Vlada Republike Srbije Sekretarijat za Javne politike The World Bank

The Matching Grants Program has the goal of expanding the possibility of cooperation between innovative micro, small and medium enterprises and strategic partners (for instance: the private sector, research and development organizations, investment funds and venture capital funds), with the intention to increase private sector investment into projects of technology development and commercialization for new and improved products, services and technologies.

This Program is designed for enterprises looking for significant financial resources to enter the technological innovation development cycle and cover the high costs of translating research into commercially sustainable products. Projects which apply for the Matching Grants Program can originate from any field of science and technology and can belong to any industry sector.

Applicants are micro, small and medium private enterprises founded in Serbia, which are engaged in development of technological innovations with a clear market need and the potential to create new intellectual property, as well as a competitive position on the global/local level.

The financing which the Fund awards through the Matching Grants Program can cover a maximum of 70% of the total approved project budget for micro and small enterprises and up to 60% for medium enterprises. The maximum amount which the Fund can award cannot exceed EUR 300,000 and the maximum duration of projects within this Program is up to 2 years.

Co-financing of a minimum of 30% of the total approved project budget for micro and small enterprises and 40% for medium enterprises needs to be provided by the applicant from other private sources independent of the Fund.

The final decisions regarding financing are made on a competitive basis by the independent international Investment Committee of the Innovation Fund. The number of financed projects depends on the quality of applications, and on the total amount of funds which are available or allocated to the Matching Grants Program. When and where possible, this Program will also strive to provide training in the areas of financial management, intellectual property protection and business development, as well as preparation of Awardees for the next phase of development through mentorship.

For more details on the Matching Grants Program and the application procedure for this Program, please inspect the list of documents on the right side of this webpage.