The Innovation Fund Continues to Support Serbian Innovative Enterprises

Posted in: News- Feb 14, 2014

February 14, 2014, Belgrade – The Innovation Fund announced today support for 12 innovative projects selected for financing by the Innovation Fund independent international Investment Committee. To date EUR 6M has been dedicated to support 41 Mini Grants and 12 Matching Grants projects in the calls for proposals implemented through the Serbia Innovation Project. EUR 8.4M Serbia Innovation Project is financed by the EU Instrument for Pre-Accession Assistance (IPA) funds and administered by the World Bank.

  “The support which the EU provides through the financing programs is of great value as it directly influences the efforts made by the Ministry of Education, Sciences and Technological Development to strengthen Serbian companies by supporting knowledge based development”, stated Tomislav Jovanovic, PhD, Minister of Education, Science and Technological Development.

 “We are very pleased with the impact that EU donation has on building entrepreneurial sector in Serbia.” said Michael Davenport, Head of the European Union Delegation to the Republic of Serbia, and added: “Our support of the innovation sector is already showing tangible results which encourages the EU to continue to support the Innovation Fund as well as the innovative sector through future projects, providing the essential financial support. “

 “Innovation is important for Serbia, because Serbia has to be competitive with countries that are already in the EU. The role of the World Bank in this project is to provide international experience and expertise, which among other things is reflected in the integrity of the decision-making process, which is modeled after similar institutions in the world”, said Tony Verheijen, Country Director, The World Bank.

 “The role of the Investment Committee is to recognize innovative projects of highest quality. Projects selected for financing have capable entrepreneurs and clear development plans that have potential to compete on globally”, stated Vladeta Marjanović, Chair of the Independent Investment Committee.

 About the Innovation Fund Investment Committee:

Vladeta Marjanovic, Senior Director, Go To Market Business Development, Cisco Services Cisco Systems, USA

Gordana Vunjak-Novakovic, Professor of Biomedical Engineering, the Director of Laboratory for Stem Cells and Tissue Engineering, Columbia University, USA

Lex de Lange, CEO of Zernike Group Holding B.V., The Netherlands

Alexander Ziegler-Jöns, Chief Representative of Science & Technology Transfer Jacobs University, Bremen, Germany

Risto Kalske, Former Director of the Pre-Seed Finance at the Finnish Innovation Fund (SITRA), Finland

Annex 1

Projects Financed under the Mini Grants Program


Company: Projektinženjering Tim

Project: “Seismo-Safe 2G3-GOSEB Building System“- The project is a validation of a patented method and device to protect buildings against earthquakes.

Company: Novelic

Project: “RAVIP – Radar for Visually Impaired Persons“- Company is developing innovative solution for helping people with visual impairments by using the integrated radar sensor detecting the distance and the speed of the objects in front of the user.

Company: Unitehna Alati

Project: “Vine/Fruit Green Pruning Device“- Company is developing a new device for green pruning, controlled by an innovative pneumatic system.

Company: COFA Games

Project: “Awakening of Heroes“ – The project is developing a new multiplayer action Real Time Strategy video game deployed to various operating systems and different devices.

Company: Euro Cal

Project: “Innovative Ultrasonic Heat Meters“- The company will develop a new ultrasonic heat meter for chemical, processing, food and pharmaceutical industry.

Company: 365ads

Project: „Brides2Bride“- The project will develop a platform that will help future brides in wedding organization.

Company: Eipix Entertainment

Project: “Creating Worlds“ – Company is developing a fresh, free to play (F2P) video game which combines hidden object puzzle adventure style with rich interactive content, set in a story driven environment.

Company: Ekofungi

Project: “21st Century Food“- The company will develop a new technology for growing mushrooms with high nutritional value, for food and medical use.

Company: NS Web Development

Project: “Clinic in Cloud“- The project’s goal is to develop a patient and appointment management software system for clinics that will be offered as Software as a Service.

Company: Coprix Media

Project: “Interactive the World Around Us“- Company is developing a new game-based interactive learning tool for preschool and primary school children.


Projects Financed under the Matching Grants Program


Company: Techno Naiss

Project: “X-Ray Collimator With Automatic Filter Replacement” - The company will develop an advanced collimator with improved focusing capability and automatic filter replacement mechanism.

Company: Stan Technologies

Project: “High Speed Compact Size System for Filling and Sealing Yogurt in Preformed Cups” - The company will develop a compact, high-speed machine for filling and sealing yoghurt cups.