Deadline: 15-Nov-22
The Fund for Innovation Activity is now accepting applications for its Innovation Co-financing Program to encourage existing and profitable micro, small and medium-sized innovative companies in the Republic of Serbia to engage in the development and commercialization of technological innovations in the form of new and improved products, services, technologies, and technological processes, in order to create a new market value, provided high-paying jobs, increased income and export growth and improved Serbia’s competitiveness.
Focus Areas
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.
Funding Information
- The maximum amount of financing that the Fund for Innovation Activities (hereinafter: the Fund) can allocate per individual project is 300,000 euros .
- Funding awarded by the Fund may cover:
- A maximum of 70% of the total project costs (Approved Project Budget) for micro and small businesses and a maximum of 60% of the total approved project budget for medium-sized businesses.
- Each Applicant must provide mandatory co-financing for the project as follows:
- A minimum of 30% of the total Approved Project Budget for micro and small businesses and 40% for medium businesses.
- The duration of a project within the Innovation Co-financing Program can be a maximum of 18 months.
Eligibility Criteria
- The Applicant is a legal entity established in accordance with the current Law on Business Companies, registered in the Agency for Business Registers of the Republic of Serbia (APR), and located in Serbia;
- The applicant is a private (at least 51% privately owned) micro, small or medium-sized enterprise, established in Serbia in accordance with the current Accounting Law, excluding newly established legal entities as defined in accordance with this law;
- The Applicant has generated business income of at least EUR 200,000 in the previous or current business year and is operating with a profit.
Evaluation Criteria
Applications will be evaluated based on the following criteria:
- Qualifications of management and key personnel and the company’s ability to implement the project;
- Innovative technology, product or service; clearly defined and indisputable intellectual property rights and their potential;
- Clear market demand, competitive position (preferably on the world market) and potential for commercialization;
- Potential for generating income 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-sufinansiranja-inovacija/javni-poziv-za-program-sufinansiranja-inovacija