Innovation Fund Allocates EUR 9.6 Million for Projects of Small and Medium Enterprises

The Innovation Fund, after evaluating applications, has approved funding support in the total amount of EUR 9.6 million for 41 projects of innovative companies in the first phase of the IPA project Increasing Innovation Capacities and Growth of Small and Medium Enterprises, the fund announced.

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 – it is said.

In the second phase of the IPA project, additional financial resources of EUR 10.3 million were secured. The public call for innovation development in the private and academic sectors is open until April 1, 2024.

Fond za inovacionu delatnost Beograd

Ministarstvo nauke, tehnološkog razvoja i inovacija Republike Srbije

Innovation Fund

Ministry of Science Technological Development and Innovations

European Union

IPA project

Increasing Innovation Capacities and Growth of Small and Medium Enterprises