Smart Start
The goal of the Smart Start program (Program) is to support highly promising teams in their efforts to validate their business ideas and demonstrate future usefulness of their technology through development of a first prototype or a minimum viable product (MVP).
The program Awardees will receive financial and mentorship support that will help them execute the first phase of market research, engage in product development, establish a business model and begin preparation for the next phase of fundraising. Furthermore, in addition to the mentorship support through the Program, if and where is applicable, the Innovation Fund (the IF) will organize a series of specifically targeted workshops that will help them deliver their projects successfully and better organize their operations and start-on their startups on the right foot.
Eligible Applicants:
- Teams comprised of 2 to 5 members, and
- at least 51% of team members that are residents of the Republic of Serbia.
- at least 51% of team members does not have any stake in any other company in the Republic of Serbia.
Each individual team member can participate in only one Application within the current public call regardless of the IF programs.
If financing is approved:
- The Applicants will be required to establish a limited liability company in accordance with the current Serbian Company Law.
- The Co-founders of the newly established limited liability company must be residents of the Republic of Serbia and does not have any stake in any other company in the Republic of Serbia.
- The newly established company must be 100% owned by at least 51% of the proposed team members. The ownership percentage among team members is subject to their internal agreement.
- In case the team is comprised of two team members, both proposed team members have to be co-founders.
- In case the team is comprised of three team members, two team members have to be co-founders.
- In case the team is comprised of four or five team members, three team members have to be co-founders.
- The legal representative of the newly established company must be one of the founders of the company.
Each individual team member is limited to one implementing project within Innovation Fund Programs. Accordingly, the Application where team members/key personnel are also part of other implementing project within the Innovation Fund’s Programs will be disqualified from the further evaluation process.
Amount of financing:
- The financing awarded by the IF can cover a maximum of 90% of the total project budget (excluding mentorship support), but the total IF co-financing cannot exceed more than RSD 5.400.000,00 per project.
- The minimum of 10% of the project budget (excluding mentorship support) is to be secured by the Applicant from any private source, but it needs to be secured in cash. No in-kind co-financing will be accepted.
- All Awardees will receive RSD 600.000,00 of the additional funds to be allocated for the mentorship support.
Duration of the Program: All supported Awardees must complete their project activities within 6 to 9 months.
Area/sector: The Program is open to Applications coming from all sectors of the economy and all fields of science and technology. However, please keep in mind that this Program is aligned with the 2020 – 2027 Smart Specialization Strategy Serbia.
At least 50% of Innovation Fund’s available funding for the call for proposals will be allocated to applications in the abovementioned priority domains, depending on the quality of submitted project applications.
Documentation: The complete set of necessary documents you can download is on the following page: Documentation – September 2024.
Applications are submitted via the Fund's internet portal in English.
Public call: Open until December 16, 2024.
Contact: smartstart@inovacionifond.rs
Presentation of the Smart Start program