Policy Statement by the Iranian Venture Capital Association to the Vice President for Science, Technology, and the Knowledge-Based Economy
The designation of 1404 (2025) as the “Year of Investment for Production” by the Supreme Leader highlights the crucial connection between production, innovation, and capital investment. Fulfilling this vision within the country’s knowledge-based ecosystem requires empowering financial institutions such as Research & Technology Funds, Corporate Venture Capitals (CVCs), venture capital firms, exchange-traded VC funds, crowdfunding platforms, and other private-sector actors.
In line with this, the Iranian Venture Capital Association (IRVC)—the country’s leading employer syndicate in the VC sector—submitted a formal letter to Dr. Afshin, Vice President for Science, Technology, and the Knowledge-Based Economy. This letter presents a set of policy proposals aimed at expanding the role of private financial institutions in funding national innovation.
Key Recommendations:
Designing risk coverage and leverage programs to mobilize private capital toward strategic sectors in the knowledge-based economy.
Activating unused provisions of the Knowledge-Based Production Leap Act, including:
Implementing Clause T, Article 11 with a goal of at least 500% growth in corporate-backed R&T Funds.
Enabling the use of Clause T, Article 11 by R&T Funds to attract R&D tax credits from large companies unable to establish CVCs.
Advocating for a third category of time-bound LPF funds eligible to directly absorb innovation-related tax credits.
Enforcing Clauses A and B, Article 4 to validate R&T Fund guarantees in customs and credit processes.
Enabling Clause A, Article 17 to assign innovation-focused financial entities as guarantors in capital markets.
Easing tax credit procedures in underdeveloped regions with tailored frameworks.
Making R&D tax credits accessible to financial institutions.
Establishing a national umbrella fund, co-managed by R&T Funds, the Vice Presidency, and the Innovation & Prosperity Fund, to offer financing, insurance, and guarantee services specifically for innovation finance institutions.
Providing targeted support from the Vice Presidency to encourage specialized non-governmental R&T Funds to invest in priority areas.
Unifying and regulating the oversight process for non-governmental R&T Funds and other ecosystem financiers.
Restricting equity participation by public bodies—including tech development task forces—in VC and R&T funds, to promote private sector leadership and shift the government’s role to policymaking.
Creating a secondary market for crowdfunding partnership certificates via Iran Fara Bourse, to expand financing for startups and knowledge-based firms.
Amending VC fund regulations in the capital market to incentivize real investment in innovation sectors.
Allowing intangible assets as guarantee instruments in R&T Funds, backed by the umbrella fund or Innovation & Prosperity Fund to share risk.
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