The Technology Innovation and Entrepreneurship Center (TIEC) of the Information Technology Industry Development Agency (ITIDA) aims to eliminate the funding gap in the entrepreneurial ecosystem through the formation of public-private partnerships, where TIEC participates as an investor in one or more venture capital funds, These funds are privately managed to provide return rate from the successful outcomes of investments. This achieves a dual objective. On one hand, the government's economic objective is achieved by stimulating the growth rate of innovative, high-tech, and advanced-knowledge companies. And on the other hand, a satisfactory return is provided for private investors.
Accordingly, this VC funding program is launched to finance venture capital funds, where the following gives the details of the requirements and procedures required to be met by these funds to benefit from TIEC financing.
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