Brazilian Tech Minister Pushes Tight Timeline for Innovation Funding

Marco Antonio Raupp, Brazil’s Minister of Science, Technology and Innovation, is putting on the pressure when it comes to funding innovation. Startupi reports that Raupp made strong arguments this week for reducing bureaucratic complications and, thus, timelines in the recently-announced Inova Empresa initiative.

Inova Empresa is a Finep program designed to support innovation in Brazil. Roughly US$16 billion (R$32.9 billion) will be invested over the next two years, dedicated to six separate areas: agriculture, oil and gas, health, aerospace and defense, energy, environmental sustainability, and information and communications technologies.

Raupp said that Finep will be permitted no more than 30 days to approve projects that apply for funding, addressing the red tape issue that is characteristic of business building in Brazil. He said:

All programs can be inefficient if bureaucratic issues are overlooked. I’m pushing to make this work. We need to face the bureaucracy dragon. If Inova Empresa is a two-year program, we have to have the results in two years.

When it comes to innovation, Finep has proven a stand-out mover and shaker in getting projects funded. In March, it selected 21 research support institutions to help it distribute US$95 million through its Tecnova initiative.