Small and medium innovative companies of Tatarstan will support 363.5 million rubles in commercialization of their developments

In 2019, 22 Tatarstan projects in the sphere of innovative entrepreneurship were approved by the innovation assistance Fund within the framework of the competition program "Commercialization".  Interaction with this development Institute in the Republic is supervised by the Ministry of economy of the Republic of Tatarstan.

At the end of November 2019, the innovation assistance Fund summed up the next results of the competitive selections. Tatarstan approved 14 projects in the sphere of innovative entrepreneurship in the competition under the program "Commercialization" (ninth stage). The companies will be provided with financial support to introduce their innovative products to the market. The total amount of co-financing of these projects will be 245 million rubles.

The size of the grant provided by the Fund under this program is not more than 20 million rubles. The maximum grants, in particular, will be received by companies whose projects are related to the production of components for the automotive industry, composite materials, heat generation plants, bellows compensators for heat networks, production of products based on recycled polyethylene, as well as granular alternative high-protein concentrates for crop production.

"Own innovative developments give the traditional business more stability and can be presented on the market as additional assets of companies. Thus, due to innovations, small and medium-sized businesses become competitive in foreign markets and contribute to the development of the economy of the region as a whole due to its high investment capacity," Minister of economy Farid Abdulganiev said. 

Just this year, with the support of the RT Ministry of economy approval of the Fund under the program "Commercialization" has received 22 projects of small and medium innovation companies in Tatarstan, financial assistance that will be 363,5 million roubles. For comparison, over the past year, the Fund supported 5 Tatarstan projects worth 52 million rubles.