The National Centre for Research and Development in Poland launched a program BRIdge VC, called the “Fund of Funds”, that will support small and medium enterprises (SMEs). The agreement was signed on 28th December by Maciej Chorowski, the director of NCRD, and Tomasz Gigol, deputy CEO at PFR Ventures.

“Using modern financial instruments, we will devote 450 mln euro for the commercialization of the research led by Polish scientists. Ten venture capital funds will invest this money in small and medium companies operating in the field of new technologies,” said Jarosław Gowin, the Minister of Science and Higher Education. “This financial support will give Polish entrepreneurs opportunities for further development.”

BRIdge VC’s objective is to commercialize the results of R&D projects. The National Centre for Research and Development plans to cooperate with private entities, both foreign and local, to finance innovative high-tech projects. The “Fund of Funds” will be overseen by a professional manager – PFR Ventures. NCRD will cover half of the fund (225 mln euro), while the rest will be delivered by private investors with broad experience in investing in technological companies.

“The BRIdge VC fund will enable financial cooperation of large enterprises and innovative SMEs. It will provide an alternative approach to R&D for the biggest companies and an opportunity for development for young entrepreneurs,” said Tomasz Gigol.

Mateusz Morawiecki, the Deputy Prime Minister and Minister of Finance, expects this program to be an incentive for development for Polish startups. He said that BRIdge VC offers a “patient capital” that does not require immediate results and hence gives startups the much-needed time for implementing their solutions in practice.