5 million euros awarded to innovative Serbian companies

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The Innovation Fund has awarded five million euros in grants to finance 35 projects through a public call for the Early Development Program and the Science-Economy Cooperation Program, the organization said in a statement.
234 applications were submitted for the announced public call, mostly in the field of ICT, mechanical engineering, natural sciences, agriculture and food industry, and 22 projects of young companies and startup teams and 13 joint projects of companies and scientific research organizations were selected for the allocation of funds.
“Sensor-based device for professional pianists, software solution for optimization and control of energy consumption in buildings and plants, new technology for truffle production and processing, then mobile ECG device for detecting heart attack symptoms, ultrasonic sensor and pipeline leak detection software, only are some of the supported projects, which will be developed in the coming period,” it is stated in the announcement.
At the same time, the Fund announced a new public call for the allocation of grants for the development of innovations through the Early Development Program and the Innovation Co-financing Program, which is open until August 31, 2020 at 3 p.m.
Through the Early Development Program, technological innovations that are needed on the market are financed, and up to 80,000 euros are allocated individually per project.
Micro and small companies established in Serbia, majority privately owned by Serbia and not older than five years, as well as teams can apply for funds under this program.
The funding allocated by the Fund covers a maximum of 70 percent of the total eligible costs of the project, which lasts up to 12 months.
Through the Innovation Co-financing Program, financial support of up to 300,000 euros per project is awarded, and the beneficiaries are micro, small or medium enterprises with majority private ownership registered in Serbia.
The support enables companies to develop new products, services and technologies with high added value and encourage the commercialization of research and development of existing innovative companies, as well as the establishment of cooperation/partnerships with international companies/organizations.
The funding allocated by the Fund covers a maximum of 70 percent of the total eligible project costs for micro and small enterprises, and 60% for medium enterprises. Projects can last up to 24 months, Nova Ekonomija reports.