During the ceremony for unveiling and underwriting Setaregan FOF, Sorena Sattari, the vice president for science and technology affairs, considered this act a valuable step toward investment on the ideas and creativities of the youth.

According to the information center of national elites foundation, Baghe Behesht became a heaven for knowledge-based companies. In fact, another step is taken toward the development of venture capitals in the country. The ceremony for unveiling and underwriting Setaregan FOF was held in the presence of Sattari.

During the ceremony, the vice president for science and technology affairs emphasized the presence of the ecosystem of venture capitals in the country in the past few years, stating: this ecosystem was destroyed by oil money and we have made efforts to revive it. While some venture capitals have been established in the country, their number is low and culture-building is required in this area.

The president of the national elites foundation pointed out that technological ecosystem of accelerators plays the same role, adding: venture capital is the investment in the thinking and creativity of young people; those who have nothing but ideas, and investing in them has a bright future. Sattari said the first chapter saw huge government investment in education, which has yet to yield results as other components of the innovation and technology ecosystem are not aligned.

The vice president for science and technology affairs regarded production of goods as the result of investment of the private sector in research, asserting: research with government money does not yield a product. The knowledge-based ecosystem cannot be created with this money. The government should only build scientific or educational infrastructures.

Signing a Cooperation Agreement in FOF

During the ceremony, a cooperation agreement was signed by Sorena Sattari, the vice president for science and technology affairs, Mohammad Mokhaber, head of Execution of Imam Khomeini's Order, Mohammad Mahdi Tehranchi, head of Islamic Azad University, Morteza Bakhtiari, head of Imam Khomeini Relief Committee, Mahdi Akhavan Behabadi, CEO of Mobile Telecommunication Company of Iran, Mohammad Mahdi Dadman, deputy of the Islamic Advertising Organization, Mohammad Reza Eskandari, CEO of Kosar Economic Organization, Mahdi Safari, CEO of Mobin Trust Development Co., Seyed Majid Sadri, CEO of telecommunication company of Iran, and Mostafa Khaksar Ghahroudi, the vice president of Astan Quds Razavi. According to this agreement, the Vice-Presidency for science and technology affairs will support FOF, which has been established to complete the funding chain of innovation and technology ecosystem in the country. In addition, five thousand billion Rials will be invested in private and venture capitals so that large knowledge-based projects would have no financial concerns.