IN OPINION OF VIASPHERE TECHNOPARK’S DIRECTOR GENERAL, 40-50 PROGRAM-FINANCING VENTURE FUNDS SHOULD OPERATE IN ARMENIA

Noyan Tapan
Aug 21 2006

YEREVAN, AUGUST 21, NOYAN TAPAN. To promote the formation and
activities of high technology companies in Armenia, it is necessary
that 40-50 venture funds on program financing operate at the same
time in Armenia, and the costs of the programs operating at a loss be
covered at the expense of other projects that make superprofits. Aram
Vardanian, director general of Viasphere Park, expressed this
opinion during a talk with NT correspondent. In his words, 3-4
experts of the technopark have submitted bids to get grants from the
1-mln-dollar venture fund of the Enterprise Incubator Foundation and
Cascade Capital company, which was established by Cafesjian Family
Founadation. A. Vardanian said that these experts signed contracts
with Armenian enterprises to receive assistance with their scientific
developments in order to use them at their enterprises. They also
attended the courses organized in Boston with the assistance of the
US Civilian Research and Development Fund (CRDF) that supports the
venture fund. Bagrat Yengibarian, director of the Enterprise Incubator
Foundation, said that as of late July, 20 projects were submitted to
the Armenian venture fund, 50% of which were from biotechnologists,
40% – from IT experts, and the rest – from scientists engaged in other
spheres. According to him, the fund plans to increase its capital.