The Innovation Fund of the Republic of Serbia is a specialized institution that provides support to innovative activities and manages financial resources for innovation stimulation purposes.

The Fund’s intention is to contribute to overall development of innovations by implementing various financial instruments that encourage the establishment of new tech companies and strengthen existing ones, their focus on capital markets and attraction of direct investments in high technology and development.

The Fund’s goal is to promote links between research, technological development and economy, as well as to encourage and support the development of innovative technologies.

The Innovation Fund has announced a new public call by which it will allocate 4.1 million euros to support innovative activities of small and medium-sized enterprises: the Early Development Program and the Innovation Co-financing Program.

Funds for this public tender, open by 1 July, 2019, were provided by IPA project entitled “Development of New Products and Services through Commercialization of Research in Small and Medium-Sized Enterprises”.

The Early Development Program is aimed at micro and small enterprises, which have been operating for no more than three years, and which develop technological innovation for which there is a need on the market. Innovative projects of the company are co-financed in the amount of 80 thousand euros.

The innovation co-financing program is aimed at micro, small and medium-sized enterprises that need significant financial resources for realization of technological life cycle and covering of high costs for research transfer into commercially viable product. Innovative projects of the company are co-financed in the amount of 300 thousand euros.

Applications for innovative projects are submitted via Innovation Fund portal.

From the beginning of their work until this day, 1,300 applications for innovative projects have been submitted for all public tenders through all Fund’s programs. A total of € 15.8 million was approved for 352 projects, of which 288 were realized by enterprises and 59 by scientific-research organizations.

At the 63rd International Fair of Technics and Technical Achievements, which is organized and sponsored by the Ministry of Education, Science and Technological Development, the Innovation Fund will have the opportunity to present itself. On this occasion, it will present current programs as well as successful projects of companies that have been financially supported by these programs.