The Innovation Fund has officially marked the successful completion of the project “Increased Innovation Capacity and Technological Readiness of SMEs”, which has contributed to fostering innovation and strengthening the competitiveness of micro, small, and medium-sized enterprises (SMEs) in Serbia.

The project was funded by the European Union through the IPA 2018 Programme. The contract is signed between the Innovation Fund and Ministry of Finance – the Department for Contracting and Financing of EU Funded Programmes (CFCU).

At the official ceremony in Science Technology Park “Belgrade”, key project results were presented, showcasing the significant financial and technical support provided to innovative enterprises. High-ranking officials from the Government of the Republic of Serbia, the Delegation of the European Union, as well as representatives from the business and research sectors, emphasized the importance of investment in innovation and the continuous Serbia-EU cooperation in enhancing technological capacities, stimulating entrepreneurship, and boosting the competitiveness of the domestic economy.

Through a joint financial contribution of EUR 20 million from the Government of the Republic of Serbia and the European Union, 110 domestic innovative enterprises have been supported, leading to the development of 160 new products, services, and technologies. Among them, 44 enterprises successfully launched their products on the market, generating total revenues of EUR 8.62 million. Beyond financial impact, achieved through the Mini Grants, Matching Grants and Collaborative Grant Scheme Program, the support resulted in 57 patent applications and protection rights and strengthened collaboration between research organizations and the business sector. Additionally, 28 newly established companies have already generated revenues from the commercialization of their innovations, while 16 companies secured additional investments, demonstrating the long-term sustainability and growth of Serbia’s innovation ecosystem.

Speakers at the event included Dr. Jelena Begović, Minister of Science, Technological Development, and Innovation, Emanuele Giaufret, Ambassador and Head of the Delegation of the European Union to Serbia, and Prof. Dr. Ivan Rakonjac, Director of the Innovation Fund. They underscored that this support serves as a crucial boost to Serbia’s innovation ecosystem and a key step toward building a more competitive, knowledge-based economy. They also emphasized that investments in research and development are essential for long-term economic growth, attracting investments, and transforming domestic companies into high-tech industry leaders. A particular focus was placed on creating a favorable environment for the development of high-tech enterprises capable of successfully competing in the global market.

Success stories presented at the event demonstrated the potential of Serbian innovation to achieve international success. Notable examples included Baby FM, which developed a wearable AIoT system for real-time monitoring of children’s temperature, Inclusio, a digital platform that facilitates connections between people with disabilities and potential employers, and Beyond 42, which introduced a software solution for efficient management and development of online communities, enhancing user interaction and collaboration.

The achievements of the IPA 2018 project provide a strong impetus for further innovation ecosystem development in Serbia. In this regard, support for innovative enterprises continues through the IPA 2019 project, which has secured EUR 26 million in grant funding. These funds enable the financing of new innovative projects by domestic enterprises through the programs of the Innovation Fund, with a focus on accelerating technological development, commercialization of research, and enhancing economic competitiveness. Continuous investments in innovation remain a foundation for sustainable economic growth and the strengthening of Serbian enterprises. 

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 Programmes (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 Science, Technological Development and Innovation.

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/