The Innovation Fund Serbia, which is funded jointly by the EU and the Serbian government, has recently approved €9 million in grants for the implementation of 54 innovative projects. Innovative companies will use these grants to develop new, or improve existing, products, services, or technologies. As well as developing the technical aspects of their innovations, companies will grow their understanding of market trends and build relationships with potential partners and investors. The grants range from €80,000 to €300,000 in the form of so-called mini grants, matching grants and the collaborative grant scheme programme.

A total of 223 applications were submitted, and innovative projects for which funding has been approved come mostly from the field of software and ICT, mechanical engineering and energy applications. Most of the companies selected operate in Belgrade, Čačak and Novi Sad.

Since 2011, 153 innovative companies have been supported with €21.9 million through the pre-accession funds of the European Union. The call for applications for another €9 million of funding is now underway, with the deadline for submitting proposals for innovative projects on 15 March.