Innovation Fund Serbia (IFS) - Serbia
The Innovation Fund Serbia (IFS) was founded by the Law on Innovation Activity in 2006 to encourage and manage financing for innovation in Serbia. It is modeled after international examples of similar organizations in order to provide financing for innovation and to encourage entrepreneurship in science and technology. IFS has a mandate to co-finance innovation through cooperation with international financial institutions, organizations, donors and the private sector.
The financing decisions are made by the international independent Investment Committee comprising international industry experts from areas of early stage technology development, finance and venture capital, entrepreneurship, business development and applied science.
Innovation Serbia Project
Capacity of the Innovation Fund to finance enterprise innovation has been built through the Innovation Serbia Project, financed by the European Union Instrument for Pre-Accession Assistance (IPA) funds for Serbia and administered by the World Bank. The project includes implementation of financial instruments stimulating R&D in commercial enterprises by the IFS through Mini and Matching Grants programs.
While Mini Grants Program aims to support early-stage development of projects with technical innovation and clear market need, the Matching Grants Program focuses on generating collaboration opportunities for Serbian innovative SMEs with strategic partners by lowering the risk in the initial phase of project development.
Western Balkan Enterprise Development and Innovation Facility (WB EDIF)
The Innovation Fund is representing Republic of Serbia in the Western Balkan Enterprise Development and Innovation Facility, comprising set of complementary measures for improving access to finance for SMEs and assisting economic development in the Western Balkans. The program has been launched in collaboration with the European Investment Fund, the European Commission and the European Bank for Reconstruction and Development. The WB EDIF aims to promote the emergence and growth of innovative and high-potential companies, as well as the creation of a regional venture capital markets.
SIF is in the final phase of the preparation of Serbia Research, Innovation and Technology Transfer Project (SRITTP). The project is to be financed through EU IPA 2013 sources in the amount of EUR 6.9 million with an aim to stimulate collaboration between academia and the private sector to commercialize R&D and promote technology transfer. The main objective is to facilitate reorientation of the public research sector toward the needs of the private sector.
The new project will support a framework for increasing the efficiency of future investments in research and innovation in Serbia and will consists of establishment of a centralized Technology Transfer Facility within the IFS and implementation of the collaborative R&D Grant Scheme that will be designed with the technical assistance support from the World Bank.
Marko Atanasovski, Interim Managing Director
11000 Belgrade, Serbia
Phone: +381 11 655 5696
Fax: +381 11 240 0348