Brazil’s Ministry of Science, Technology, Innovations, and Communications (MCTIC) has unveiled a US$4.8 million fund to promote collaboration between the country’s startups, large technology companies, R&D centers, and universities. The government is also hoping to use the program to generate a skilled technology talent pool and promote technology transfer between companies. 

Known as TechD, the program will be supervised by the Association for the Promotion of Excellence in Brazilian Software (Softex), and focused on developing solutions in new technologies, including internet of things (IoT). Analysts say the program may accelerate the growth of startups with the technology resources from educational institutions and the business vision of large companies. 

The program will bring together most of the major players in the industry, including the Brazilian Computer Society (SBC), the National Association of Entities Promoting Innovative Enterprises (Anprotec) and the National Council for Scientific and Technological Development (CNPQ).So far, 29 institutions have signed up to the program, in addition to startup incubators and researchers. 

The aim of the program is to make the country less dependent on international technologies by producing innovative services and products all on Brazil. To begin with, TechD will fund 30 projects, with plans to allocate around US$128,000 to each project.