The Minister of Economy and Finance, Jaume Giró, and the Minister of Research and Universities, Gemma Geis, met with officials from the university world and the research centers of the Catalan knowledge system, including the President of CataloniaBio & HealthTech, Jaume Amat. The aim of the meeting was to analyse the different sources of funding for research projects in the country and took the opportunity to present the new venture capital fund, named FITA (Fund for Investment in Advanced Technology, in Catalan), which was approved this Tuesday by the Catalan executive. It is a new venture capital instrument that, with public-private funding, that will invest in technological development projects in the early stages of growth, from the Catalan knowledge system.
The FITA has three main objectives. On the one hand, to promote scientific research and entrepreneurship as an engine of competitiveness in the country's economic fabric; on the other, to mobilize private capital in investment in technological development to match the EU average (from the current 0.94% to 1.37%); and, finally, to contribute to the improvement of Catalonia’s innovation index, promoting the transfer and valorisation of scientific research carried out in the country’s research centres and universities in order to transform it into technology and innovation that improves competitiveness of the Catalan industry, in line with the conclusions of the National Pact for the Knowledge Society (PN@SC).
The FITA will have an estimated budget of 60 million euros: up to a maximum of 30 million will be provided by the departments of Economy and Finance and Research and Universities, 50% each, with annuities of 6 million between the years 2022 in 2026; the rest will be financed with resources from the private sector. Public funds may not exceed 49.9% participation. The Catalan executive has also given the green light to the agreement to be formalized by the two departments involved in the project and the Catalan Institute of Finance (ICF) to formalise through a public tender a contract for the selection and award of the manager of the future Fund.
The recipients will be start-ups in the initial stages of development. The projects will be able to use the fund during the period 2022 and 2026, and it is estimated that the projects can be developed in a minimum of 10-12 years. It will be extended if necessary, until the entire portfolio is divested.
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