1st Stage: Supporting Documents – Signing of Agreements

The first stage of implementation requires the signing of a partnership agreement between the partners for the joint implementation of the project and the terms of the cooperation between them. The partnership agreement is drawn up between the partners in order to resolve issues that will arise during the execution of the project.

The PSP is involved in this agreement.

The cooperation agreement is agreed and co-signed before the initiation of the project. Issues related to the arrangements are mainly: the organization of work between the partners, the organization of the project management, the determination of the rights and technical and financial obligations of the partners, as well as the management of the issues related to Intellectual Property Rights.

The cooperation agreement is required to be signed by the Legal Representative of each partner of the cooperative scheme.

It is noted that the commencement date of the implementation period of the proposal is the date indicated in the Cooperation Agreement.

2nd Stage: Monitoring and Supervision

Monitoring the implementation of the approved physical and financial subject of the Proof of Concept Proposals is the responsibility of the Advisory Board. The Advisory Board meets every 3 months to monitor the progress of the physical and economic subject during its implementation.

In particular, the Advisory Board monitors the progress of the proposals, their financial progress, the quantified indicators, milestones and targets, and takes appropriate measures to smooth project money flow and, where appropriate, suggests corrective actions to the PSP. Each member of the Advisory Board is entitled to report any problem and propose solutions.

Beneficiaries are fully responsible to the PSP for implementing and ensuring the progress of their work, proper compliance with timetables and other conditions and constraints as well as the completion of the physical and economic subject on the basis of the approved features of their proposal.

3rd Stage: Commercial Exploitation

At this stage, the business plan is presented and the possibility of further support for actions related to the design and development of the innovative products/services to the level required for their marketing is considered. Emphasis is placed on the potential for developing, standardizing, controlling, piloting innovative processes, designing products/services, designing and developing-escalating the idea.

Following the implementation of the proposal through funding with the “Proof of Concept Program”, the proposals have reached the commercialization stage. Commercialization can be achieved either through: (a) Licensing processes of a new or existing company, or (b) Funding a start-up company with venture capital.

In the first case PSP will strengthen actions for the acquisition, validation and protection of patents or other property rights as well as other intangible assets. It will also enhance actions related to the granting of exploitation rights as they have emerged from funding for the realization of mature research ideas. In the second case the PSP will support funding actions for a start-up enterprise as a result of funding for the realization of mature research ideas.

In both, the above-mentioned commercial exploitation of the proposal and others not mentioned in this document, the rights of the PSP will be determined at the beginning of the cooperation for each proposal individually, depending on the nature of the invention/idea, the potential markets and the plan of the inventors.