The fund plans not to invest directly anymore, but support startups through launching joint VCs with the private sector, the head of the Innovation and Prosperity Fund, Ali Vahdat, announced.

The fund holds 40 percent share of the VCs in different fields according to the priorities of the Chamber of Commerce, Industries, and Mines, he explained.

In developed countries, there is a logical connection between universities and industry, he said.

He named research and development (R&D) as an important part of industry, which is covered by the universities.

The relation between these two parts, leads to economic and technological development in these countries, he explained.

In the near future, the R&D section of the big companies are done by small firms, which leads to a practical innovation ecosystem, he said.

“We should spur the big industrial companies, which have technological activities, turns into knowledge-based firms.

“In this way we can benefit from their potentialities for small companies and besides, they can benefit from some advantages provided for knowledge-based firms,” he explained.

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