The Technology Transfer Fund (TTF) is implemented in line with the goals of Operational Programme "Innovations and Competitiveness" 2014-2020 (OPIC) for the purposes of bridging the gap between science and business, commercialisation and internationalisation of R&D, promotion of innovation.
It is envisaged to establish one or more funds as a closed-ended investment vehicle/s, with the FMFIB having the standard functions of a limited partner.
The resources made available by the Fund of Funds amounts to BGN 58.7 million, with additional co-financing expected to be contributed by private investors.
TTF will secure equity and quasi-equity financing to final recipients and will finance projects the benefits of which would remain in or flow to Bulgaria.
TTF investments will be aligned with the goals of the national strategy for smart specialisation, with a focus of the following industries: ICT, pharmaceutical and bio technologies, mechatronics, nano- and clean technologies, creative and recreational industries.
Eligible final recipients include business start-ups, SMEs and large companies, including their subsidiaries and joint ventures.
The Technology Transfer Fund must be established and managed by professionals in the area of equity investments (Financial Intermediaries). The Financial Intermediaries will be designated as a result of open, transparent and non-discriminatory selection procedures in compliance with the requirements of the applicable EU law and national legislation.
As part of the process of preparation of the call for the selection of financial intermediaries and as required by Article 44 of the Public Procurement Act, the FMFIB held market consultations with prospective financial intermediaries to test the indicative technical specifications of the instrument, with the aim to arrive at an optimal structure for the financial instrument, taking into account the current market demands the requirements of the prospective financial intermediaries, the goals set by the operational programme making the financing available, and the policies of the FMFIB.
The market test outcomes will be summarized and disclosed in a Market Test Report, and will be reflected in the final version of the technical specifications and documentation which will be published when the call for selection of financial intermediaries is announced.