2014
Pre-Seed Stage (Stage 0)
3-5% 5% 5% 5%
Seed Stage (Stage 1) 20-22% 20% 20% 20%
Early Stage (Stage 2)
50% 55% 60% 65%
Advanced Stage (Stage 3)
25% 20% 15% 10%