A new amount of EUR 2.7 million has been made available to Serbian companies for realization and enhancement of innovations by the Innovation Fund through the Mini Grants Program
and the Matching Grants Program
The funds for the continuation of these programs, which the Fund was carrying out from 2011 till 2016 as a pilot project, and which were financed with a total of EUR 6 million from the IPA funds of the European Union, have now been provided from the state budget through the Serbia Competitiveness and Jobs project in cooperation with the World Bank.
The invitation will last for three months, until September 1, and the funds should be available to entrepreneurs by the end of the year or in January 2018. Companies may apply projects related to any scientific field or technology, as well as to any industrial sector.Conditions of the invitation
As Ivan Rakonjac, acting director of the Innovation Fund, says for our portal, the Mini Grants Program
is meant for enterprises and startups younger than three years and with innovative projects and has been designed to support the survival of companies in the critical phase of research and development, enabling them to develop the capacities for putting their innovations in the market.
Though this program, the Fund provides grants up to EUR 80,000
, or up to 85% of the total budget of the project, whereas the applicant provides the remaining 15%. The time of the realization of these projects is 12 months.
As for the Matching Grants Program
, the Fund provides up to 300,000
, or up to 70% of the total allocated project budget for micro and small enterprises and up to 60% for medium enterprises, whereas the rest is provided by the applicant from other private funds.
The time of the realization of these projects is two years, and the idea is to support already established companies which need additional money for either improving their products, services and technologies or developing something new.