Innovation Fund Serbia (IFS) – Serbia

Short description: The Innovation Fund of the Republic of Serbia (IFS) is the national institution that provides financial support for innovation activities by managing public and donor funds. The intention of the IFS is to contribute to the overall development of innovations through promoting innovative entrepreneurship, implementing financing programs to the R&D-oriented projects and strengthening the linkage between academia and industry.

 About IFS

The IFS supports innovative Serbian companies, following the highest ethical, financial, and business standards and practices in its internal operations, treatment of staff and external relations with stakeholders. The IFS aims to promote linkages between academic-based research and technology development and industry, and encourage and support the development of innovative technologies.

Average annual budget ~ EUR 20 million

The IFS carries out business activities related to  funding of  preparation, execution, and development of its  programs, projects, and other activities in the sphere of implementation of the innovation policy. The IFS provides financial support for the implementation of development projects, i.e. for the creation of innovative products, services, and technologies for which there is a need in the market.

 Core financial programs:

  • Smart Start is a program of financial and mentoring assistance to support informal teams and start-ups in the earliest stages of developing innovative ideas.
  • Mini Grants Program is aimed to private young enterprises that are engaged in the development of technological innovations with a clear market need.
  • Matching Grants Program has the goal to stimulate further knowledge-based development of innovative enterprises, encourage the establishment of partnerships with international partners, and increase the number of technology-based companies.
  • Collaborative Grant Scheme is an financial program to support innovative projects with commercial potential created in cooperation between public R&D organizations and private SMEs.
  • Innovation Vouchers Scheme is a financial incentive that aims to encourage SMEs to use the services of the R&D sector to raise the level of innovation of their products and becoming more competitive on the market.
  • Proof of Concept offers financial and mentoring support for researchers engaged in product development for which there is a need in the market.
  • Technology Transfer Program aims to encourage the transfer of technology from the public academic sector to the industry sector.
  • Enterprise Acceleration Program is a new instrument that consists of intensive mentoring and co-investment grants for high potential startups.

 Staff: 30 employees

Ivan Rakonjac, Managing Director
Innovation Fund
Veljka Dugosevica 54/II/B4
11000 Belgrade, Serbia
Phone: +381 11 655 5696