Polish Institute of Research and Development in connection with the National Center of Research and Development implements innovative investment program which funds the implementation of a proof-of-concept in the field of research and development. With the use of the Fund the ideas are being verified and then their future development is being financed until the transformation of the project into an independent company. In subsequent steps the companies will expand with the participation of venture capital funds.
DESCRIPTION OF THE PROGRAM
Bridge Alfa implemented by the Polish Institute of Research and Development is a Fund, which was created in response to the research, business and financial gap in Polish sector of research and development. There are many scientists in Poland whose solutions are innovative, with a huge potential to exert significant changes in the further technological progress. However, the development stage of these concepts is too early and the financial support from the industry might be hard to achieve. Commercialization of ideas at an early stage of development requires a number of papers that will determine the potential of the technology industry. The activities include: technology and business analysis, realization of proof-of-concept, as well as negotiating with potential buyers of technology in terms of its parameterization.
The Fund opened applications on October 1st, 2014. The investment process is divided into 3 stages: pre-incubation, incubation and commercialization. After provision of description of the project by the author (application form below), analysts team of PIBiR verifies its basic assumptions, checks the state of the art and pre-determines the market potential of technology. Then, as a result of negotiations pursued by representatives of the Fund and the authors of the idea, the budget needed to complete the proof-of-concept is created. If the assumptions are accepted, a decision to establish a new company is made. In the second stage – the incubation idea – the technology is being developed by a newly established company, in which the authors of the idea are majority owners. Thanks to that they can continue to develop their concept, without losing the rights to the technology. In the next stage, the company will be invited to a conversation with representatives of venture capital funds. After the last step there’s a possibility to secure financing.
Financing of the technology increases through the successive stages of pre-incubation and incubation. At the beginning, that is, i.e. in the phase of proof-of-concept, support is granted up to 100 000 PLN. In the subsequent stages the total amount will reach 1 million PLN. The most important thing from the perspective of the authors of the technology is that all the time they have a larger part of the rights to the idea.