Serbia and the EU for Innovation:

DRIVING SUSTAINABLE ECONOMIC GROWTH THROUGH INNOVATION

IPA 2018 Project Successfully Implemented

The Innovation Fund has officially marked the successful completion of the IPA 2018 project “Increased Innovation Capacity and Technological Readiness of SMEs”, which has contributed to fostering innovation and strengthening the competitiveness of micro, small, and medium-sized enterprises (SMEs) in Serbia.

At the official ceremony, key project results were presented, showcasing the significant financial and technical support provided to innovative enterprises. High-ranking officials from the Government of the Republic of Serbia, the Delegation of the European Union, as well as representatives from the business and research sectors, emphasized the importance of investment in innovation and the continuous Serbia-EU cooperation in enhancing technological capacities, stimulating entrepreneurship, and boosting the competitiveness of the domestic economy.

Through a joint financial contribution of EUR 20 million from the Government of the Republic of Serbia and the European Union, 110 domestic innovative enterprises have been supported, leading to the development of 160 new products, services, and technologies. Among them, 44 enterprises successfully launched their products on the market, generating total revenues of EUR 8.62 million. Beyond financial impact, achieved through the Mini Grants, Matching Grants and Collaborative Grant Scheme Program, the support resulted in 57 patent applications and protection rights and strengthened collaboration between research organizations and the business sector. Additionally, 28 newly established companies have already generated revenues from the commercialization of their innovations, while 16 companies secured additional investments, demonstrating the long-term sustainability and growth of Serbia’s innovation ecosystem.

Speakers at the event included Dr. Jelena Begović, Minister of Science, Technological Development, and Innovation, Emanuele Giaufret, Ambassador and Head of the Delegation of the European Union to Serbia, and Prof. Dr. Ivan Rakonjac, Director of the Innovation Fund. They underscored that this support serves as a crucial boost to Serbia’s innovation ecosystem and a key step toward building a more competitive, knowledge-based economy. They also emphasized that investments in research and development are essential for long-term economic growth, attracting investments, and transforming domestic companies into high-tech industry leaders. A particular focus was placed on creating a favorable environment for the development of high-tech enterprises capable of successfully competing in the global market.

"It is my great pleasure to mark the successful completion of the project ‘Increased Innovation Capacity and Technological Readiness of SMEs‘, which has significantly supported the Serbian innovation ecosystem, the economy, and young talents. This project, funded by the European Union and the budget of the Government of the Republic of Serbia, in the amount of 20 million euros, aimed to improve the innovation and technological capacities of small and medium enterprises, while also encompassing the startup community, the academic sector, and the private sector, who worked together on developing innovations," said Minister Begović, adding:

"Fantastic ideas have been put into practice, and a large number of new startup companies have been established thanks to the calls of the Innovation Fund of the Republic of Serbia, which successfully implemented three cycles of calls. Without innovation, there is no modern economy or development, and this has been recognized by the largest countries in the world in recent decades. Serbia has creative people and excellent ideas, outstanding science, scientists, and talents, as well as a private sector ready to further develop technologically. Only in this way can we move forward and keep pace with the world, which has entered a great technological race when it comes to new technologies."

Ambassador Giaufret stated on this occasion: “Innovation is crucial for the competitiveness of our investment. We need investing in it to enable our companies to compete in markets in the EU and in Serbia.  Through EU-funding ideas can grow, making an impact not only in Serbia but way beyond – in the EU and around the world, for the benefit of all. Through the EUR 20 million project we are closing today, grants were provided for the best 110 innovative ideas selected out of 680 proposals!”

Success stories presented at the event demonstrated the potential of Serbian innovation to achieve international success. Notable examples included Baby FM, which developed a wearable AIoT system for real-time monitoring of children's temperature, Inclusio, a digital platform that facilitates connections between people with disabilities and potential employers, and Beyond 42, which introduced a software solution for efficient management and development of online communities, enhancing user interaction and collaboration.

The achievements of the IPA 2018 project provide a strong impetus for further innovation ecosystem development in Serbia. In this regard, support for innovative enterprises continues through the IPA 2019 project, which has secured EUR 26 million in grant funding. These funds enable the financing of new innovative projects by domestic enterprises through the programs of the Innovation Fund, with a focus on accelerating technological development, commercialization of research, and enhancing economic competitiveness. Continuous investments in innovation remain a foundation for sustainable economic growth and the strengthening of Serbian enterprises.