Grant PolicyFoundation for Development of the Center ofResearch and Commercializing of NewTechnologies             Moscow,...
1. GENERAL PROVISIONSThe Grant Policy of the Foundation for Development of the Center of Research and Commercializing of N...
Applicable             The Foundation reviews the applications and provides financing in accordance withDocuments         ...
Monitoring Of The        The Foundation evaluates whether the milestones specified in the grant agreementFinanced Companie...
Appendix 1                                                 Classification of projects by stages and amounts of grant finan...
****** BMT and NT projects are required to secure external financing of at least 50%                                      ...
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Grant policy, skolkovo foundation

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  1. 1. Grant PolicyFoundation for Development of the Center ofResearch and Commercializing of NewTechnologies Moscow, 2011
  2. 2. 1. GENERAL PROVISIONSThe Grant Policy of the Foundation for Development of the Center of Research and Commercializing of NewTechnologies (hereinafter – grant policy) is set to define the following terms and provisions: - The terms of grant making for the applicants - The criteria for selecting the abovementioned applicants and the requirements forthem - The amount of provided financing depending on the stage and general purpose of the innovative project - The guidelines for grant financing distribution between project types for the years 2011-2013.The grant policy sets the guidelines for the Grant Committee of the Skolkovo Foundation. The Grant Committee,in accordance with the Statute on the Grant Committee, has the right to overrule the grant policy. Specifically,the financing of R&D projects will be held in accordance with approved budget and in compliance with aseparate regulating document.2. TERMS AND DEFINITIONSSkolkovo Foundation for Development of the Center of Research and Commercializing ofFoundation, New TechnologiesSkolkovoInnovative Project Project for research and/or commercializing of unique products and technologies which have specific competitive advantages over international competitors.Innovative Company Legal entity, which has obtained the status of the resident of the project for development of the Skolkovo innovation center and which develops the innovative project.Research Activity Activity focused on research, development and commercializing new technologiesPriority Research 5 main fields of research, defined by the with Federal Law of Russian Federation ofAreas the September 28, 2010 No. 244-FZ "On the Skolkovo Innovation Center (hereinafter referred to as the "Law") - Energy Efficient Technologies (“Clean Tech”) - Nuclear Technologies; - Aerospace Technologies; - Biomedical Technologies (“Biotech”); - Information and Computer Technologies (“IT”).Foresight List of priority fields of research within each of five priority research areasProject Stage Stage in a project’s lifecycle, defined by certain characteristics, such as project status, required financing amount etc. The classification of project stages is supplied in Appendix 1.Common Use Infrastructure Center, created by Skolkovo Foundation which provides theResearch Center Participants of Skolkovo with the access to research, laboratory and testing equipment, and also renders research, development and testing services.Key Members Of The Persons specified as Key Members of the Team in the documents, provided by theTeam Innovative Company.3. TERMS AND PROCEDURES OF GRANT FINANCING18.11.2011 1
  3. 3. Applicable The Foundation reviews the applications and provides financing in accordance withDocuments the following documents, available at the official website of the Foundation, www.i- gorod.com - Federal Law of Russian Federation of the September 28, 2010 No. 244-FZ "On the Skolkovo Innovation Center - The Charter of a non-profit organization Foundation for Development of the Center of Research and Commercializing of New Technologies - Statute on the Grant Committee of Skolkovo Foundation - Regulation on Assigning and Termination of the Project Participant status for the creation and maintenance of operations of the Skolkovo Innovation Center - Regulation on expert boards of the Skolkovo Foundation - Order on the approval of the application form for applicants for Project Participant status for the creation and maintenance of operations of the Skolkovo Innovation Center - Regulation on Carrying out the Preliminary examination of projectsFinancing Skolkovo Foundation provides financing to innovative projects in the form of non-Mechanisms repayable non-dilutive grants to the Innovative Company. Skolkovo Foundation intends to engage neither in equity financing nor in profit sharing mechanisms.Co-financing Grant Financing is pre-conditioned on confirmed indication of interest in the projectRequirements from third parties and/or applicants, and their agreement to provide equity financing to the Project, primarily in cash. Detailed co-financing requirements are set forth in Appendix 1.Financing Principles The Fund provides financing to the projects, which are aimed at research, development and commercializing the results of research and development, including applied research, development efforts, organizing pilot production, launching sales, promoting innovative product/technology to the market. The amount of financing provided depends on the current stage of the project. The Skolkovo Foundation provides financing for the project to move from its current stage to the following one. The financing is provided in tranches. Each consecutive tranche is provided only after the achievement (fulfillment) of certain measurable results (milestones) of the project, specified in the Grant Agreement. The Foundation provides grants for the statutory activity of the Innovative Company, which should be carried out mainly by the full-time employees of the Innovative Company. Should the expenses for third-party contractors amount to more than 20% of the total project’s budget, a detailed explanation of such expenses will be required. The Foundation finances the purchase of expensive laboratory and/or manufacturing equipment through creation of the common use research center, which be accessible by every Innovative Company. Should the expenses for purchase of equipment amount to more than 30% of the total project’s budget, a detailed explanation of such expenses will be required. The Foundation does not finance industrial production.18.11.2011 2
  4. 4. Monitoring Of The The Foundation evaluates whether the milestones specified in the grant agreementFinanced Companies are met. The Foundation Examines the reports of completion of the Project’s stages and uses external experts and auditors to confirm the project’s competitiveness, evaluate intermediate results and assure the proper use of funds.4. PROJECT SELECTION CRITERIAIndustry Focus The Foundation finances only the projects’, industry specialization of which corresponds with Foundation’s stated Foresights.Project And Project The Foundation finances the projects, which meet the following criteria:InitiatorRequirements - The required amount of financing, project stage and the amount of confirmed co- financing commitments is in accordance with the Appendix 1 to the Grant Policy - The Project is focused mostly on the global market - The Company possesses or plans to possess all of the intellectual property required for commercializing the product/technology of the Project on its key markets without breaking third parties’ patent rights. - The Company has long-term incentives in place for the Key Members (equity, licensing agreements ets.) - Neither Key Members, nor the Project Initiator, nor the investor, nor their beneficiaries, were held liable for economic crimes5. INFORMATION DISCLOSUREInformation regarding approved projects, as well as regarding approved amounts of financing is published at theSkolkovo Foundation official website www.i-gorod.com18.11.2011 3
  5. 5. Appendix 1 Classification of projects by stages and amounts of grant financing The Purpose Of Required Distinct % Of Financing And The Grant Project Success Project Stage Characteristics Of The External Expected Results Of Amounts Factors Project Stage Financing Financing - Development of business - The idea is formulated, plan however there is no - Development of investment business plan or - Ambitious team with memorandum, incl. that for the research program entrepreneurial ability purpose of obtaining Skolkovo Pre-Seed Grant*** Not Stage - The team with Under $50k - Potential for - Preliminary research applicable (Stage 0)** applicable experience commercializing in the - Investor search and education is domestic (at first) and - Trainings, consultant assembled at least global (later) markets. services partially - Access to common use center IT: Building a working - All of the above prototype, detailed specification, system - All of the above - Distinct competitive architecture advantages - First results of the NT: Completing research, research - Amount of Russian Seed Stage creating a technical project Not less Under $1m market from $300 m, (Stage 1) than 25% - Research program, amount of global market BMT: roof-of-concept*** business plan, strategy from $1 bn. of managing intellectual EE: creating pilot device property rights - Ability to achieve $50m in sales or $100m in ST: Concluding early capitalization in 5 years research, creating prototype IT: creating alpha version, concluding research (for H&S****), pilot application - All of the above - All of the above ST, NT, EE: creating Early Stage Not less experimental product Under $5m (Stage 2) - Results of Stage 1 than 50% - Co-investor with achieved relevant experience BMT: pre-clinical and first stages of clinical experiments, conclusion of R&D (for industrial biotech.) IT: releasing beta version , concluding development (for H&S), launching sales - All of the above - All of the above BMT: final stages of clinical tests, pilot application and/or Advanced - Results of Stage 2 Not less - Prospects for the production (for industrial Stage achieved Under $10m than success at the global biotech) (Stage 3) 75%***** markets (ability to reach - CEO with international capitalization of $1bn in NT, EE: Pilot application, experience 5 years) experimental production ST: Concluding development, approbation, implementationAbbreviations: NT – Nuclear Technologies, EE –Energy Efficiency, IT – Information Technologies, BMT – biomedical technologies, ST –space technologies* % from total project budget. In case of non-compliance the Project initiator and the responsible Foundation employees should providedetailed basis for financing the project on these conditions.** Stage 0 financing decision is made by the Head of the Cluster, financing of all the subsequent stages due for approval by the GrantCommittee*** Grant for developing a package of investment documents is applicable for any stage. Co-financing clauses do not apply unless thestated grant exceeds 1,5m**** proof-of-concept – first experimental proof of the viability of Project’s technology, method, principle etc.***** Hardware&Software suites18.11.2011 4
  6. 6. ****** BMT and NT projects are required to secure external financing of at least 50% Applendix 2 Distribution of financing by project stages for the years 2011-2013 гг. % Of Budget Project Stage 2011 2012 2013 2014 Pre-Seed Stage 3-5% 5% 5% 5% (Stage 0) Seed Stage (Stage 1) 20-22% 20% 20% 20% Early Stage 50% 55% 60% 65% (Stage 2) Advanced Stage 25% 20% 15% 10% (Stage 3)18.11.2011 5

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