The Innovation Fund, after evaluating applications, has approved funding support in the total amount of EUR 9.6 for 41 projects of innovative companies in the first phase of the IPA project Increasing Innovation Capacities and Growth of Small and Medium Enterprises.
A total of 284 applications were submitted to the public call for the Mini Grants, Matching Grants and the Collaborative Grant Scheme Program. Out of that number, funding was approved for 27 projects of companies in the early stages of development, eight projects of established companies, and six for joint projects of companies and R&D organizations. Depending on the program, innovative projects are supported with grants of up to EUR 120,000 and up to EUR 500,000.
Applications of the approved projects cover various fields, including ICT, mechanical engineering, electronics and environmental protection. Innovative companies will use grants for the development of new or improvement of existing products, services, or technologies, which will contribute to their growth and increased competitiveness. In addition to the application of technical knowledge in the development of innovations, their main task is to follow market trends and build partnership relations with potential investors.
Together with the Ministry of Science, Technological Development, and Innovation and the European Union, supported by the CFCU (Department for Contracting and Financing of EU Funded Programs, Ministry of Finance), the Innovation Fund continues to improve Serbia's innovation environment. In the second phase of the IPA project, additional financial resources of EUR 10.3 were secured. The public call for innovation development in the private and academic sectors is open until April 1, 2024.
The Innovation Fund congratulates the awarded companies and wishes success in the implementation of innovative projects.
Direct Grant - Increased innovation capacity and growth of SMEs is signed between the Innovation Fund and Ministry of Finance - the Department for Contracting and Financing of EU Funded Programs (CFCU) provides funds for the continuation of Mini Grants Program, Matching Grants Program and Collaborative Grant Scheme Program.
The total budget of the Direct Grant Agreement is EUR 26 million, of which EUR 16 million is from the European Union Pre-Accession Assistance for 2019 (IPA 2019) and EUR 10 million is from the budget of the Republic of Serbia, under the Ministry of Science, Technological Development and Innovation.
The amount allocated for financing approved projects under the Mini Grants Program, Matching Grants Program and Collaborative Grant Scheme Program financed under this Direct Grant Agreement is EUR 20.6 million. More about the project can be found on http://www.inovacionifond.rs/