Azerbaijan, Baku, September 6 /Trend, A. Taghiyeva/
The Scientific and Technological Research Council of Turkey is prepared to give grants to the country's venture funds, Minister of Science, Industry and Technology Nihat Ergun said, Sabah newspaper reported on Friday.
According to the newspaper, Turkey's venture funds will receive grants worth 20 per cent of the fund's total budget.
Turkish Minister of Science, Industry and Technology noted that the amount of grants will be maximum 15 million lira.
According to him, this program is aimed at increasing the financing of innovational and scientific projects in the country.
A venture fund is an investment fund oriented to work with innovative enterprises and projects (start-ups). Venture funds invest in securities or the shares of enterprises with high or relatively high degrees of risk in anticipation of extremely high profit. Typically, around 70-88 per cent of the project doesn't bring returns, however the profit from the remaining 20-30 per cent cover all damages.
Official exchange rate on September 6 is 2.0732 TRY/USD.