Public Call for the Mini Grants Program

The public call is closed.

Public Call for the Mini Grants Program

In accordance with the Grant Contract, Tender No. 14SER01/08/31, No. 48-00-33/2016-28 between Department for Contracting and Financing of EU Funded Programs, Ministry of Finance and the Innovation Fund and in accordance with the Budget Law of the Republic of Serbia for year 2021 (“Official Gazette of RS” No. 149/20)

The Innovation Fund

announces

Public Call for the MINI GRANTS PROGRAM

 

Program objective is to stimulate innovative entrepreneurship and creation of innovative companies based on knowledge via private sector start-ups and/or spin-offs by providing financing for market-oriented innovative projects with high commercialization potential and a scalable business model.

The maximum amount of grant financing which the Innovation Fund (hereinafter: “IF”) can award per each individual project is EUR 80,000.

The grant financing awarded by the IF can cover:

  • maximum of 70% of total project costs (Approved Project Budget);

Each Applicant must secure their own mandatory co-financing for the project in the following way:

  • minimum of 30% of the total Approved Project Budget.

The co-financing by the Applicant is to be secured from other, private sector sources, independently of the IF or any other public sector financing programs.

De minimis State aid regulation is applied under the MINI GRANTS Program, as described in the IF’s Rulebook on applying state aid rules as well as applicable law governing state aid rules.

Duration of projects supported under the MINI GRANTS Program can be up to 12 months.

The IF will consider financing of projects coming from all fields of science and technology and from any sector of the economy. However, please keep in mind that the MINI GRANTS Program is aligned with the Smart Specialization Strategy Serbia, which focuses on four main priority domains:

  • Food for future;
  • Information and communication technologies (including specific focus on Artificial Intelligence, as envisaged by the Strategy for the Development of Artificial Intelligence in the Republic of Serbia for the period 2020-2025, available at link);
  • Machines and production processes of the future;
  • Creative industries.

At least 50% of IF’s available funding for the call for proposals will be allocated for applications in the abovementioned priority domains, subject to availability of good quality projects.

Also, the Innovation Fund will continue, together with the Government of the Republic of Serbia and the European Union as the main partners in supporting innovation, to provide support for projects that contribute to increased social inclusion of persons with disabilities using advanced technologies. 

Terms of application:  

Applicants are:

  • Micro or small companies in majority private ownership of Serbian residents (51% or more) incorporated in Serbia for no longer than five (5) years at the time of Application submission;

        OR

  • Teams consisting of a maximum of 5 core members (physical persons). Roles and responsibilities of each core team member must be clearly stated in the Application;​

In cases where the Application is submitted by a team (not yet formally and legally incorporated as a company), the following shall apply:

  • If financing is approved, the Applicants will be required to establish a company which will be the recipient of the funds and legally responsible for implementing the project;
  • The newly established company must be in at least 51% ownership by the team’s proposed core member(s) (the percentage of ownership among core members is subject to their agreement);
  • The newly established company must be at least 51% privately owned, and in majority ownership of Serbian residents.

The Applications will be evaluated based on the following criteria: 

  • Management and key personnel credentials and ability of the company/team to deliver;
  • Innovative technology, product or service; usefulness and uniqueness of the innovation; clear IP position;
  • Clear market needs and commercialization potential;
  • Potential for revenue/partnership with a strategic partner within two to three (2-3) years after the project start;
  • Viable implementation methodology and capabilities;
  • Use of funds and adequacy of the project budget;
  • Technology and implementation risk management.

Only Applications excelling in all the above-mentioned criteria will be recommended for financing. Additional details regarding the evaluation process can be found in the Review Guidelines document, available at: link

Application documentation:

In order for any Application to be evaluated, it needs to be submitted as a complete, structured documentation package within the given submission deadline electronically through the IF’s portal. The complete set of necessary Application documentation can be found on the IF’s website 

Applicants are obligated to use predefined document templates provided on the IF web page.

Each registered project will automatically receive a predefined Applicant Statement document which the Applicant must read and agree to.

In order to apply for financing, Applicants are required to submit the following documentation: Documentation - September, 2022.

  • Business plan;
  • Project budget;
  • Project presentation;
  • Environmental Screening Questionnaire (ESQ);
  • CVs of the key personnel engaged in the project (maximum 5, free format, in English);
  • Financial statements for the previous business year, if applicable.

Note: Application documentation must be submitted in the exact same visual and structural format and style as it is provided on the IF website. Any attempt to modify the Application documentation by unlocking and/or altering the formulas or text will result in the Application being disqualified from further evaluation. Applicants are allowed to use style formatting options within the predefined text boxes in the business plan.

Project presentation in PowerPoint format is the only exception and needs to be submitted based on the instructions provided in the template itself.

Due to the international two-phase evaluation process,  submitted Application documentation must be in English, except in situations where this is not applicable (financial statements).

Оnly one (1) Application under this call for proposals regardless of the Program is allowed.

The deadline for Application submission is November 15th, 2022 by 15:00h.

Incomplete Applications, as well as Applications that are not submitted by the submission deadline will not be considered.

Please use the following link to APPLY.

 

Innovation Fund

54/B4/2 Veljka Dugoševića St

Science Technology Park Belgrade

Contact: minigrants@inovacionifond.rs