The Brazilian city of Porto Alegre has passed an innovation act to create a better environment for the creation of new innovative businesses and skilled manpower.
Key features of the innovation act of the southern city include tax incentives for early-stage ventures and the creation fo a fund to support investment in tech-based start-ups, with funding provided by the federal and state governments, as well as donations and partnerships with private organizations. It also includes an innovation prize for initiatives created in the city.
However, Porto Alegre-based entrepreneurs should not see anything concrete for some time, since the creation and allocation of the fund will have to be regulated by the city government first and these procedures are expected to take place within in the next six months.
After the regulation, the government will enforce another barrage of bureaucratic procedures before the program actually launches in 2015.
The news of the Porto Alegre innovation act follow last week's announcement of the partnership between the Ministry of Science, Technology and Innovation and software firm SAP for the expansion of an R&D center, also in the state of Rio Grande do Sul.