The Innovation Fund announced the continuation of its two programs to support local innovative companies – the Mini Grants Program and the Matching Grants Program today at the Science Technology Park Belgrade. The programs are designed to develop innovative technologies, products and services to market implementation and high potential for commercialization.

Within the framework of the early development of the Fund awards grants of up to EUR 80 000 per project. The program is designed with the intention to support the survival of companies during critical phases of research and development, and enable Serbian entrepreneurs to develop effective business capabilities that help its innovations marketed.

Within the Program Matching Grants Fund awarded grants totaling up to EUR 300 000 per project. This program is designed for companies that need substantial financial resources for the implementation of the development cycle of technological innovation and to cover the high costs of the transfer of research into a commercially viable product.

Companies can apply the project in any field of science and technology and from any industry sector. Deadline for submission of applications starts today and runs until September 1st, 3 pm.

The funds for the reconstruction of these programs are provided from the budget of the Republic of Serbia under the Ministry of Education, Science and Technological Development throught the Project for improvment of the competitiveness and employment, which Serbia conducted in cooperation with the World Bank. For the year 2017 allocated a total of EUR 2.7 million.

The meeting was opened by Mr. Mladen Sarcevic, Minister of Education, Science and Technological Development of the Republic of Serbia, are present within a converted and Dusko Vasiljevic, an expert of the World Bank’s private sector development, Jasna Atanasijević, acting director of the State Secretariat for Public Policy, which coordinates the activities of the Project, Gordana Danilovic Grković, acting director of the Science Technology Park Belgrade, and Ivan Rakonjac, acting director of the Innovation Fund.

Fund implemented these programs as pilot activities from 2011 to 2016 under the Project for innovation support Serbia, financed with a total of 6 million euros from IPA funds of the European Union. 41 project supported within the framework of Program for early development and 11 projects under the Matching Grants Program.

Resulted in, among other things, creating 300 new jobs, multiplied revenues and export companies, as well as the protection of tens of patents in domestic and international markets. About one third of the projects financed under the two programs included the cooperation of Industry with Science.

Proved to be a long-term sustainable funding mechanism that produces results after the completion of very innovative projects. These are the first pilot programs that become a permanent part of the portfolio of services of the Innovation Fund.