Iran National Innovation Fund-INIF

Iran innovation system has many actors, including policy making institutions, ministries, executive agencies and intermediary institutions and advocates for the development of technology and innovation.

Iran innovation system has many actors, including policy making institutions, ministries, executive agencies and intermediary institutions and advocates for the development of technology and innovation. INIF works as one of the key intermediary agencies under the direct supervision of the presidency with the purpose of financing innovations.

On the basis of The Support of Knowledge-based Institutions and Companies and Commercialization of Innovations and Inventions (PEKBOCI) Law, Innovation and Prosperity Fund (later known as Iran National Innovation Fund-INIF) was established in 2011, in order to assist the non-governmental institutions and companies in commercialization of innovations and inventions and also make the technical knowledge grow and become applicable by providing financial support and services to knowledge-based institutions and companies also known as New Technology Based Firms (NTBFs).

INIF in comparison with Banks and Financial Institutions:

Facility fees are less than the banks (up to 8% and in some cases up to 10% less than the rate approved by the National Council of Money and Credit).

 

The time required for receiving loans from INIF for knowledge-based companies is much less than the banks.

 

INIF requires fewer guarantees as compared with the banks, with the same condition.

 

Knowledge-based companies do not need to have a depositary or a cash contribution (similar to what is done in banks) to receive INIF’s financial facilities.

 

With lending loans to high risk projects, INIF helps the knowledge-based companies to grow and develop. However, banks usually refuse to provide facilities for these projects and do not accept such risks.