site.btaNearly EUR 12 Mln to Be Allocated to 200 Undergraduate and Postgraduate Startups, Association of Young Scientists in Bulgaria Says

Nearly EUR 12 million will be distributed to around 200 undergraduate and postgraduate start-ups in Bulgaria over the coming four to five years, the Association of Young Scientists in Bulgaria said. Vadim Roshmanov, chairman of the organization's board, told BTA that nearly 60 to 70% of investments should be outside the Southwest region.

"This makes the whole entrepreneurial infrastructure in the country very interesting. In Bulgaria we have over fifty universities and many institutes with students and PhDs where ideas are generated. With this instrument from the Fund of Funds (FoF) it will be possible to get equity and debt financing," Roshmanov said. He said projects related to innovation transfer, circular economy will be funded, with one of the key instruments being to support startups for students and PhDs. The average investment for projects is expected to be EUR 50,000.

The funds are provided by various European programmes through the FoF, and it is expected that in the coming years a resource of nearly EUR 1 billion will be allocated in the EU, Roshmanov said.

For Bulgaria, a procedure for selecting Fund Managers who will be responsible for managing the funds of the future Fund for Start-ups of Students and PhD Students is to be announced. "The Association of Young Scientists is interested in this instrument," Roshmanov added. He said the organization has a developed platform as well as access to young talent. A database of ideas is also being implemented with the Young Talent Incubator events, which are held across the country.

The Association of Young Scientists in Bulgaria is an organization that brings together more than 50 PhD students from across the country.