The Funds Commission of the Iran Venture Capital Association (IRVC), comprising Research and Technology Funds, held a meeting with Dr. Mohammad Nabi Shahiki, Deputy Minister for Technology and Innovation at the Ministry of Science, Research and Technology. The discussions focused on financing challenges within the innovation ecosystem, the need to strengthen the investment continuum for technology-based companies, and key issues affecting Research and Technology Funds. Participants emphasized that the development of the innovation economy requires diverse and interconnected financing pathways capable of supporting companies throughout different stages of growth.
Members highlighted the varying financing requirements of technology ventures across different levels of technological maturity and stressed the importance of aligning financial instruments with each stage of development. Early-stage ventures operating at lower Technology Readiness Levels (TRLs) typically require grants and patient capital, while more mature companies need access to seed funding, venture capital, corporate venture capital, and later-stage financing mechanisms that support growth and facilitate investor exits.
Participants also described investment in the innovation ecosystem as a continuous value chain, noting that the absence of any financing layer can hinder the growth trajectory of technology companies. In this context, funding mechanisms that reduce technology risk at early stages, provide growth capital during expansion phases, and enable effective exit pathways were identified as essential components for building scalable and sustainable enterprises.
Another key topic was the development of a broader range of financing instruments. Participants underscored the importance of leveraging grants, angel investors, micro-VC funds, venture capital funds, corporate venture capital funds, growth funds, private equity, crowdfunding platforms, and capital market instruments. Such diversification is necessary to ensure that innovative companies do not encounter financing gaps as they progress through successive stages of development.
The role of Science and Technology Parks was also discussed. Participants noted that these institutions can evolve beyond their traditional function of providing space for companies and become active platforms for identifying, nurturing, and preparing technology ventures for investment. Such an approach would enable a clearer assessment of companies’ positions along the technology development pathway and facilitate their connection to appropriate investors and financing mechanisms.
Tax treatment of Research and Technology Funds was another important issue raised during the meeting. Discussions focused on concerns regarding the taxation of income generated from certain specialized services provided by these funds, including guarantee issuance and financing facilities. Participants argued that these services are integral to the funds’ mission of supporting knowledge-based and technology-driven enterprises and should not be viewed as independent commercial or financial activities.
The meeting also emphasized the importance of pursuing the matter with the Ministry of Economic Affairs and Finance and the National Tax Administration. Participants noted that a significant portion of the revenues generated by Research and Technology Funds is reinvested to increase capital, expand guarantee issuance capacity, provide financing facilities, and strengthen financial support for the technology ecosystem. Consequently, tax policies can have a direct impact on the ability of these funds to fulfill their developmental role.
The meeting concluded with a shared emphasis on the importance of completing the innovation finance value chain. Participants stressed that expanding the innovation economy requires more than increasing the number of technology companies. It also requires the establishment of a coherent support pathway capable of guiding innovative ideas from early-stage development to market entry, business growth, and ultimately into scalable and sustainable enterprises.
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