FAQ

The Public Call is open to micro, small, and medium-sized enterprises that are in majority private ownership and established in Serbia in accordance with the applicable Law on Business Companies and the Law on Accounting.

Legal entities that are affiliated with large enterprises, or in which large enterprises hold more than 10% ownership, are not eligible to apply for the ExpoTech Program.

Yes. It is essential that the applicant company is registered in Serbia and meets all the eligibility requirements of the Public Call, regardless of the length of its business operations.

No. Only registered companies are eligible to apply. Individuals and informal teams cannot apply directly.

The ExpoTech program is not open to individuals registered as entrepreneurs, therefore the entrepreneurs are not eligible to apply for the Program.

An Applicant may submit only one application under this Public Call. If the Applicant receives funding approval for the implementation of the proposed solution, the funds must be used exclusively for that purpose and may not be reallocated for any other use.

The Program supports projects that may include the development of a prototype, pilot, or MVP solution in the following areas: design, piloting, testing, and validation of new technologies, processes, or services, with the minimum expected outcome being a pilot, prototype, or minimum viable product in the following fields:

Immersive Technology:

• Virtual Reality (VR) – application development for fully immersive experiences (e.g., cultural content, sports simulations, educational platforms);
• Augmented Reality (AR) – digital layers over the physical environment (e.g., interactive guides at the EXPO site, AR tours around Belgrade);
• Mixed Reality (MR) – a combination of real and virtual experiences (e.g., collaborative workspaces, real-time scenography);
• Extended Reality (XR) – integration of VR, AR, and MR into a single experience, suitable for large events and exhibitions;
• Metaverse experiences – creation of virtual pavilions and online spaces enabling audience participation beyond the physical EXPO location;
• Sensory and haptic technologies – devices enabling tactile, auditory, and olfactory experiences;
• Interactive exhibits – digital tools to enhance visitor engagement (gamification, simulations, educational content).

Cognitive City Technology:

• AI visitor management systems – prediction of visitor movement and optimization of crowd flow;
• Internet of Things (IoT) – sensors for monitoring traffic, energy, security, and environmental parameters;
• Traffic and transport optimization – smart intersections, public transport management, integrated ticketing;
• Security systems – intelligent surveillance, behavior analysis, incident prevention;
• Big Data Analysis – collection and analysis of visitor data for service planning;
• Digital Twins – simulation of infrastructure and visitor flows for optimal resource management;
• Sustainable urban services – management of water, energy, and waste supported by AI and IoT;
• Personalized services – mobile applications suggesting content, routes, and services tailored to individual visitor needs.

The maximum amount of grant financing that the Fund may award per each individual project is up to 12,000,000 Serbian dinars (~100,000 euros).

The grant financing awarded by the Fund can cover:

• up to 70% of the total project costs for micro and small enterprises,
• up to 60% for medium-sized enterprises.

The remaining amount is provided by applicant through co-financing from private sources.

Yes. Each Applicant whose project is approved for funding must provide mandatory co-financing as follows:

• A minimum of 40% of the total Approved Project Budget for medium-sized enterprises,
• A minimum of 30% of the total Approved Project Budget for micro and small enterprises.

No, only costs that are directly related to project development are eligible, such as:

• Human resource (can be inclusive of all social benefits for employees working on the project). Salary limitations: Gross II monthly salary of any Company’s employee cannot exceed RSD 450,000;
• R&D equipment and supplies (to be used for project purposes, including purchased equipment, as well as leased or rented equipment, online services and tools). The value of equipment is limited to a maximum of 30% of the total Approved Budget;
• Research and development services;
• Patent application and fees, certifications.

Costs such as representation, VAT, travel, per diems, loans, or salaries of employees in the public sector are not eligible.

The project duration must be between 6 and 9 months, depending on the planned activities and the scope development.

The application must be submitted electronically, through the Innovation Fund’s online portal.

The following documents are mandatory attachments to the application:

• Applicant Statement;
• Business Plan;
• Project Budget;
• Project Presentation;
• CVs of key project team members.

The application is considered submitted only after the applicant clicks the “SUBMIT” button on the portal.

Documents uploaded to the application portal may be freely modified or replaced until the application deadline. Once the Applicant has uploaded the final versions of all required documents, it is necessary to confirm the submission by clicking the “SUBMIT” button on the portal in order for the application to be officially submitted.

The Innovation Fund first conducts an administrative eligibility check of all submitted applications. If minor deficiencies are identified, the Applicant will have 48 hours to correct them.

Afterwards, the applications are evaluated based on clearly defined criteria, including innovation, methodology, team composition, budget, risks, and other relevant aspects.

The highest-ranked applications are preselected and invited to present their project before the Investment Committee.

Yes, companies that are currently participating in other Innovation Fund programs are eligible to apply for this program as well. However, the Applicant must be aware of the eligibility requirements of each program and ensure that no such a restriction applies under other Program.

Also, it is not permitted for the same activities to be financed under more than one Innovation Fund program.

The evaluation process includes the following steps:

• Eligibility and administrative completeness check of all received Applications;
• Preselection of Applications, based on the assessment of the Investment Committee;
• Final funding decision, made by the Investment Committee after the presentation of preselected Applications.

The eligibility and administrative completeness check is carried out by the Fund’s staff and includes verification of the following:

• whether all required documents have been submitted using the predefined forms and whether those that require signatures have been duly signed;
• whether the Applicants meet all conditions defined in this public call.

During this phase, the Fund will allow each Applicant whose application has been found to have administrative deficiencies a period of 48 hours to correct such deficiencies, but only in cases where the appropriate templates provided by the Fund were used.

Applicants who do not meet the eligibility and administrative completeness criteria will be notified by e-mail after the Fund completes the eligibility and administrative review of all submitted Applications.

The final outcome of this phase is the list of eligible Applications.

This phase of the evaluation of eligible Applications includes an assessment by the Fund’s independent Investment Committee. Points are awarded by the Investment Committee for each criterion. The points are then summed, and all Applications that achieve 75% or more of the maximum score (15 points or higher) will be included in the preselection list for the second phase of the evaluation. The final outcome of this phase is the list of preselected applications.

• Usefulness and strategic relevance of the project

• Level of innovativeness

• Methodology and implementation capacity

• Use of funds and budget adequacy

• Risk management

• Team qualifications and capacity for implementation

The maximum number of points an application can receive is 20. Applications that are awarded 15 points or more will qualify for preselection.

Applicants who have previously been preselected will have the opportunity to present their solutions in person before the independent Investment Committee. Based on the results of these presentations, the Investment Committee will make the final decision on funding.

No. After being notified that their project has been preselected, the Applicant is required to submit a new presentation appropriate for the final presentation format. The project must be presented within a 10-minute timeframe, followed by an additional 10 minutes reserved for questions from the Investment Committee. The presentation must be submitted to the Fund in PowerPoint format by the specified deadline.

All applicants will be duly informed about the outcome of the evaluation process via email.

Yes, Applicants may submit an appeal within 8 days from the date of receiving the notification, to expotech@inovacionifond.rs in English, with a maximum length of 500 words.

An appeal may be submitted regarding the outcome of the eligibility and administrative completeness review phase, as well as the preselected phase, citing any evident omissions or errors made during the evaluation process, or for any other reason.

Yes, the funds awarded under the ExpoTech Program are non-repayable, provided that they are spent in accordance with the rules defined in the ExpoTech Program Manual.

From the date of receiving the notification of a positive funding decision, the Applicant, i.e., the Awardee, will have up to 10 days to meet the necessary conditions and sign the Financing Agreement.

Before signing the Financing Agreement, the Awardee is required to submit the following documents to the Fund:

• Proof of registration in the Register of Bidders at the Serbian Business Registers Agency;
• Proof of registration in the Register of Entities of the National Innovation System;
• Agreement on the opening of a special bank account into which the Fund’s funds will be deposited;
• Signed de minimis state aid form;
• Any additional documents as required.

Additionally, during the evaluation process, upon receiving the notification that their solution has been preselected, Applicants are required to register both in the Register of Bidders (www.apr.gov.rs) and the Register of Entities of the National Innovation System (www.einovacije.rs).

Failure to complete these registrations within the deadline set by the Fund’s staff will result in ineligibility for funding.

Following the notification of funding approval, the Awardee has 10 days to submit the required documentation and sign the Financing Agreement with the Innovation Fund, after which the project implementation officially begins.

The Financing Agreement signing is typically organized during the Info Day, after which the project implementation officially commences.

Grant funds are disbursed to the Awardee on a quarterly basis. The amount disbursed by the Fund covers up to 70%, or up to 60%, of the Approved Budget for each quarter.

Before each disbursement, the Beneficiary must provide proof that their co-financing share has been paid and that the previous project progress and financial reports have been approved by the Fund.

If ineligible costs arise during implementation (on the grounds specified in the Grant Manual, but not limited to those), the Fund reserves the right to reduce the amount of its next disbursement by the value of such ineligible costs. Furthermore, the Fund also retains the right to request the Awardee to reimburse the full amount or a portion of the disbursed funds in case of a breach of the Financing Agreement.

VAT is not an eligible cost. In addition, all types of taxes, customs duties, and fees (except for taxes on fees/salaries) are considered ineligible costs.

Awardees are advised to carefully review the list of ineligible costs provided in the ExpoTech Grant Manual.

Yes. Awardees are required to submit:

• Quarterly project progress reports and financial reports;
• A final report upon completion of the project.

All reports must be submitted using the predefined templates and must be signed by the Awardee’s legal representative.

Yes. During implementation and upon project completion, the Fund conducts monitoring visits to verify that project activities and expenditures are in compliance with the approved project budget.

All engaged independent experts, members of the Investment Committee, and employees of the Innovation Fund have, by signing the Policy on Prevention of Conflict of Interest and Confidentiality of Information, accepted all provisions of the aforementioned Policy.