New Products and Services Developed by SMEs Through Research Commercialization
In order to continue financing the Mini Grants and Matching Grants Programmes, the funds were provided from the European Union Pre-Accession Assistance for 2014 (IPA 2014), under the Direct Grant Agreement – „New Products and Services Developed by SMEs Through Research Commercialization“, signed between the Ministry of Finance - the Department for Contracting and Financing of EU Funded Programs (CFCU) and the Innovation Fund.
The total budget of the Project is EUR 4.5 million (2.5 million form EU and EUR 2 million from the budget of the MoESTD).
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 15.8 million from the pre-accession funds for innovation financing programs.
As of November 30, 2021, the Fund will complete the implementation of the Project.
During the implementation of the Project, one public call was implemented for the Mini Grants and the Matching Grants Program in the period from March 28 to July 1, 2019. 213 applications were submitted within the public call, of which 141 were for the Mini Grants Program and 72 for the Matching Grants Program. Funds in the amount of 4.07 million euros were approved for financing of 33 innovative projects of companies. Under the Mini Grants Program, which is intended for companies in the early stages of development, grants were approved for 23 innovative projects in the total amount of 1.74 million euros, while under the Matching Grants Program funds in the amount of 2.33 million euros were approved for 10 projects.
Through these two programs, supported companies developed 56 new products/services of high added value and 15 patent applications filed. At this moment 27 new products/services are present on the market who generated EUR 895 thousand. These results were achieved during or immediately after the implementation of the project of supported companies.
- 33 supported innovative projects
- 30 companies have developed 56 new products/services
- 27 products/services are present on the market
- EUR 895 thousand of generated income
- 6 start-ups generated revenue from commercializing developed products/services higher than EUR 50,000
- 4 newly established companies generated income from the commercialization of developed products/services in excess of EUR 100,000
- 11 companies secured additional investments
- 15 patent applications
- EUR 4.07 million by the Innovation Fund
- EUR 2.18 million by companies