Innovation Fund Visited by the World Bank Delegation, along with the High Representatives of the Government of the Republic of Serbia and the Delegation of the European Union to the Republic of Serbia

Posted in: News- Jun 02, 2014

Belgrade, June 2nd, 2014 – The World Bank delegation led by Ms. Laura Tuck, the vice president of the World Bank for Europe and Central Asia, visited the Innovation Fund, along with the high representatives of the Government of the Republic of Serbia and the European Union to the Republic of Serbia.

During the visit, the Innovation Fund presented its results under the Innovation Serbia Project which show potential of innovation driven growth in Serbia. The Innovation Serbia Project which is being implemented in collaboration with the World Bank and funded by the European Union Pre-Accession Assistance (IPA) in the amount of EUR 8.4 million has awarded EUR 6 million to innovative start-ups and technology-oriented companies across Serbia.

In addition to hearing about the Innovation Serbia Project results, attendees had the opportunity to meet selected financed companies (Coprix Media, Ekofungi, KreativTeh, mBrainTrain and Strawberry Energy), which demonstrated the results of their projects financed by the Innovation Fund.

Taking into consideration that most of the Mini Grants and all of the Matching Grants projects are still in the implementation phase, some notable results have been accomplished thus far: 8 products have been fully developed, 8 companies have generated revenue from sale or lease of their innovative products,  including mass produced items, white label solutions and beta devices, while 4 companies have successfully established new business  cooperation or partnerships, and 5 PCT applications and 15 national patent applications have been submitted. Through its financial instruments, the Innovation Fund has engaged over 30 R&D institutions and over 100 R&D experts and advisors from different fields.

With the aim of stimulating collaboration between academia and the private sector to commercialize R&D and promote technology transfer, the Innovation Fund is preparing the implementation of the Technology Transfer in Serbia project, which is to be finance through IPA 2013 funds in the amount of EUR 6.9 million.

The Innovation Fund will continue to work on creating a favorable regulatory environment that supports private sector investments in innovative SMEs with high growth potential, which are crucial to the development of a competitive economy.

The official announcement of the World Bank