The Regional Government has opened a new application period for the Investment Fund to Support Entrepreneurship in the Azores (FIAEA) until January 14, 2014, announced the Vice-President of the Government.

"This Fund is targeted at companies in the early stages of their life cycles - 'early stage', 'startups' and 'spinoffs - which demonstrate a high potential for growth and improvement, either through single technology or through a specific aspect of innovation. The measure also comprises companies at a growth and expansion phase, companies that focus on innovation in tradable goods and even companies that promote the reinforcement of the Azores' export capacity," stressed Sérgio Ávila.

This financial support aims to support micro, small and medium companies developing projects with a high growth potential and strategic value for the development of entrepreneurship in the Azores.

All applications must be made through an online form available on the website of Portugal Ventures, www.portugalventures.pt, with the support from SDEA - Society for the Business Development of the Azores (www.investinazores.com).

Eligible projects for this fund cover the following areas: Endogenous Resources (Energy and Environment, Agri-Food, Forestry, Marine Industry, Nanotechnology and New Materials); Health and Well Being (Biotechnology, New Technologies, Medical Assistance Products and Services, Monitoring and Alert and Medical Devices), ICT (Information and Communication Technologies, Electronics and Social Web Concepts); Tourism (Tourist Promotion and Animation) and others areas of interest for the development of entrepreneurship in the Region.

Under this Investment Fund, the Government of the Azores will grant a financial support can go up to 100 thousand Euros per company. Nevertheless, promoters are required to invest an amount that should correspond, at least, at 15 percent of the budget concerning the project approved.

The application process for FIAEA is systematic and fast, which streamlines the presentation of Risk capital investment projects.

After the submission of applications through an online form, the initial framework of the projects will be under analysis and the selected projects will be evaluated by a panel of national and international experts. The assessment of projects will be followed by a clarification session addressed at promoters.

Currently, the projects approved under the first edition of the applications for FIAEA are at the final stage of negotiations.

All information on the application process for this Investment Fund and the respective rules are available on the Internet Sites of SDEA (www.investinazores.com) and Portugal Ventures (www.portugalventures.pt).