The Innovation Fund has announced the applications for the Public Call for the Mini Grants Program to stimulate innovative entrepreneurship and creation of innovative companies based on knowledge via private sector start-ups and/or spin-offs by providing financing for market-oriented innovative projects with high commercialization potential and a scalable business model.
- The maximum amount of grant financing which the Innovation Fund can award per each individual project is EUR 80,000.
- The grant financing awarded by the IF can cover:
- maximum of 70% of total project costs (Approved Project Budget);
- Each Applicant must secure their own mandatory co-financing for the project in the following way:
- minimum of 30% of the total Approved Project Budget.
- Duration of projects supported under the MINI GRANTS Program can be up to 12 months.
Terms of Participation
- Micro or small companies in majority private ownership of Serbian residents (51% or more) incorporated in Serbia for no longer than five (5) years at the time of Application submission
- Teams consisting of a maximum of 5 core members (physical persons). Roles and responsibilities of each core team member must be clearly stated in the Application;
- In cases where the Application is submitted by a team (not yet formally and legally incorporated as a company), the following shall apply:
- If financing is approved, the Applicants will be required to establish a company which will be the recipient of the funds and legally responsible for implementing the project;
- The newly established company must be in at least 51% ownership by the team’s proposed core member(s) (the percentage of ownership among core members is subject to their agreement);
- The newly established company must be at least 51% privately owned, and in majority ownership of Serbian residents.
- The Applicant is a company established in accordance with the applicable Lawon companies, registered with the Business Registers AgencyRepublic of Serbia (APR), and located in Serbia;
- The Applicant is privately (at least 51% privately owned) micro orsmall business;
- The Applicant is not older than five (5) years at the time of filing the Application;
- The Applicant is majority owned (at least 51%) by residentsOf the Republic of Serbia.
- The Applicant is a team consisting of a maximum of 5 members (persons).
For more information, visit http://www.inovacionifond.rs/program/program-ranog-razvoja/javni-poziv-za-program-ranog-razvoja