The Foundation for Small Business Support in the Science and Technology Sphere, also known as the Bortnik Fund or FASIE, announced earlier this week that it will support 500 startups this year in the fields of information technologies, medicine, biotech, innovative materials, and instruments.
The new funding program, in the form of a series of competitions named ‘Start-2012,’ is designed to support startups during their 3 years, providing each of them with up to 6 million rubles, or $200,000, in financial support.
The Bortnik Fund is a state owned, non-profit organization that provides financial, informational, and other assistance to small businesses that implement innovative projects. It has already financed more than 9,000 innovative projects since 1994. The fund also cooperates with foreign governments to promote bilateral
innovation and entrepreneurial activity.
