By signing the Direct Grant Agreement with the Department for Contracting and Financing of European Union Funded Programs within the Ministry of Finance, the Innovation Fund launched a new project “Increased innovation capacity and technological readiness of SMEs“. This Agreement has ensured further funding for the implementation of the Mini Grants Program, the Matching Grants Program and the Collaborative Grant Scheme Program. The total value of the Direct Grant Agreement is EUR 20 million (EUR 15 million provided from European Union IPA funds and EUR 5 million euros provided through co-financing from the budget of the Republic of Serbia, allocated to the Ministry of Education, Science and Technological Development). Funds, foreseen for financing innovative projects, amount to EUR 18 million in total. The Direct Grant Agreement shall be implemented according to the indirect management principle through the CFCU.

Due to the launch of the new Project, the Innovation Fund shall announce a Public Call for allocating grants for the development of innovative products, services and technologies under the Mini Grants Program, Matching Grants Program and Collaborative Grant Scheme Program, on Monday, July 5, 2021.

The first Public Call, worth EUR 9 million is open until September 15^th, 2021, at 3:00 PM. Project applications from all areas of science and technology and all industrial sectors shall be submitted through the IF portal. The following Public Call for financing programs is expected in late November, 2021.

The Mini Grants Program is intended for micro and small enterprises established in Serbia whose major owners are private residents of the Republic of Serbia, which, at the time of submitting the project application, have been operating for no more than five years and which develop innovative products, services and technologies the demand for which is clearly defined in the market. The fund may co-finance each individual project with maximum EUR 80,000. Assets provided by the IF may not exceed 70% of the total budget for the project the application is submitted for. Project applications may also be submitted by informal teams consisting of no more than 5 members, which shall be obliged to register a company should their project be approved for funding.

Financial assistance of up to EUR 300,000 per project shall be granted through the Matching Grants Program, whereas beneficiaries are micro, small or medium-sized enterprises registered in Serbia, majority private-owned. This assistance helps enterprises to develop new products, services and technologies with high added value and encourages commercialization of research and development of existing innovative companies, as well as the establishment of cooperation / partnerships with international companies / organizations. Assets allocated by the IF cover maximum 70% of the total eligible project costs for micro and small enterprises, and 60% for medium-sized enterprises. Projects can last up to 24 months.

The objective of the Collaborative Grant Scheme Program is to support research significant for the economy by encouraging private sector companies and public scientific and research organizations to engage in joint research and development projects aimed at creating new or improved commercially-oriented products and services, as well as innovative technologies with significant future performance and market potential. Financial support of up to EUR 300,000  per project shall be awarded through the Collaborative Grant Scheme Program, and beneficiaries are joint ventures composed of at least one private micro, small or medium-sized enterprise established in Serbia and one public (majority state-owned) accredited research organization. This assistance enables joint ventures to implement joint projects in order to develop high-value products, services, technologies and technological processes through applied research and development. Assets allocated by the Fund cover maximum 70% of the total eligible project costs for micro and small enterprises, and 60% for

The programs are in line with the Smart Specialisation Strategy Serbia, and the IF shall consider financing projects from all areas of science and technology and from any industrial sector.

The decision-making process with respect to financing projects is independent and the final decision on financing, on a competitive basis, shall be made by an independent international Expert Group of the IF. The number of funded projects depends on the quality of submitted applications and on the total funds allocated for these programs.

In accordance with the current epidemiological situation, the IF shall organize online promotion of these programs during July, August and September. In order to present relevant requirements and details referring to the submission of project applications to all interested applicants, the IF team shall provide daily support, and once a week shall organize workshops via the Zoom application. Furthermore, media advertisements in the form of interviews, statements and guest appearances are foreseen, both in the national and local media.

In cooperation with local partners (as well as all organizations working with small and medium-sized enterprises and scientific and research institutions) such as: Chambers of Commerce, Regional Development Agencies, Startup Centers, Science and Technology Parks, Incubators, Innovation Centers, Youth Organizations, Universities and Institutes, the IF shall share information about the announced Public Call for these programs. Information’s about the Public Call and workshops will be announced on IF website and social media.

http://www.inovacionifond.rs/info/bespovratnih-20-miliona-evra-za-razvoj-inovacija-srpskih-preduzeca

http://www.inovacionifond.rs/news/eur-20-million-grants-for-the-development-of-innovation-of-serbian-enterpries

http://www.inovacionifond.rs/

Direct Grant – Increased innovation capacity and technological readiness of SMEs is signed between the Innovation Fund and Ministry of Finance – the Department for Contracting and Financing of EU Funded Programs (CFCU) provides funds for the continuation of Mini Grants Program, Matching Grants Program and Collaborative Grant Scheme Program.The total budget of the Project is EUR 20 million, of which EUR 15 million from the European Union Pre-Accession Assistance for 2018 (IPA 2018) and EUR 5 million from the budget of the Republic of Serbia, the line of Ministry of Education, Science and Technological Development.The amount allocated for the financing of approved projects under the  Mini Grants Program, Matching Grants Program and Collaborative Grant Scheme Program financed under this Direct Grant Agreement is EUR 18 million.More about the project can be found on http://www.inovacionifond.rs/Since the Fund’s operational start in 2011, the European Union support has been instrumental in innovation financing in Serbia and strengthening links between the research and private sectors. The European Union has so far allocated EUR 30.8 million from the pre-accession funds for innovation financing programs.