RUSNANO has developed a multistage expert review process to select technically feasible and economically substantiated projects. As soon as a project reaches maturity, RUSNANO sells its share and invests the proceeds in other projects.
After you have submitted your application for project funding, it goes through several stages of consideration. The average period from the receipt of an application to the date of making a decision on financing an investment project is 180 days.
By submitting a request for project cofinancing, the applicant:
- Receives expert evaluation of the project proposal
- May find new areas in which its nano-related technology could be applied
- If successful, establishes a promising business and obtains ongoing support for its fulfillment
In order to apply for co-financing, you must first register with the Personal Account of the Applicant. After you register your personal account provides an opportunity to submit a request for funding of the project RUSNANO, and view information about the status of the review of the application as filed.
Steps in evaluating a request
A request to RUSNANO for cofinancing will go through seven steps
1Request for project review
You need to register on your personal page and apply by filling in the form and submitting brief information on your project. Within 5 working days your application will be processed and if provided information does not contradict the key principles of RUSNANO Group you will be invited to complete the following documents:
— Project application
— Applicant questionnaire
— Project specifications
— Scientific and technical feasibility form
— Business plan with information on key participants
If provided information does not meet the key requirements, your application will be cancelled, though you will be able to create a new one.
During this stage, the application is assessed for completeness, pertinence to nanotechnology, and conformity to other requirements of RUSNANO. If consistent the application is allocated to one of RUSNANO’s investment teams for subsequent steps. The project office notifies the applicant of results of entry review. If an application is incomplete, the applicant is invited to make corrections or additions.
The science and technology expert evaluation decides whether project content is relevant to nanotechnology and considers the scientific validity and technical feasibility of the proposal. A working group of representatives from a business unit and specialists from the Department of Scientific and Technological Expertise determine the type of project and make a list of evaluations that will need to be completed. Examples include scientific and technology, manufacturing, patent expertise, and validation tests in certified centers. The evaluation encompasses both consultative and control aspects.
4Project review: Science and Technology Board
The Science and Technology Board is a body appointed by the Board of Directors of RUSNANO. From material gathered on the project and results of expert evaluations carried out in step 3, this group makes final decisions on the technical feasibility of the project, its scientific validity, and its classification as a nanotechnology-related endeavor. Recommendations from the Science and Technology Board are presented to the Executive Board and the Board of Directors of RUSNANO.
During this stage, analysts from the business team and market research companies conduct detailed assessments of the business plan, the product’s market competitiveness, and its attractiveness to investors. They perform indepth analyses of legal, patent, and other risks. There are, as well, discussions with potential co-investors in preparation for the project investment agreement.
After favorable recommendation from the Science and Technology Board, and reports on investment analyses, a project goes through the Investment Commission and enters Executive Board review. If the proposed co-investment from RUSNANO is less 1.3 billion rubles, RUSNANO’s Executive Board may independently approve financing. All other projects and joint investment funds regardless of their size must go before the Board of Directors for approval.
After a project has been approved, participants sign legally binding documents and the parties proceed to project financing.
The allotted term from the moment an application is received to the signing of the investment agreement is 180 days.
At all stages of project implementation, RUSNANO controls the expenditure of financial resources it has invested in the project through participation in management bodies of the project company and a treasury mechanism ensuring budget adherence.