Companies registered in Serbia (micro or small enterprises, up to 10 years old), majority-owned by the founding team entrepreneurs and using AI technology in their solutions, are eligible to apply. They must not have an active agreement with the Innovation Fund (except under the GovTech, ExpoTech and Innovation Voucher programs). For a detailed eligibility criteria check the Program manual.
The maximum amount per company is RSD 24 million in the form of a co-investment grant, which must be matched by at least equal amount of external investment capital.
The total amount of grant received from the Innovation Fund cannot exceed EUR 1 million.
Companies that raised more than EUR 1M in equity investments in the past period are not eligible for this program.
The application must include a term sheet signed by the investor or an already concluded investment agreement.
Innovation Fund will do a due diligence to qualify every investor that is part of an application. Qualified investors include all typical early-stage investors such as angel investors, venture capital (VC) and private equity (PE) funds, family offices/funds, and corporations, subject to prior verification by the Innovation Fund.
All investors must register through a special registration link. The application on behalf of the investor cannot be submitted by the applicant—only the investor, as part of the investment round, can do so.
The minimum investment amount (i.e., investment round) that must be secured is EUR 50,000. More than one investor can be part of an investment round.
The grant is disbursed upon signing the financing agreement with the Innovation Fund, and upon providing a proof that the investment is disbursed to the bank account of the company. Investment must be disbursed in FIAT – crypto payments will not be accepted by the Innovation Fund as an acceptable method of payment.
The grant is paid in two or three equal quarterly installments, depending on the company’s project duration, which can be either 6 or 9 months.
Yes, as long as the application is for a new AI solution that meets the criteria and the cumulative funding from all Innovation Fund programs, including this one, does not exceed EUR 1 million.
Innovation Fund will not co-invest with investors who doesn’t pass its due diligence procedure.
Yes, but the applicant must be a Serbian entity. The investment may be directed toward a related foreign entity if a legal connection exists (e.g., parent/subsidiary company).
Salaries, product development, business development, sales and marketing, operational costs, and rent, provided they are incurred during the project duration. For a detailed list of ineligible costs, refer to the Program Manual.
Interest expenses, VAT, purchase of land or real estate, entertainment, recruitment, travel, used equipment, etc. For a full list of ineligible costs, refer to the Program Manual.
Applications are submitted via the online portal. The application form must include a business and AI solution description, as well as a signed term sheet or investment agreement.
Approximately 50 hours of mentoring support per project during the implementation period.
Solutions must be at least at the prototype stage, already in use or ready for integration into business operations, and must go beyond generic “off-the-shelf” solutions. The Investment Committee will substantially assess the AI solution and evaluate it accordingly.
Evaluation takes place in 4 steps:
- Administrative and eligibility check;
- Environmental, social, and ethical assessment;
- AI risk assessment;
- Business evaluation and technical interview with the Investment Committee.
Yes. All applicants undergo an AI risk assessment, which includes risk classification and, if necessary, mitigation measures for solutions categorized as moderate or high-risk.
The Investment Committee makes the decision based on the submitted documentation and the online interview, determining whether the application meets the grant requirements. The Chairman of the board of the Innovation Fund formally approves the decision of the Investment Committee.
Yes, the evaluation is based on the following five criteria:
- Team Competence
- Scalability Potential
- AI Innovation
- Market Impact
- Investment Structure
Each criterion is scored on a scale from 1 to 5, where 1 is the lowest and 5 the highest. The maximum total score is 25. To be considered for approval, the application must achieve at least 60% (i.e. 15 points) of the total possible score and an average score above 2 for each individual criterion.
Only expenses incurred during the official project implementation period, as defined in the agreement with the Fund and in accordance with the Program Manual, are eligible. Costs incurred before or after the implementation period will not be accepted by the Innovation Fund.
The program operates on a rolling basis with cut-off dates published every 3–4 months while the program is active and funding is available.
The first cut-off date is September 5, 2025, until the end of the day.
If a company is rejected in the final evaluation stage by the Investment Committee, it may reapply one more time with essentially the same project.
Yes, the applicant can file the objection and submit it via email to katalitik@inovacionifond.rs within 8 business days of receiving the eligibility check outcome or the final evaluation decision by the Investment Committee.
A response by the Innovation Fund will be provided within 8 business days.
Appeals must be written in English and not exceed 500 words.