The Fund of Funds (FoF) and the Professional Association for Robotics and Automation (PARA) have signed a Memorandum of Cooperation that brings together the vision, efforts and expertise of both organisations to support the Bulgarian technology ecosystem and its huge potential for development.

The main areas of cooperation covered by the document are the organisation of joint events related to the application of robotics, automation, mechatronics and artificial intelligence in the Bulgarian economy, promotion of new scientific and technological solutions, promotion of educational robotics, partnership in the development, analysis and presentation of innovative business models and best practices. The Fund and PARA will exchange expert resources, contacts and information to stimulate the business ecosystem and the expression of young talents in the field of robotics. In order to effectively stimulate Bulgaria's technology culture and industrial innovation, the two parties will work together through the prism of a proactive bridging role among businesses, scientific organisations and institutions, tech parks and other partners.

After the signing of the Memorandum at Sofia Tech Park, the FoF representatives Martin Gikov and Pavel Lisev, and the PARA representatives Yonko Chuklev and Kristian Mihailov discussed issues of key importance for the high added value of technology in Bulgaria. Topics included the role of financing instruments, future opportunities in the new programming period, prospects for technology transfer in the industry and building the next generation of robotics entrepreneurs through educational initiatives such as the PARA Robotics Incubator. Current trends and challenges in the context of Industry 4.0, the economic effects and benefits of high-tech progress and automation of increasingly complex processes, as well as the intersections between smart digital transformation and business needs were also explored.