The Venture Capital Investment Association in the past year

Dr. Mehdi Faridvand, the President of the VCIR (Venture Capital Investment Association of Iran), presented a report on the association’s activities in the year 1401 (2022-2023) during the general assembly.

According to IDEA, he outlined the goals of the VCIR, including the promotion of venture capital literature, sharing successful venture capital experiences, standardizing venture capital procedures and activities, and enhancing interactions with governmental bodies and organizations that support innovation.

Dr. Faridvand also highlighted the formation of a communication network as one of the VCIR’s most significant achievements and expressed gratitude to “Harkat-e Aval” as a supporter of the association.

In the past year, the VCIR held 11 regular board meetings and 10 extraordinary meetings. The association actively participated in 22 meetings of the Steering Council for Technology and Knowledge-Based Production. Furthermore, it engaged in subsidiary and thematic sessions.

Some of the notable activities and reports from Venture Capital Investment members during the year 1401 included:

1. Participation in drafting the Knowledge-Based Economy Development Law.
2. Involvement in drafting and amending regulations related to the Knowledge-Based Economy Development Law.
3. Pursuing the promulgation of the law, regulations, and related procedures concerning the Knowledge-Based Economy Development Law.
4. Correspondence and follow-ups with the Deputy for Scientific, Technological, and Economic Affairs of the President’s Office, the Innovation and Flourishing Fund, and the representative of the Central Bank and the Ministry of Economy regarding banks’ lack of cooperation in providing facilities according to Section 16 of the Budget Law.

Dr. Faridvand concluded his report by mentioning the financial aspects of the VCIR

According to the financial report, the VCIR had an income of 2 billion Tomans in the past year, representing a 70-80% growth compared to the previous year. The total expenses for the association amounted to 1.3 billion Tomans, with a net profit of 700 million Tomans for the VCIR. The financial statements of the VCIR were evaluated favorably and were finalized on the 29th of Esfand, 1401 (March 20, 2023).