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.

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. 

Amount of financing: 

  • up to RSD 800.000, or up to 80% of the total service costs, exclusive of Value Added Tax
  • a minimum of 20% of the total approved project budget is to be provided by the enterprise

One SME can obtain not more than two innovation vouchers, for which the application can be simultaneously submitted, with a maximum amount up to RSD 1.200.000.

Eligibility criteria

For applicants:

  • micro, small and medium-size companies 
  • legal business entity incorporated under the current Serbia Company Law, registered at Serbian Business Registration Agency 
  • with majority private ownership

For service providers: 

  • all public R&D institutions, as well as all other institutions, accredited to do R&D (including the private ones)

List of institutions accredited to do R&D is available at http://www.mpn.gov.rs/nauka/nio/ 

Eligible services:

  • Development of new or improvement of existing products (related to function and quality), process or a service
  • Proof of concept study
  • Feasibility study
  • Production of laboratory prototypes
  • Creation of demonstration prototypes
  • Various types of testing (in the lab, 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)
  • Specific coaching in connection with the developed solution of the technical knowledge question (up to 20% of the Innovation Voucher value may be calculated/used for this purpose.) 

Valid: Awarded innovation voucher must be used within a period of 6 months from the date the contract is signed between the Innovation Fund and the applicant. 

Applications must be submitted through the Innovation Fund online application portal.

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 IV application. Innovation Vouchers will be granted to companies on a “first come first served basis”, starting from the date of the public call announcement.

Program conditions: in the Public Call and in the Innovation Vouchers Guidelines

Public Call: Closed

Contact: ivauceri@inovacionifond.rs 

The design and procedures for the implementation of the Innovation Voucher Scheme have been prepared through the project “Support to Research, Innovation and Technology Transfer” supported by EU IPA funds for 2013 and administered by the World Bank, while the funds for implementation have been provided from the budget of the Government of the Republic of Serbia from the Ministry of Education, Science and Technological Development and through the “Project for Improvement of Competitiveness and Employment” (a Loan Agreement between the Republic of Serbia and the World Bank).