The Fund for Innovation Activity is pleased to announce the public call for the Early Development Program to encourage the creation of innovative knowledge-based enterprises, through the establishment of “start-up” and/or “spin-off” companies in the private sector, by providing financing for the development of innovative technologies, products and services with market application that they possess great potential for commercialization and a scalable business model.
The Fund will consider financing projects from all areas of science and technology and from any industrial sector. However, this program is aligned with the Smart Specialization Strategy in Serbia, which focuses on four priority domains:
- Food for the future;
- Information and communication technologies;
- Machines and production processes of the future;
- Creative industries.
- The maximum amount of financing that the Fund for Innovation Activity (hereinafter: “Fund”) can allocate per individual project is 80.000 euros.
- Funding awarded by the Fund may cover:
- Maximum 70% of total project costs (Approved Project Budget).
- Each Applicant must provide mandatory co-financing for the project as follows:
- Minimum 30% of the total Approved Project Budget.
- The duration of the project within the Early Development Program can be up to 12 months.
The Applicant is:
- A micro or small business company in the majority private ownership of residents of the Republic of Serbia (51% or more), established in Serbia and not older than five (5) years at the time of submission of the Application; OR
- A team consisting of a maximum of 5 members (persons). The roles and responsibilities of the team members must be clearly explained in the Report.
- In cases where the Application is submitted by a team (which is not yet a formally and legally established business entity), the following will apply:
- If the financing is approved, the Applicants will be obliged to establish a company that will be the beneficiary of the grant and legally responsible for the implementation of the project;
- The newly founded company must be at least 51% owned by the team members who submitted the Application (the percentage of ownership between the team members is subject to their agreement);
- A newly founded company must be at least 51% privately owned and majority owned by residents of the Republic of Serbia.
Applications will be evaluated based on the following criteria:
- Qualifications of management and key personnel and ability of the company/team to implement the project;
- Innovative technology, product or service; usefulness and uniqueness of the innovation; clearly defined and indisputable intellectual property rights;
- Clear market demand and potential for commercialization;
- Potential for generating income/strategic partnership within two to three (2-3) years after the start of the project;
- Feasible methodology and implementation capability;
- Use of funds and adequacy of the project budget;
- Technology and implementation risk management.
For more information, visit http://www.inovacionifond.rs/cir/program/program-ranog-razvoja/javni-poziv-za-program-ranog-razvoja