Under STEP, Business Partnership Grant Program had been announced 6 times, with significant co-funding (approx. 80%) of the Georgia National Science Foundation. Objective of this program is promotion of research and development (R&D) partnerships between companies and Science Teams to develop new commercial opportunities of economic benefit to both parties. Projects had to have R&D as their core task and had to include preliminary market assessment, customer needs analysis, and business development components. The fact should be mentioned that at least 15% of company cash contribution was mandatory.
Since 2012 “From Idea to Market” grant competition has been announced. “From Idea to Market” Young Tech Innovators Competition is designed to support idea and startup stage young tech innovators in Georgia through funding and mentorship. The main goal of this program is to develop Georgia’s innovation capacity by fostering entrepreneurial culture, promoting development of relevant skills among youth enrolled in S&T focused university programs in Georgia and supporting and enabling startup formation.
Totally, under this program more than 40 innovative projects have been funded.
Outputs of BPG and FIMG programs
- About 30 innovative technologies were tested (including prototyping). About 20 innovative products have been presented to the market.
- 4 technology based start-up companies have been created
- Science teams and partner companies/technology based start-up companies received profit up to 4.000.000 Gel.
- About 30 patent applications (Georgian national and PCT) were filed. Licensing process for 4-5 technologies are under negotiation.
Success stories under the Program are: