Local innovative companies as of Feb. 18 will be able to apply for financial assistance with co-financing through the first programme of the Fund for Innovations and Technology Development for which EUR 600,000 have been singled out.

“EUR 2,280,000 are planned for this year’s four instruments of the Fund for Innovations and Technology Development and in general EUR 10 million are envisaged for overall functioning of the Fund,” Deputy PM for economic affairs Vladimir Pesevski told a news conference on Tuesday.

The first instrument, for which a call is due to be issued on Wednesday, envisages co-financing grants for nearly 20 projects by start-up and spin-off companies. Co-financing grants for technology transfer, commercialization of innovations and technical assistance through business-technology accelerators will be awarded through the remaining instruments

The government expects in the long run the projects and financial assistance through the Fund for Innovations and Technology Development to contribute to the opening of new jobs and companies based on knowledge and technologies with a higher exporting potential, i.e. more competitive economy.

“We hope this support will play a role in building the capacities of the Macedonian innovation companies, which will thus lead to strengthening of their capacities to absorb fresh knowledge and new technologies from other companies. It could also contribute to increasing the capacity for cooperation with companies in the region and beyond, hence increasing the threshold of technologies and knowledge that should in the long run affect the competitiveness of Macedonian companies and the economic development as well,” Deputy PM Pesevski said.

The director of the Fund for Innovations, Jasmina Popovska said the start-up and spin-off companies planning to send application for tomorrow’s call would be eligible to get up to EUR 30,000. The Fund, she added, finances 85% of the overall costs of the projects. The goal is to boost innovation in Macedonian enterprises and to stimulate the implementation of scientific university projects by setting up spin-off enterprises.

“We urge all micro, small and medium-sized enterprises, newly-established enterprises, spin-off enterprises and local companies of the citizens of Macedonia to apply asking for support from the Fund in an effort to implement their innovative projects with a potential for commercialization,” said Popovska.

The Fund for Innovations, she added, in the coming period in the municipalities will organize informative events about the way for securing financial assistance. The call, including conditions and the methodology to asses the applications, will be published in the press and posted on the Fund’s website.