ItalyItaly

New Programme for New Companies

06.08.2004

Canavese - The Bioindustry Park Canavese, with the financial backing of the Piedmont Regional Authority, has recently launched the supporting programme “Discovery” to help Italian researchers set up companies in the biotechnologies and life sciences sector, based on high-tech projects.
The project consists of three core phases: selection of scientific projects, location of the company in the park bioincubator that also provides equipment and services and, something completely new on the Italian scene, investment by non-institutional bodies: Three venture capital firms, Index Ventures, Edmond de Rothschild Investment Partner and Merlin Biosciences will take part in selecting the ideas to be developed.
Advantages for selected projects: laboratory premises of about 30 m2 in the bioincubator (an investment of over Euro2 million), an intensive training course on issues in managing a biotechnology company, free management tutoring for 24 months, and special terms for using the park's laboratory services.
Bioindustry Park will give every business a budget of Euro24,000 for start-up expenses and dedicated scientific equipment. Over the subsequent 24 months more than Euro3 million of seed capital will be available to support the development of these businesses. This will be provided by a special independent seed capital company, Eporgen Venture, being set up by a group of informal investors.

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