The Fund for Innovation Activity publishes a Public Call for the Early Development Program (MINI GRANTS PROGRAM)

The objective of the program is to encourage the creation of innovative knowledge-based enterprises, through the establishment of "start-up" and/or "spin-off" companies in the private sector, by providing financing for the development of innovative technologies, products and services with market application that have a high potential for commercialization and a scalable business model. The maximum amount of financing that the Fund for Innovation Activities (hereinafter: "Fund") can allocate per individual project is 120,000 euros. Financing allocated by the Fund can cover: Maximum 70% of total project costs (Approved Project Budget) minimis" state aid is applied to funds that the Beneficiary grants receives from the Fund through this Program in accordance with the Rules of the Fund on the rules for granting state aid.The duration of a project within the Early Development Program can be up to 12 months.The Fund will consider financing projects from all areas of science and technology and from any industrial sector. However, this program is aligned with the Smart Specialization Strategy in Serbia, which focuses on four priority domains:Food for the future;Information and communication technologies (including a special focus on Artificial Intelligence, as this is foreseen by the Strategy for the Development of Artificial Intelligence in the Republic of Serbia for the period from 2020-2025, available at link);Machines and production processes of the future;Creative industries.At least 50% of the available funds for this public call will be allocated to applications from the above priority domain, if enough quality projects are available.In addition, the Fund for Innovation Activity will continue to, together with the Government of the Republic of Serbia and the European Union as the main partners in supporting innovations, provide support for projects that contribute to the increased social inclusion of people with disabilities using advanced technologies.Participation conditions:The Applicant is a micro or small business company in the majority private ownership of residents of the Republic of Serbia, established in Serbia and not older than ten (10) years at the time of submitting the Application.Applications will be evaluated based on the following criteria:Qualifications of management and key personnel and the ability of the company/team to realize the project;Innovative technology, product or service; usefulness and uniqueness of the innovation; clearly defined and undisputed intellectual property rights;Clear market demand and potential for commercialization;Potential for generating income/strategic partnership within two to three (2-3) years after the start of the project;Feasible methodology and implementation capability;Usage of funds and adequacy of project budget;Technology risk management and implementation.Only Applications that meet all the above criteria will be proposed for funding. Additional details regarding the evaluation process can be found in the Project Evaluation Guidelines ("Review Guidelines"), available at link. Required documentation for the Application:In order for the Application to be considered and evaluated, it needs to be submitted as a complete, structured package of documents within the given deadline for submitting the Application, in electronic form via the Fund's internet portal. The complete set of necessary application documentation is available on the Fund's website: Documentation - June 2023Applicants must use predefined document forms provided by the Fund.Each registered project will automatically receive a predefined Applicant Statement (Applicant Statement), which the Applicant is obliged to read and agree with.In order to apply for financing, Applicants must submit the following documentation:Statement of the Applicant; Business plan;Project budget;Project presentation;Environmental Screening Questionnaire (ESQ);Biographies of key members of the project team engaged in the project (maximum 5, in free form, in English);Financial reports for the previous business year, if applicable.Note: Application documentation must be submitted in an identical visual and structural format and style as it is on the Fund's website. Any attempt to modify the Application documentation by unlocking and/or changing formulas or text will result in disqualification of the Application from further evaluation. Applicants can use the style formatting options within the predefined text fields in the business plan.The PowerPoint presentation form is the only exception, and should be submitted in accordance with the instructions indicated in the form itself.Due to the international two-step evaluation process of the Application, submitted project proposal documentation must be in English, except in situations where this is not applicable.It is possible to submit only one (1) Application within this public call, regardless of the type of Program.The deadline for submitting applications is September 15, 2023 until 12:00 p.m.Incomplete Applications, as well as Applications that have not been submitted by the deadline for submitting the Application, will not be considered.Please use the following link to apply: APPLYContact: mini.grants@inovacionifond.rs