Mini Grants Program

The Mini Grants Program is aimed at private young enterprises which are engaged in the development of technological innovations with a clear market need.

Mini Grants Program

The Mini Grants Program is aimed at private young enterprises which are engaged in the development of technological innovations with a clear market need. This Program is designed to support the survival of companies during the critical phase of research and development and to allow the Serbian entrepreneurs to grow effective business capacities through which they will launch their innovations on the market.

Amount of financing:

  • up to EUR 80,000, or up to 70% of the total approved project budget
  • a minimum of 30% of the total approved project budget is to be provided by the Аpplicant from other private sector sources, independently of the Innovation Fund

Eligibility criteria:

  • Micro or small companies in majority private Serbian ownership (51% or more) incorporated in Serbia (in accordance with the current Serbian company Law in effect) 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 Serbian ownership.

Field of science and technology/Industry sector: projects can originate from any field of science and technology and can belong to any industry sector

Duration of the projects: up to 12 months

The documentation to be submitted in the Application

  • Applicant Statement
  • Business Plan
  • Project Budget
  • Project Presentation
  • Environmental Screening Questionnaire (ESQ)
  • CVs of the key personnel engaged in the project (maximum 5)
  • Unaudited financial statements for the last business year (where applicable)

Templates can be found at the webpage Documentation.

Program conditions: in the Public Call and in the Mini Grants Program Manual.

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

The deadline for Application submission: December 31st, 2019 by 15h

Contact: minigrants@inovacionifond.rs