Innovation Fund accepting Applications for Mini Grants Program 2020

Innovation Fund
Last date: 
Monday, August 31, 2020

Detailed Description

The Innovation Fund is currently accepting applications for the Mini Grants Program 2020.

The Mini Grants Program is aimed at private young enterprises which are engaged in the development of technological innovations with a clear market need.

This Program is designed to support the survival of companies during the critical phase of research and development and to allow the Serbian entrepreneurs to grow effective business capacities through which they will launch their innovations on the market.


  • The objective of the Mini Grants Program is to stimulate innovative entrepreneurship and 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 Innovation Fund (IF) aims to provide financial support for the crucial stage of research and development activities and help create new or introduce significant improvements in existing products, processes or services.

Funding Information

  • up to EUR 80,000, or up to 70% of the total approved project budget
  • a minimum of 30% of the total approved project budget is to be provided by the applicant from other private sector sources, independently of the Innovation Fund


Duration of the projects: up to 12 months

Eligibility Criteria

The Applicant is a:

  • Micro or small company 1 in majority private and majority Serbian ownership (51% or more) incorporated in Serbia for no longer than five (5) years at the time of Application submission, or
  • Team consisting of a maximum of 5 core members (physical persons). Roles and responsibilities of each core team member must be clearly stated in the Application.

In cases where the Application is submitted by a team (not yet formally and legally incorporated as a company), the following shall apply:

  • If financing is approved, the Applicants will be required to establish a company which will be the recipient of the funds and legally responsible for implementing the project;
  • The newly established company must be in at least 51% ownership by the team’s proposed core member(s) (the percentage of ownership among core members is subject to their internal agreement);
  • The newly established company must be at least 51% privately owned, and in majority Serbian ownership.

An Applicant company that meets any of the following criteria is NOT eligible to apply for the Mini Grants Program:

  • The Company has raised EUR 500,000 or more in total financing (equity, debt or grant) from public or private sources;
  • The Company is majority owned (greater than 50%) by a parent company that is an operating or holding company that:
  • Has raised/received EUR 500,000 or more in total financing (equity, debt, grant or combination thereof) from public or private sources, or
  • Has revenue, or is part of a group that had revenue over EUR 2,500,000 in any prior years.
  • Applicant has received financing from any other IF financing program for the same activities.


The documentation to be submitted in the Application

  • Applicant Statement
  • Business Plan
  • Project Budget
  • Project Presentation
  • Environmental Screening Questionnaire (ESQ)
  • CVs of the key personnel engaged in the project (maximum 5)
  • Unaudited financial statements for the last business year (where applicable)


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