Valery Tsepkalo:”It is Difficult to Develop the Product Model Without Venture Financing“

HTP Administration Director reported about that during the meeting with the President of Belarus Alexander Lukashenko on June 19th, 2012.

The Head of the State was informed about the development of the Hi-Tech Park. In 2012 the Park’s export and the output of computer programs went up 40% over the same period last year.

Special attention was drawn to the creation of new opportunities for the development of the HTP. First of all, it is essential to develop legal mechanisms to allow manufacturing products within the Park because the existing norms are mostly oriented on the custom-made software development model. “The HTP currently employs about 12,000 software developers. Companies already have the resources that they can use to develop their own product. But this requires financial instruments. And the main financial instrument here is venture financing,” Valery Tsepkalo noted.

However, according to Valery Tsepkalo, the existing legislation restricts the ability of banks and companies to invest in risky R&D projects without a guarantee of return of funds. ”Of course, all this requires improving the Belarusian legislation. Because without venture financing it is difficult to count on the successful development of the product model,“ Valery Tsepkalo said.

Alexander Lukashenko gave relevant instructions. By September proposals should be prepared for amendments to the legislation that will facilitate the development of venture financing. Most likely, it will be an integrated document that will remove some of the obstacles and restrictions in this field.

Adopted from the Press Service of the President of the Republic of Belarus

Source: HTP Belarus
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