Rabat - Innov Invest, Moroccan government-backed funds for supporting innovation and youth entrepreneurship, has unveiled its 2018 rules and eligibility criteria. According to L’Economiste, for the year 2018, a budget of 700 million DHs will be disbursed to support innovative start-ups or projects.
Rabat – Innov Invest, Moroccan government-backed funds for supporting innovation and youth entrepreneurship, has unveiled its 2018 rules and eligibility criteria. According to L’Economiste, for the year 2018, a budget of 700 million DHs will be disbursed to support innovative start-ups or projects.
Four companies have already been selected to benefit from the financial support, says L’Economiste in its 27 February edition, adding that “295.5 million DHs will be shared among four asset management companies, including 42.5 million for Maroc Numeric Fund II in order to finance existing initiatives.”
The CCG, Central Guarantee Fund, the Innov Invest fund’s managing body, will oversee and assist the four management companies in their respective investments and fund raisings, with each company set to receive a financial support proportional to its fund raising capacities.
“Each asset management team has reassured [the CCG] to raise, from both foreign and local investors, an amount of money almost equal to what they’ll receive from the CCG,” the central fund announced in a recent statement, noting that it will particularly allocate 205 million for financial support and technical assistance to nascent startups or start-ups in co-funding collaboration with an asset management company. The financing will vary between 100,000 and 4 million DHs.
L’Economiste reported that four start-ups are already on the list to receive funding, with the daily noting that the final validation the funding required by the selected projects will be a long process of diligent and careful evaluation by relevant authorities, namely interested investors and the funding committees of the asset management companies working with the CCG on the Innov Invest project.
Invest Innov, which was started last year, aims to foster innovation and entrepreneurship in Morocco. This year’s budget (700 million) is said to be targeting up to 100 start-ups. The eligibility criterion focuses on the newness of start-ups (below 5 years of existence) and “a spirit of innovation that challenges the classical way” of doing or launching a business.
The race for receiving financial help and technical assistance is now open, says L’Economiste to start-ups and individuals with innovative projects, stressing that the release of funds is set to start in May this year.