Innovation Vouchers

The aim of the Innovation Vouchers scheme is to financially incentivise SME to collaborate with R&D institutions thereby engaging in innovation and making their products more competitive on the market.

The aim of the Innovation Vouchers scheme is to financially incentivise SME to collaborate with R&D institutions thereby engaging in innovation and making their products more competitive on the market. The development of new products and services is directly related to the innovation process, and Innovation Vouchers are a way to enable the transfer of knowledge through the direct financial stimulus, which reduces the gap between product development and market placement.

Micro, small and medium-sized enterprises are defined in accordance with the current Law on Accounting of the Republic of Serbia.

Eligible users of the Innovation Vouchers are micro, small and medium-size companies registered in Serbia. The company must be a legal business entity incorporated under the current Serbia Company Law, registered at Serbian Business Registration Agency and located in Serbia.

Individuals registered as entrepreneurs cannot apply for this Scheme. The Applicant for the Innovation Voucher Scheme must be a legal business entity (a company) founded in accordance with the active Serbian Company Law, which stipulates four (4) types of companies: general partnership, limited partnership, limited liability company and joint stock company.

Eligible companies can apply for Innovation Vouchers to cover costs of the services provided by all public R&D institutions, as well as all other institutions accredited to do R&D (including the private ones), such as: universities, faculties, research institutes, innovation centres and other R&D institutions in Serbia. 

Yes, a company can submit more than one application for an innovation voucher scheme. The maximum amount per one innovation voucher cannot be more than RSD 800,000.

The company - the applicant, can, through the Innovation Voucher Scheme, receive the maximum amount, which in total cannot exceed RSD 2,400,000.

The Innovation Vouchers can be used for the transfer of knowledge - scientific, technological or innovative, which is novel to the company, or for solving of a technical/technological problem that company nominates. The following services will be eligible for such support:

  • Development of new or improvement of existing products (related to function and quality), processes or services;
  • Proof of concept;
  • Feasibility study;
  • Production of laboratory prototypes;
  • Creation of demonstration prototypes;
  • Various types of testing (in the laboratory, at the pilot plant);
  • Technology validation;
  • Validation of new or improved products, processes or services;
  • Innovation advisory services;
  • Development and implementation of specific product- or process-related software (as part of product development);
  • Techno-economic analysis in connection with the provided service. Up to 20% of the IV value may be used for this purpose;
  •  Specific professional training related to the development of a technological solution. A maximum of 20% of the value of the innovation voucher can be planned for these purposes.

The Innovation Vouchers may not be used for:

  • Business plan and economic appraisal creation;
  • Sales activities;
  • Standard website or mobile applications development;
  • Activities such as market research and analysis (product-market fit);
  • Non-consultancy services already available on the market (ISO standardization, technical attests…);
  • Activities already financed through another framework, programme or company/institution;
  • International travel, conferences or purchase of equipment;
  • Services provided by a third party not eligible as a R&D service provider. 

In order to apply for IV scheme, the company first must register an account on the Innovation Fund’s portal (, accessed via the Innovation Fund website. The registration request is approved by the Innovation Fund staff after a preliminary assessment of the information provided in the account registration request (corporate and tax ID, basic company information and contact person details). Those companies who have already created accounts with the IF in the framework of their applications for Mini Grant, Matching Grant or the Collaborative Grant Scheme Programs can log in using their existing usernames and passwords.

Once registered, the company can sign in to the portal and submit an application for Innovation Voucher. 

Application for Innovation Voucher consists of three parts:

  • Application for  Innovation Voucher outlining terms and conditions (filled in on the portal)
  • R&D service request formulated by the company (filled in on the portal)
  • Financial offer by the R&D service provider (R&D institution) to solve the problem defined in the R&D service request (uploaded as PDF to the portal).

The application is submitted in Serbian.

Not. All documentation must be submitted electronically through the Fund's portal.

Following the submission of the application for IV, the IF will do a desk review of incoming applications. This review includes the following:

  • Fulfilment of the formal requirements for eligible companies,
  • Fulfilment of the criteria related to the eligible services and R&D service providers,
  • Validity of the financial offer.

If these criteria are fulfilled, the Innovation Fund will award the SME with Innovation Voucher and send appropriate contract to be signed. Selection of SME - awardees of Innovation Vouchers is carried out internally by the Innovation Fund - by two persons and finally approved by the Innovation Fund’s managing director. The Innovation Fund will make its decision and inform the company about the decision within approximately 7 working days from the date of submission of Innovation Voucher application.

If any of the above requirements is not fulfilled, the application may be rejected as untimely, incomplete, and inadmissible, or on the basis of another reasoned notice of rejection. 


The Innovation Fund will make its decision and inform the company about the decision within approximately 7 working days from the date of submission of Innovation Voucher application.

Yes, the company that fulfils the formal requirements has the possibility to submit a new application for Innovation Voucher.  

Signing of this contract will not be considered by the Fund, but this is a principled recommendation to both parties.

If the company changes the service provider it is necessary to terminate the existing contract with the Fund (if the contract was signed) and to submit a new application.

The relationship between the company user of the Innovation Voucher and a provider of a service is defined by an Agreement between those two parties. The Innovation Fund is not the signing party to this Agreement and the resolution of potential disputes is not under the jurisdiction of the Innovation Fund.

Each Innovation Voucher will cover 60% of the total service costs, up to RSD 800.000 (approximately EUR 6.800) exclusive of Value Added Tax (VAT).

When the company verifies and confirms that the service for which the Innovation Voucher has been granted is delivered, the Innovation Fund will make a payment directly to the bank account of the R&D service provider. Payment is 80% of the total cost of the service, excluding VAT, according to the signed Innovation Voucher contract with the company.

In order for the payment to be made, it is necessary that the R&D service provider issues an invoice containing the total cost of the service, including the total amount of VAT charged to the company. The invoice must contain a note that 80% of service costs, and up to 800,000 RSD, excluding VAT, are paid by the Innovation Fund based on the issued IV to the company. The company must pay 20% of the total cost of the service, including the total amount of VAT (if applicable), to the bank account of the R&D service provider. Payment of the Innovation Fund to the R&D service provider will be done after the company submits a certificate confirming acceptance of the provided service, which the company uploads on the portal.

R&D service provider must fill out and send a request for payment to the Innovation Fund, which will make a payment to the bank account of a R&D service provider within approximately 7 business days.

In order for the Innovation Voucher procedure to be finalized, it is necessary for the company to submit proof of payment from its account on the portal.

Payment of the Innovation Fund to a R&D service provider may be conditioned by the conduct of a company in connection with the order of the Innovation Fund for undertaking a corrective measure, that is, suspended until the corrective measure has been executed.

Pre-payment is not permitted, except for the part co-funded by the applicant. Participation of the applicant amounts to a minimum of 40% of the total value of the project, excluding VAT.

In case the Innovation Voucher is not used in this period, the Innovation Fund shall assume no obligations in relation to the awarded Innovation Voucher.

No. In no case will the Innovation Fund take part in the intellectual property, existing or future, of the Innovation Voucher beneficiary. The ownership of the intellectual property rights that may arise from the use of innovation vouchers is the subject to mutual agreement between the company and R&D organization in the process of providing the service.