BUSINESS GROUP SET UP FOR IT START-UPS IN ROMANIA
- BUSINESS GROUP SET UP FOR IT START-UPS IN ROMANIA
BUCHAREST, Oct 3 (Reuters) - A consortium grouping Romanian and foreign investors launched on Tuesday the country's first business incubator for the IT industry. The NEST incubator, integrated into the Advantage Software Factory specialising in software applications and services, will finance and assist start-up or early-stage companies in the IT sector, a RPPF statement said. "We have been able to assemble a group of strategic partners to ensure the success of the project," Robert Luke, general manager of the Romanian Post-Privatisation Fund (RPPF), told a news conference marking the launch. It said in the first stage, a NEST advisory committee would select six projects.
Each project will benefit from capital infusions of up to $250,000 and speciality assistance. NEST will hold 51 percent of each project.
The RPPF is a 44-million-euro ($38 million) investment fund, created to invest in profitable Romanian companies. Its investors include the European Bank for Reconstruction and Development - which invested 25 million euros - the Post Privatisation Foundation - 15 million euros - and GED Eastern Fund - four million euros. Besides the RPPF, the consortium includes German incubator a-anacom Group, software and IT services Romanian-U.S. joint venture Advantage Software Corporation, management consultants Roland Berger & Partners (Romania) and human resources consultants Hill International (Romania). The advisory commitee is expected to select the first two projects by December.
These projects will be undertaken in April 2001. Another four projects are to be undertaken by end 2001.
(C) Reuters Limited 2000.