TEHRAN – Knowledge-based ecosystem needs new ideas for investment, the vice president for science and technology Sourena Sattari announced, IRNA reported on Sunday.

The research and innovation funds pave the way for modern investment while in the traditional system the financial issues are solved by banks and investment funds, he said, adding that research and innovation funds play an important role in granting facilities and promote investment.

He made the remarks during a meeting on cooperation between the innovation and prosperity fund affiliated to the vice presidency for science and technology and research and technology funds of the Ministry of Science, Research and Technology.

“With the expansion of venture capitals to exchange and insurance fields, we can provide a serious change in the innovation ecosystem and this is one of the duties of innovation and prosperity fund.”

Such cooperation provides financial infrastructure for innovation and prosperity fund, he said.

The research and innovation funds’ branches in different provinces have a great role in the distribution of financial facilities for companies, he added.

During the ceremony, the science minister Mansour Gholami said that cooperation can be a turning point in support of technological ideas.

The knowledge-based companies and startups need venture capitals, which is possible through research and technology funds, he said.

SB/MQ/MG