of the Ministry of Science and Higher Education, the Center (, NCBR) supports risky investments through three major venture capital projects: BRIdge Alfa, NCBR CVC and TDJ Pitango Venture fund, through which the Center creates an ecosystem of developing high-tech ideas. It insures bold decisions of investors, in the BRIdge Alfa program at the level of 80% of investments, and through the exchange of experience, it educates professional management teams. Since its inception, the National Center for Research and Development has spent almost PLN 250M on venture development, which is less than a tenth of the funds planned by the Center to stimulate the development of the VC market. Every tenth examined in the Startup Poland report, the investment was leveraged with funds from the NCBR. The Polish Development Fund Operating since 2016, the Fund (, PFR) deals with subsidizing innovation and stimulating venture investments. Through PFR Ventures, under the fund-of-funds formula, it offers repayable financing to innovative companies from the SME sector through financial intermediaries: VC funds or business angels. PFR Ventures manages five funds: PFR Starter, PFR Biznest, PFR Open Innovations (OI), PFR KOFFI and PFR NCBR CVC. The offer of each of them is dedicated to companies at various stages of development: from the pre-seed stage to the growth and expansion phase, and provides for a different amount of financing. Funds earmarked for innovative ventures come from European funds: the Intelligent Development Operational Program 2014-2020 and private funds. Selected funds Examples of venture capital funds on the Polish market, each of which is funded from different sources of capital. An early-stage fund with available for investment, founded in 2016, it supports founders in distribution, product validation, recruitment, and capital, primarily from the CEE region, with investment tickets ranging between in pre-series, and below in seed. The fund also provides strategic advice and consultations on scaling, product development, team building, and mergers and acquisitions. Experior Venture Fund Co-founded by the National Capital Fund (), with assets from the Swiss-Polish Cooperation Programme. The EVF focuses on software and tech-enabled businesses. It invests at pre-seed and seed stages, and co-invests and partners with global funds. Capitalized at PLN 80M (), it provides support and strategic guidance on technology and product, with an extensive network of CEE and US business angels. SpeedUp Venture Capital Group SpeedUp Venture Capital Group is a leading group of venture capital funds, investing in enterprises in