Vlada Republike Srbije Sekretarijat za Javne politike The World Bank

Based on the Article 8 of the Budget Law of the Republic of Serbia for year 2018 (“Official Gazette of RS” No. 113/17) and Government Decision RS 05 No. 401-968/2018 dated February 6, 2018, for the purpose of implementing the Law on the ratification of the Loan Agreement (Competitiveness and Jobs Project) between Republic of Serbia and International Bank for Reconstruction and Development (“Official Gazette of RS” – International Agreements No. 24/15-4)

The Innovation Fund


Public Call for the Mini Grants Program

Program objective is to stimulate creation of innovative enterprises based on knowledge via private sector start-ups and/or spin-offs by providing financing for market-oriented innovative technologies, products and services with high commercialization potential.

Duration of projects under the Mini Grants Program can be up to 12 months.

The amount of financing that Innovation Fund awards under the Mini Grants Program will cover a maximum of 85% and up to EUR 80,000 of the total Approved Project Budget. The minimum of 15% of the total Approved Project Budget is to be secured by the Applicant from other, preferably private sector sources, independently of the Innovation Fund.

Terms of Participation in the Program

Conditions to be met by Applicants for financing under the Mini Grants Program, as described in the Mini Grants Program Manual:

  • The Applicant is a legal business unit, incorporated under applicable/current Serbian Company Law, registered at the Serbian Business Registration Agency (SBRA) and located in Serbia;
  • The Applicant is a micro or small sized company in accordance with the current Law on Accounting of the Republic of Serbia;
  • The Applicant is a private sector company (at least 51% privately owned)
  • The majority of Applicant ownership is Serbian (Owned by Serbian citizens – passport holders)

Not eligible Applicants for Mini Grants Program:

  • Applicant has received financing from any other Innovation Fund financing program for the same activities;
  • Applicant has raised EUR 500,000 or more in total financing (equity, debt or grant) from public or private sources;
  • Applicant is majority owned (greater than 50%) by a parent company that is an operating or holding company that:
  1. Has raised/received EUR 500,000 or more in total financing (equity, debt, grant or combination thereof) from public or private sources, or
  2. Has revenue or is part of the group that had revenue over EUR 2,500,000 in any prior years.
  • Applicant that has liquidation or bankruptcy cases running against them at the time of submitting the Application;
  • Applicant that has been banned, permanently and temporarily, from running its business operations;
  • Applicant that has not paid all due taxes, contributions and other levies in conformity with national regulations;
  • Applicant that is submitting for a third time an Application substantially the same as any two previously submitted Applications (i.e. based on the substantially same or similar innovative technology, product or service and business plan);
  • Applicant that is already implementing a project within the IF’s Mini Grants, Matching Grants and the Collaborative Grant Scheme Program at the time of the submission.

The allocation of funds under the Mini Grants Program is conducted in accordance to the State aid regulations, as described in the Innovation Fund’s Rulebook on applying state aid rules as well as applicable law governing state aid rules.

Funds for implementation under the Mini Grants Program can be used for financing of the following expense categories:

  • Salaries (inclusive of social benefits for employees working on the project);
  • R&D equipment and supplies;
  • Offices and business support;
  • R&D services, subcontracts;
  • R&D experts/advisors;
  • Patent application and fees, certifications.

Funds of Mini Grants Program can’t be used for financing of the following expense categories:

  • Interest or debt owed to any party;
  • Expenditures and provisions for possible future losses or debts;
  • Taxes, including VAT, duties and charges;
  • Items already financed through another framework, program or company/institution;
  • Currency exchange losses, fees and penalties;
  • Marketing, sales and distribution costs for promoting the technology, product or service;
  • Entertainment and hospitality expenses;
  • Recruitment, relocation or subscription costs;
  • Travel costs (including per diems);
  • Purchase of land or buildings, including any renovation;
  • Any activities outlined in the Annex A (Exclusions) of the Environmental and Social Management Framework publicly disclosed on May 8, 2015 available at: http://www.innovationfund.rs/documents/Mini_Grants_2017/Environmental_and_Social_Management_Framework_ENG.pdf
  • Cash payments from the dedicated project account.

Application documentation

In order for any Application to be evaluated, it needs to be submitted as a complete, structured documentation package within the given submission deadline electronically through the Innovation Fund’s portal complete set of necessary Application documentation can be found on the Innovation Fund’s website and the Mini Grants Program portal (http://www.innovationfund.rs/mini-grants-about-the-program/ ) Applicants are obligated to use predefined document templates provided by Innovation Fund.

In order to apply for financing Applicants are required to submit following documentation:

  • Applicant statement;
  • Business plan;
  • Project budget;
  • Project presentation;
  • Environmental Screening Questionnaire (ESQ);
  • CVs of the key personnel engaged in the project (maximum 5);
  • Financial statements for the current year, where applicable.

Due to the international two-phase evaluation process,  submitted project proposal documentation must be in English, except in situations where this is not applicable.

It is possible to submit only one application.

The deadline for Application submission is June 1, 2018 by 15h.

Incomplete Applications, as well as Applications that are not submitted until the submission deadline will not be considered for further evaluation.

Manual which details the conditions of the Mini Grants Program and set of the required documents are available at: http://www.innovationfund.rs/mini-grants-about-the-program/

Plese use the following link for application: http://www.innovationfund.rs/apply/

Innovation fund

Science Technology Park Belgrade

54/B4/2 Veljka Dugoševića St

Contact: minigrants@inovacionifond.rs