“Innovation Fund was established by the Innovation Law in order to provide funding for innovations, particularly through cooperation with international financial institutions, organizations, donors and the private sector. The objective of the Fund is to promote innovation in priority areas of science and technology and to support commercialization of technology transfer thus enabling new technologies to reach the market.”

SIF has been created with Serbian Goverment, EC and World Bank support to build foundation for development of innovative technology SMEs in Serbia — initially through its grants of up to 80,000 Euros under the Mini-Grant Program and up to 300,000 Euros under the Matching Grant Program, as a prelude to creating VC funding mechanism and other vehicles critical to commercialization of new technologies Therefore, with the establishment of this fund, Republic of Serbia is looking to better position itself in the regional and the global race for innovative technologies.

The intention of the Fund is to contribute to the overall development of innovations through various financial instruments, particularly by fostering the establishment of new and strengthening the existing companies, by positioning them to access venture capital markets, and by attracting foreign direct investment in the high-tech R&D. Innovation Fund aims to promote linkages between research and technology development and economy, and encourage and support the development of innovative technologies.

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