The Innovation Fund has invited applications for the Matching Grants Program to encourage existing and profitable micro, small and medium 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 highly paid jobs, increased revenue and export growth and improved Serbia’s competitiveness.
The fund will consider funding projects from all areas of science and technology and from any industrial sector. Nevertheless, this program is in line with the Smart Specialization Strategy in Serbia , which focuses on four priority domains:
- Food for the future;
- Information and communication technologies (including a special focus on Artificial Intelligence, as envisaged by the Strategy for the Development of Artificial Intelligence in the Republic of Serbia for the period from 2020-2025,
- Machines and production processes of the future;
- Creative industries.
- The maximum amount of funding that the Innovation Activity Fund may allocate per individual project is 300,000 euros.
- Funding allocated by the Fund may cover:
- Maximum 70% of the total project costs (Approved Project Budget) for micro and small companies and maximum 60% of the total approved project budget for medium companies.
- Each Applicant must provide mandatory co-financing for the project as follows:
- Minimum 30% of the total Approved Project Budget for micro and small companies and 40% for medium companies.
- Co-financing by the Applicant must come from other, private sources, independent of the Fund or any other public funding program.
- The duration of the project within the Innovation Co-financing Program can be up to 24 months.
- The Applicant is a legal entity established in accordance with the applicable Law on Companies, registered with the Business Registers Agency of the Republic of Serbia (APR), and located in Serbia;
- The Applicant is a private (at least 51% privately owned) micro, small or medium enterprise, established in Serbia in accordance with the applicable Accounting Law, excluding newly established legal entities as defined in accordance with this Law;
- The Applicant has generated operating income in the amount of at least EUR 200,000 in the previous or current business year and is operating at a profit.
An Applicant that meets any of the following criteria is NOT eligible to apply for the MATCHING GRANTS Program:
- The Applicant has received financing from any other IF financing program for the same or similar activities;
- The Applicant had revenue over EUR 50,000,000 in any of the prior two years;
- The Applicant is under control and/or majority owned (greater than 50%) by a parent company that is an operating or holding company that had revenue, or is part of the group that had revenue over EUR 50,000,000 in any of the prior two years;
- The Applicant is considered to be an affiliated entity of a large company (domestic or foreign) or is 10% or more owned by a large company (domestic or foreign).
For more information, visit http://www.inovacionifond.rs/program/program-sufinansiranja-inovacija/javni-poziv-za-program-sufinansiranja-inovacija