In accordance with the Direct Grant Agreement IPA 2019 “Increased Innovation Capacity and Growth of SMEs”, Tender No. 19SER01/01/51, No. 48-00-00120/2021-28 between the Department for Contracting and Financing of EU Funded Programs, Ministry of Finance and the Innovation Fund
The Innovation Fund
announces
the Second Public Call for the MINI GRANTS PROGRAM
The program objective is to stimulate innovative entrepreneurship and the creation of innovative companies based on knowledge via private sector start-ups and/or spin-offs by providing financing for market-oriented innovative projects with high commercialization potential and a scalable business model.
The maximum amount of grant financing which the Innovation Fund (hereinafter: “IF”) can award per each individual project is EUR 120,000.
The grant financing awarded by the IF can cover:
- maximum of 70% of total project costs (Approved Project Budget);
Each Applicant must secure their own mandatory co-financing for the project in the following way:
- minimum of 30% of the total Approved Project Budget.
The co-financing by the Applicant is to be secured from other, private sector sources, independently of the IF or any other public sector financing programs.
De minimis State aid regulation is applied under the MINI GRANTS Program, as described in the IF’s Rulebook on applying state aid rules as well as applicable law governing state aid rules.
Duration of projects supported under the MINI GRANTS Program can be up to 12 months.
The IF will consider financing of projects coming from all fields of science and technology and from any sector of the economy. However, please keep in mind that the MINI GRANTS Program is aligned with the Smart Specialization Strategy Serbia, which focuses on four main priority domains:
- Food for the future;
- Information and communication technologies (including a specific focus on Artificial Intelligence, as envisaged by the Strategy for the Development of Artificial Intelligence in the Republic of Serbia for the period 2020-2025, available at link);
- Machines and production processes of the future;
- Creative industries.
At least 50% of IF’s available funding for the call for proposals will be allocated for applications in the abovementioned priority domains, subject to availability of good quality projects.
Also, the Innovation Fund will continue, together with the Government of the Republic of Serbia and the European Union as the main partners in supporting innovation, to provide support for projects that contribute to increased social inclusion of persons with disabilities using advanced technologies.
Terms of application:
Applicants are micro or small companies in majority private ownership of Serbian residents incorporated in Serbia for no longer than ten (10) years at the time of Application submission
The Applications will be evaluated based on the following criteria:
- Management and key personnel credentials and ability of the company/team to deliver;
- Innovative technology, product or service; usefulness and uniqueness of the innovation; clear IP position;
- Clear market needs and commercialization potential;
- Potential for revenue/partnership with a strategic partner within two to three (2-3) years after the project start;
- Viable implementation methodology and capabilities;
- Use of funds and adequacy of the project budget;
- Technology and implementation risk management.
Only Applications excelling in all the above-mentioned criteria will be recommended for financing. Additional details regarding the evaluation process can be found in the Review Guidelines document, available at the link.
Application documentation:
In order for any Application to be evaluated, it needs to be submitted as a complete, structured documentation package within the given submission deadline electronically through the IF’s portal. The complete set of necessary Application documentation can be found on the IF’s website – Documentation.
Applicants are obligated to use predefined document templates provided on the IF web page.
Each registered project will automatically receive a predefined Applicant Statement document which the Applicant must read and agree to.
In order to apply for financing, Applicants are required to submit follow the wing documentation:
- Applicant Statement
- Business plan;
- Project budget;
- Project presentation;
- Environmental Screening Questionnaire (ESQ);
- CVs of the key personnel engaged in the project (maximum 5, free format, in English);
- Financial statements for the previous business year, if applicable.
Note: Application documentation must be submitted in the exact same visual and structural format and style as it is provided on the IF website. Any attempt to modify the Application documentation by unlocking and/or altering the formulas or text will result in the Application being disqualified from further evaluation. Applicants are allowed to use style formatting options within the predefined text boxes in the business plan.
Project presentation in the PowerPoint format is the only exception, and needs to be submitted based on the instructions provided in the template itself.
Due to the international two-phase evaluation process, submitted Application documentation must be in English, except in situations where this is not applicable (financial statements).
Оnly one (1) Application under this call for proposals regardless of the Program is allowed.
The deadline for Application submission is April 1st, 2024 by noon.
Incomplete Applications, as well as Applications that are not submitted by the submission deadline will not be considered.
Please use the following link to APPLY.
Contact: mini.grants@inovacionifond.rs