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Perak Biotechnology Strategic
          Blueprint
         2011-2015
Background on Perak Biotechnology 2011-2015
Purpose
•   The main objective of the Perak Biotechnology Strategic Blueprint is to provide a broad based Strategic
    Plan on the development of biotechnology in Perak.
•   Perak Biotechnology Strategic Blueprint will be implemented in conjunction with other Perak’s main
    policies including Perak Maju 2015 Policy Statement, K Perak 2010 Strategic Plan and Gagasan Perak
    Amanjaya.
•   The Strategic Blueprint incorporates the followings:-
      –The vision planning, strategic thrust and directions that is economically, socially, politically and
      environmentally viable;
      –Identify the focus niche key areas with its competitive advantages; and
      –An economic plan that is conducive to foster development of biotechnology industries in the State of
      Perak.
Definition of Biotechnology
•   Biotechnology can be broadly defined as “the use of living organisms to make a product or run a process.”
    or “any technological application that uses biological systems, living organisms or derivatives to make or
    modify products or processes for specific uses, or industries.”
•   Biotechnology combines disciplines such as genetics, biochemistry, microbiology, and cell biology and has
    been called the “technology of hope” for its ability to improve the quality of life through advancements in
    food safety, health care, industrial and environmental sustainability.
•   Among the benefits of biotechnology are increased agriculture output, protection of the environment and
    production of health care products.
The Case for Biotechnology in Perak
• Perak is one of the mega-diversity states in Malaysia. Measuring 21,005 km2, almost half of Perak is covered
  with forests as much as 10,502km2 where by 95.6% of it is Equatorial Rainforest and the remaining 4.4% is
  covered by mangrove forests which may provide genetic resources for biotechnology related activities.
• The biodiversity can also be combined with the traditional knowledge that may enhance competitiveness in
  the local and indigenous biotechnology sectors.
• Biotechnology related activities are already taking place in various parts in Perak. including
The Envisioned Future
• In order to compete with global and regional competitors to attract investment and economic activities in
  biotechnology, Perak need to:
• Spark innovation and discovery
• Attract research and management talent
• Encourage greater commercialization
• Respond to emerging societal, scientific and economic trends.
• Provide a globally competitive environment and the perspective for collaboration among institutional,
  scientific, entrepreneurial and public-private institutions.
• Perak requires policy thrusts that are able to meet the expectations of the investors and stakeholders in the
  biotechnology sector whilst at the same time fulfil the socio-economic needs of the people in the State, and
  to meet the following success factor:
Perak Biotechnology Strategic Framework
• Strategic Thrusts




• Thrust One: Development and Acquisition of Appropriate Technologies
• Access to new technologies and scientific advancements is the foundation for innovation opportunities.
  Biotechnology industry relies on a large number of new discovery and enabling biotechnologies. This can be
  achieved by
• identifying home-grown technology which can be used to enhance economic development in the State;
• encouraging foreign parties to bring in new technologies to the State;
• supporting for local innovation and R&D&D; and
• creating strategic alliances between the private sector and the public sector, between local and foreign
  parties and between industry and centres of excellence.
• Thrust Two: Leveraging on Niche Economic Areas
  Perak will strategically position itself within biotechnology industry in the region by concentrating on niche areas.
  Such areas include being the centre for biodiversity-based R&D&D and production of biotechnology products and
  services.
• Thrust Three: Development of Specialised Facilities
  In the support sectors, Perak may encourage activities in logistics, biosafety and biosecurity, IP management,
  diagnostics and research tools.
• Thrust Four: Creation and Maintenance of Supportive Public Policy
  Perak may create sub-clusters of biotechnology related activities in different parts of the State. For example,
  capitalising former mining lakes in the central region for agriculture and aquaculture activities; the northern and
  eastern districts as the centre for biodiversity-based biotechnology activities and the coastal areas as focus area
  for marine biotechnology activities.
  The State may also look into legal and regulatory issues such as access to genetic resources and benefit sharing,
  material transfer of genetic resources and socio economic impact of biotechnology activities.
• Thrust Five: Preparing For Educated Workforce
  Human capital development is necessary to provide the required skills and expertise needed in ensuring the
  success of biotechnology industry in the state. Human capital development covers both knowledge and expertise
  in fundamental science, and creation of strong knowledge in management , legal, regulatory, production and
  finance, to ensure success in biotechnology related business ventures. The relevant knowledge must have local,
  regional and global perspective in order for Perak biotechnology products and services to gain global access.
• Thrust Six: Encouraging Foreign and Domestic Direct Investment and Capital Formation.
  Perak will rely on private sectors to kick start the activities in biotechnology, to be fully supported by the
  Government and Government linked companies (GLC). GLCs should also be encouraged to develop capable and
  knowledgeable entrepreneurs to develop biotechnology businesses in the State.
  Providing access to capital may be necessary in encouraging local investment. The state through supports from
  Federal Government may Perak-centric venture capital company, either on its own or through foreign fund
  managers and capital providers.
Key Program and Project
• Strategic Positioning of Perak Bio Corporation Sdn Bhd
  Perak Bio Corporation Sdn Bhd will be positioned as the main driver for the development of biotechnology
  activities in the State of Perak.




 Perak Bio will be manned by highly experienced and qualified senior management. Perak Bio will be assisted
 by a Panel of Advisors, to advice on technology and investment issues. Perak Bio will also work towards
 financial independence in order to be less reliant on government financial support. Perak Bio will look into
 the implementation of Perak Biotechnology Strategic Thrusts.
Strategic Development Program
Policy Thrust 1                     Development and Acquisition of
                                    Technology

Project                             Objectives                          Description
Acquisition of Advanced Symbiosis   To produce health products and      A joint venture between local
Fermentation Technology             pharmaceutical grade enzyme         company and Taiwanese
Through production of enzyme        products                            technology provider to process
from fruits and vegetables                                              local fruits and vegetables into
                                                                        enzyme based health products,
                                                                        which is to overcome excess fruits
                                                                        and vegetables in the market
                                                                        during fruit harvesting seasons.
Commercialization of products and   To commercialise VRI technologies   A joint venture between PKNPk,
technologies at Veterinary          and to reduce imports of animal     selected entrepreneurs and VRI to
Research Institute, Ipoh            vaccines                            engage in commercial production
                                                                        of animal vaccines and marketing
                                                                        and distribution of such vaccines

Production of dialysis membrane     To produce membrane in dialysis     A stand alone private investment
                                    filter                              project to produce membrane in
                                                                        dialysis filter based on German
                                                                        technology. This will make Perak
                                                                        as the leading producer of this
                                                                        medical device in Asia.
Policy Thrust 2                     Leveraging on Niche Economic
                                    Areas

Project                             Objectives                            Description
Plant Bioinformatics on genetic     To generate data sequence and         A joint venture between KPerak,
resources in Perak                  bioinformatics information for        PKNPk and other stakeholders in
                                    medical and other related             development bioinformatics
                                    applications of bio-resources in      project to protect and promote
                                    Perak and to protect Perak’s          biogenetic resources in Perak
                                    genetic information

R&D&D and commercialisation of      To create modern businesses           Development of small
medicinal and cosmeticeuticals      based on traditional knowledge in     entrepreneurs through guided
based on herbal                     medicine and cosmetic                 cottage industry in traditional
                                                                          medicine and cosmetic products
                                                                          using enhanced bioprocess.
Production of enzyme from           To enhance the usage of bamboo        A private foreign investment to
bamboo as a catalyst in the paper   in the north of Perak by creating a   produce enzyme from a species of
production                          specific industry                     bamboo to be exported to be used
                                                                          in paper and textile productions

Production of powder fuel from      To make Perak a centre for            A private investment to produce
palm oil kernel shell and special   production of alternative biofuel     palm oil kernel shell in the waste
combustion system                   as a replacement of diesel            to wealth category.
Policy Thrust 3                Formation of specialised facilities
                               and services

Project                        Objectives                            Description
Perak Biotechnology Park       Perak Biotechnology Park to act as    An area of 160 acres to be
                               the facilitator and catalyst to the   developed by Perak Bio as a centre
                               development of biotechnology. To      for biotechnology industry in
                               be located within PHTP in Chemor.     Perak.


Perak Biotechnology Advisory   To be a one stop advisory centre,     To be operated with Perak Bio, this
Centre                         encompassing IP management,           is going to be professionally
                               commercialisation, financial and      manned centre, with a specialised
                               funding and investment in             web-portal and physical facility to
                               biotechnology                         provide professional advisory
                                                                     services in the fields of importance
                                                                     to biotechnology industry in
                                                                     Malaysia.
Specialised logistics,         To provide important support          To be operated and managed by
transportation and waste       services to cater for proper          private companies, there will have
management services            management of biotechnology           to be specialised logistic and
                               product and production process        storage facilities either at Lumut
                                                                     Port, Ipoh Airport, Ipoh Inland
                                                                     Terminal and Perak Biotechnology
                                                                     Park. Waste management services
                                                                     will be provided in situ, with
                                                                     possible installation of
                                                                     incinerators.
Policy Thrust 3                     Formation of specialised facilities
                                    and services


Project                             Objectives                            Description
Biosafety, Biosecurity, Standards   To provide biosafety and other        Perak Bio may undertake to
and Certification Services          services which are critical in        provide biosafety, biosecurity and
                                    biotechnology sectors                 standards and certification services
                                                                          to industry players in the State of
                                                                          Perak and outside the State of
                                                                          Perak.

Biodiversity Management Centre      The focal point for bioprospecting    A centre, to be operated in
                                    and other biodiversity based          conjucntion with Jabatan Hutan,
                                    R&D&D activities                      Perbadanan Taman Negeri, EPU
                                                                          and PKNPk to provide access for
                                                                          bioprospecting and other
                                                                          biodiversity based activities in
                                                                          biotechnology research and
                                                                          development on the State’s
                                                                          biological resources, and to
                                                                          facilitate the documentation of the
                                                                          traditional knowledge of
                                                                          indigenous communities on the
                                                                          utilization of biological resources.
Policy Thrust 5                 Educated Workforce




Project                         Objectives                            Description

Global Tropical Life Sciences   •As the apex centre of excellence     This is to be a State, Federal and
Institute                       in capacity building of necessary     private initiative in the enhancing
                                human resources in biotechnology      the value of Perak as a potential
                                in Perak and Malaysia,                and leading biotechnology
                                •As undergraduate and post            investment location in Southeast
                                graduate education provides in        Asia.
                                areas not offered or in conjunction   To be operated and managed by a
                                with other education providers        team of professionals with
                                •As a R&D&D centre in niche           knowledge and skills in both
                                technologies of interest to Perak     sciences, legal and management.
                                and the region                        Will co-op other existing
                                •To create highly skilled knowledge   biotechnology education, R&D&D
                                workers to be supplied to Perak       and training providers in the State.
                                and regional biotechnology
                                clusters
Policy Thrust 6                       Foreign and Domestic Direct
                                      Investment and Capital Formation


Project                               Objectives                             Description
Branding exercise –                   To enhance image of Perak as           Perak will be promoted a premier
“Perak, biotechnology in              potential investment destination in    destination for investment in
biodiversity”                         biotechnology.                         biodiversity-based biotechnology
“Perak Biodiverse for biotech”                                               activities.
Formation of strategic alliances      To enhance capability and visibility   Continuous cooperation with the
with Perak, Malaysian, regional       in order to attract investment to      Malaysian Biotechnology
and world organisations of interest   Perak                                  Corporation, MIDA and MATRADE,
to Perak biotechnology activities.    Alliances may be in the form of        KPerak, Perak Halal, Bio
They may be called Research and       Research and Innovation Alliances      International and London and
Innovation Alliances,                                                        Cambridge Biotechnology
                                                                             Network. Alliances with countries
                                                                             like India, China, Costa Rica and
                                                                             Switzerland.

Private sector driven Venture Fund    The Perak Biotechnology Fund will      This can be a joint initiative with K-
to be called Perak Biotechnology      assist potential Perak                 Perak, Perak Bio and a private
Fund                                  biotechnology companies to gain        sector. It is a known fact that
                                      access to capital to develop the       financial institutions are less
                                      business and new products.             interested with biotechnology
                                                                             business and thus availability of
                                                                             funds is crucial
Perak Biotechnology Roadmap 2011-2015
                                                                                                       2011             2012             2013             2014             2015
                      Activities                                                                  1H          2H   1H          2H   1H          2H   1H          2H   1H          2H
Agency                Perak Bio Strategic Positioning
Thrust 1 & 2          Tech standing committee
Development &         Identification of technologies

Acquisition of        Niche areas (biodiversity based, green biotech,and agri and aquacultures)
Technologies          Investment Promotions
and                   Selection of businesses
Development of        Local biotechpreneur development
Niche Business        Start R&D&D and businesses
Areas                 Businesses mature&success stories
Thrust 3              Advisory Centre
Development of        Biosafety and Biosecurity
specialised           Standards and Certification
support               Biotechnology Park
facilities            Biodiversity Management Centre
Thrust 4              Investment Decision Policies
Supportive Policies
Thrust 5              Global Tropical Life Science
Educated Workforce    Institute
                      Setting up
                      Partnering
                      Capital raising
                      Licensing
                      Staff appointment
                      Commencement of education
                      Centres of Excellence
                      R&D&D commence
                      Maturing
Thrust 6              Branding exercise
FDI,DDI and Capital   Strategic Alliances
Formation             Venture Fund
                      (i) formation
                      (ii) licensing
                      (iii) capital raising
                      (iv) commence investment

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Perak biotechnology strategic blueprint 2011 2015

  • 1. Perak Biotechnology Strategic Blueprint 2011-2015
  • 2. Background on Perak Biotechnology 2011-2015 Purpose • The main objective of the Perak Biotechnology Strategic Blueprint is to provide a broad based Strategic Plan on the development of biotechnology in Perak. • Perak Biotechnology Strategic Blueprint will be implemented in conjunction with other Perak’s main policies including Perak Maju 2015 Policy Statement, K Perak 2010 Strategic Plan and Gagasan Perak Amanjaya. • The Strategic Blueprint incorporates the followings:- –The vision planning, strategic thrust and directions that is economically, socially, politically and environmentally viable; –Identify the focus niche key areas with its competitive advantages; and –An economic plan that is conducive to foster development of biotechnology industries in the State of Perak. Definition of Biotechnology • Biotechnology can be broadly defined as “the use of living organisms to make a product or run a process.” or “any technological application that uses biological systems, living organisms or derivatives to make or modify products or processes for specific uses, or industries.” • Biotechnology combines disciplines such as genetics, biochemistry, microbiology, and cell biology and has been called the “technology of hope” for its ability to improve the quality of life through advancements in food safety, health care, industrial and environmental sustainability. • Among the benefits of biotechnology are increased agriculture output, protection of the environment and production of health care products.
  • 3. The Case for Biotechnology in Perak • Perak is one of the mega-diversity states in Malaysia. Measuring 21,005 km2, almost half of Perak is covered with forests as much as 10,502km2 where by 95.6% of it is Equatorial Rainforest and the remaining 4.4% is covered by mangrove forests which may provide genetic resources for biotechnology related activities. • The biodiversity can also be combined with the traditional knowledge that may enhance competitiveness in the local and indigenous biotechnology sectors. • Biotechnology related activities are already taking place in various parts in Perak. including
  • 4. The Envisioned Future • In order to compete with global and regional competitors to attract investment and economic activities in biotechnology, Perak need to: • Spark innovation and discovery • Attract research and management talent • Encourage greater commercialization • Respond to emerging societal, scientific and economic trends. • Provide a globally competitive environment and the perspective for collaboration among institutional, scientific, entrepreneurial and public-private institutions. • Perak requires policy thrusts that are able to meet the expectations of the investors and stakeholders in the biotechnology sector whilst at the same time fulfil the socio-economic needs of the people in the State, and to meet the following success factor:
  • 5. Perak Biotechnology Strategic Framework • Strategic Thrusts • Thrust One: Development and Acquisition of Appropriate Technologies • Access to new technologies and scientific advancements is the foundation for innovation opportunities. Biotechnology industry relies on a large number of new discovery and enabling biotechnologies. This can be achieved by • identifying home-grown technology which can be used to enhance economic development in the State; • encouraging foreign parties to bring in new technologies to the State; • supporting for local innovation and R&D&D; and • creating strategic alliances between the private sector and the public sector, between local and foreign parties and between industry and centres of excellence.
  • 6. • Thrust Two: Leveraging on Niche Economic Areas Perak will strategically position itself within biotechnology industry in the region by concentrating on niche areas. Such areas include being the centre for biodiversity-based R&D&D and production of biotechnology products and services. • Thrust Three: Development of Specialised Facilities In the support sectors, Perak may encourage activities in logistics, biosafety and biosecurity, IP management, diagnostics and research tools. • Thrust Four: Creation and Maintenance of Supportive Public Policy Perak may create sub-clusters of biotechnology related activities in different parts of the State. For example, capitalising former mining lakes in the central region for agriculture and aquaculture activities; the northern and eastern districts as the centre for biodiversity-based biotechnology activities and the coastal areas as focus area for marine biotechnology activities. The State may also look into legal and regulatory issues such as access to genetic resources and benefit sharing, material transfer of genetic resources and socio economic impact of biotechnology activities. • Thrust Five: Preparing For Educated Workforce Human capital development is necessary to provide the required skills and expertise needed in ensuring the success of biotechnology industry in the state. Human capital development covers both knowledge and expertise in fundamental science, and creation of strong knowledge in management , legal, regulatory, production and finance, to ensure success in biotechnology related business ventures. The relevant knowledge must have local, regional and global perspective in order for Perak biotechnology products and services to gain global access. • Thrust Six: Encouraging Foreign and Domestic Direct Investment and Capital Formation. Perak will rely on private sectors to kick start the activities in biotechnology, to be fully supported by the Government and Government linked companies (GLC). GLCs should also be encouraged to develop capable and knowledgeable entrepreneurs to develop biotechnology businesses in the State. Providing access to capital may be necessary in encouraging local investment. The state through supports from Federal Government may Perak-centric venture capital company, either on its own or through foreign fund managers and capital providers.
  • 7. Key Program and Project • Strategic Positioning of Perak Bio Corporation Sdn Bhd Perak Bio Corporation Sdn Bhd will be positioned as the main driver for the development of biotechnology activities in the State of Perak. Perak Bio will be manned by highly experienced and qualified senior management. Perak Bio will be assisted by a Panel of Advisors, to advice on technology and investment issues. Perak Bio will also work towards financial independence in order to be less reliant on government financial support. Perak Bio will look into the implementation of Perak Biotechnology Strategic Thrusts.
  • 8. Strategic Development Program Policy Thrust 1 Development and Acquisition of Technology Project Objectives Description Acquisition of Advanced Symbiosis To produce health products and A joint venture between local Fermentation Technology pharmaceutical grade enzyme company and Taiwanese Through production of enzyme products technology provider to process from fruits and vegetables local fruits and vegetables into enzyme based health products, which is to overcome excess fruits and vegetables in the market during fruit harvesting seasons. Commercialization of products and To commercialise VRI technologies A joint venture between PKNPk, technologies at Veterinary and to reduce imports of animal selected entrepreneurs and VRI to Research Institute, Ipoh vaccines engage in commercial production of animal vaccines and marketing and distribution of such vaccines Production of dialysis membrane To produce membrane in dialysis A stand alone private investment filter project to produce membrane in dialysis filter based on German technology. This will make Perak as the leading producer of this medical device in Asia.
  • 9. Policy Thrust 2 Leveraging on Niche Economic Areas Project Objectives Description Plant Bioinformatics on genetic To generate data sequence and A joint venture between KPerak, resources in Perak bioinformatics information for PKNPk and other stakeholders in medical and other related development bioinformatics applications of bio-resources in project to protect and promote Perak and to protect Perak’s biogenetic resources in Perak genetic information R&D&D and commercialisation of To create modern businesses Development of small medicinal and cosmeticeuticals based on traditional knowledge in entrepreneurs through guided based on herbal medicine and cosmetic cottage industry in traditional medicine and cosmetic products using enhanced bioprocess. Production of enzyme from To enhance the usage of bamboo A private foreign investment to bamboo as a catalyst in the paper in the north of Perak by creating a produce enzyme from a species of production specific industry bamboo to be exported to be used in paper and textile productions Production of powder fuel from To make Perak a centre for A private investment to produce palm oil kernel shell and special production of alternative biofuel palm oil kernel shell in the waste combustion system as a replacement of diesel to wealth category.
  • 10. Policy Thrust 3 Formation of specialised facilities and services Project Objectives Description Perak Biotechnology Park Perak Biotechnology Park to act as An area of 160 acres to be the facilitator and catalyst to the developed by Perak Bio as a centre development of biotechnology. To for biotechnology industry in be located within PHTP in Chemor. Perak. Perak Biotechnology Advisory To be a one stop advisory centre, To be operated with Perak Bio, this Centre encompassing IP management, is going to be professionally commercialisation, financial and manned centre, with a specialised funding and investment in web-portal and physical facility to biotechnology provide professional advisory services in the fields of importance to biotechnology industry in Malaysia. Specialised logistics, To provide important support To be operated and managed by transportation and waste services to cater for proper private companies, there will have management services management of biotechnology to be specialised logistic and product and production process storage facilities either at Lumut Port, Ipoh Airport, Ipoh Inland Terminal and Perak Biotechnology Park. Waste management services will be provided in situ, with possible installation of incinerators.
  • 11. Policy Thrust 3 Formation of specialised facilities and services Project Objectives Description Biosafety, Biosecurity, Standards To provide biosafety and other Perak Bio may undertake to and Certification Services services which are critical in provide biosafety, biosecurity and biotechnology sectors standards and certification services to industry players in the State of Perak and outside the State of Perak. Biodiversity Management Centre The focal point for bioprospecting A centre, to be operated in and other biodiversity based conjucntion with Jabatan Hutan, R&D&D activities Perbadanan Taman Negeri, EPU and PKNPk to provide access for bioprospecting and other biodiversity based activities in biotechnology research and development on the State’s biological resources, and to facilitate the documentation of the traditional knowledge of indigenous communities on the utilization of biological resources.
  • 12. Policy Thrust 5 Educated Workforce Project Objectives Description Global Tropical Life Sciences •As the apex centre of excellence This is to be a State, Federal and Institute in capacity building of necessary private initiative in the enhancing human resources in biotechnology the value of Perak as a potential in Perak and Malaysia, and leading biotechnology •As undergraduate and post investment location in Southeast graduate education provides in Asia. areas not offered or in conjunction To be operated and managed by a with other education providers team of professionals with •As a R&D&D centre in niche knowledge and skills in both technologies of interest to Perak sciences, legal and management. and the region Will co-op other existing •To create highly skilled knowledge biotechnology education, R&D&D workers to be supplied to Perak and training providers in the State. and regional biotechnology clusters
  • 13. Policy Thrust 6 Foreign and Domestic Direct Investment and Capital Formation Project Objectives Description Branding exercise – To enhance image of Perak as Perak will be promoted a premier “Perak, biotechnology in potential investment destination in destination for investment in biodiversity” biotechnology. biodiversity-based biotechnology “Perak Biodiverse for biotech” activities. Formation of strategic alliances To enhance capability and visibility Continuous cooperation with the with Perak, Malaysian, regional in order to attract investment to Malaysian Biotechnology and world organisations of interest Perak Corporation, MIDA and MATRADE, to Perak biotechnology activities. Alliances may be in the form of KPerak, Perak Halal, Bio They may be called Research and Research and Innovation Alliances International and London and Innovation Alliances, Cambridge Biotechnology Network. Alliances with countries like India, China, Costa Rica and Switzerland. Private sector driven Venture Fund The Perak Biotechnology Fund will This can be a joint initiative with K- to be called Perak Biotechnology assist potential Perak Perak, Perak Bio and a private Fund biotechnology companies to gain sector. It is a known fact that access to capital to develop the financial institutions are less business and new products. interested with biotechnology business and thus availability of funds is crucial
  • 14. Perak Biotechnology Roadmap 2011-2015 2011 2012 2013 2014 2015 Activities 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H Agency Perak Bio Strategic Positioning Thrust 1 & 2 Tech standing committee Development & Identification of technologies Acquisition of Niche areas (biodiversity based, green biotech,and agri and aquacultures) Technologies Investment Promotions and Selection of businesses Development of Local biotechpreneur development Niche Business Start R&D&D and businesses Areas Businesses mature&success stories Thrust 3 Advisory Centre Development of Biosafety and Biosecurity specialised Standards and Certification support Biotechnology Park facilities Biodiversity Management Centre Thrust 4 Investment Decision Policies Supportive Policies Thrust 5 Global Tropical Life Science Educated Workforce Institute Setting up Partnering Capital raising Licensing Staff appointment Commencement of education Centres of Excellence R&D&D commence Maturing Thrust 6 Branding exercise FDI,DDI and Capital Strategic Alliances Formation Venture Fund (i) formation (ii) licensing (iii) capital raising (iv) commence investment