OREANDA-NEWS. October 03, 2012. The first round of applications for Prototron – the fund designed to support the creation of prototypes or initial working models – closed. The response exceeded all expectations, with almost 100 applications being received, reported the press-centre of Swedbank.

In terms of areas of development, the greatest number of applications were received for electronic and IT prototypes, followed by submissions from inventers working in the field of green technology and in the creative industry.

Swedbank’s Head of Corporate Banking Robert Kitt says that the surprisingly high number of applications is indicative of the fact that entrepreneurs and inventers who are just starting out have problems getting the funds together to develop their prototypes. “That’s what the surveys we conducted showed, too – getting your prototype made is a major bottleneck in trying to make something of the ideas you’ve got,” he explained. “But once you’ve got that working model made, it reinforces how good that idea is and means you’re ready to look for the bigger financing you need to start your business.”

Pirko Konsa, a member of the board of Tehnopol Science Park in Tallinn, says he was impressed by how comprehensive the applications proved to be. “You can compare constructing a prototype with building a house: on paper the plans might be flawless, but something always crops up in the actual building of it that you realise could have been done better,” he said. “But looking at the applications we got, it’s clear that a lot of effort has gone into the planning stages. And we’ll soon find out what sort of houses that leads to!”

The applications will now be evaluated by a seven-member panel comprising Priit Alamae (Webmedia), Pirko Konsa (Tehnopol), Robert Kitt (Swedbank), Yrjo Ojasaar (Publification.com), Andrus Oks (Estonian Development Fund), Jaanus Tamm (Defendec) and Siemon Smid (Tallinn University of Technology).

In assessing the ideas and deciding which ones to support, the panel will be guided by the business potential of the prototypes, how innovative they are and the teams that will put them together. No restrictions were set on the amount of funding that could be applied for – if approved, construction of the prototypes will be financed according to the plans submitted by the teams behind them.

The panel will be reviewing applications four times a year, with the next round being open until 15 December. Prototron aims to give real form to innovative ideas. It was established by Swedbank, Tehnopol Science Park and Tallinn University of Technology. 120,000 euros will be provided in support of smart ideas over the next three years.

For more information see www.prototron.ee.