The Fund for Innovations and Technology Development provides a budget amounting to €1.300.000 as assistance in co-financing grants supporting projects of the companies. The overall budget is allocated into three instruments in the second public call issued on Monday (Sept. 21) by the Fund for Innovations. All interested companies can apply until Oct. 21.

Deputy PM for Economic Affairs Vladimir Pesevski told Tuesday that co-financing grants for start-up and spin-off companies shall provide financing in amount to €30.000 per project and the overall budget of this instrument amount €300.000.

The instrument for co-financing grants and conditional loans for commercialization of innovations shall provide financing to maximum amount of €100.000 per project and the total budget of this instrument is €600.000. And the instrument for co-financing grants for Technology Transfer will provide €200.000 per project, while the total budget of this instrument amounts €400.000.

Differently from the first public call opened for start-up companies registered in Macedonia not older than 6 years, this public call is an opportunity for more mature companies to apply because through the instrument for commercialization of innovations, larger projects are finances, Pesevski said.

The cooperation between micro, small and medium enterprises is encouraged through the commercialization of innovations, but also between science and industry. The emphasis is put on collaboration in the instrument of transfer of technologies, where encouraging approach and a joint performance of micro, small and medium enterprises aimed at accomplishing bigger impact on the sector and the economy as a whole. This tool is aimed at supporting the implementation of technological improvements, standardization and certification of enterprises in order to better competitiveness of the companies outside of Macedonia, Pesevski said at a press conference.

Director of the Fund for Innovations and Technology Development Jasmina Popovska said that the conditions for star-up instrument and instrument for commercialization of innovations are similar. Both project proposals for the two instruments will be evaluated according to innovations, the team that implements the project, quality of proposed application and impact on environment and business. Micro, small and medium enterprises that have innovative project can apply for the two instruments while companies not older than 6 years can apply for start-up instrument, she underlined.

Pesevski noted that innovative companies usually record faster growth than the economy as a whole and they positively influence the economy. The Fund for Innovations’ instruments influence on acceleration of the development of innovative projects and growth of the Macedonian companies.

The first call issued by the Fund for Innovations and Technology Development selected 16 start-up and spin off companies that are already working on the development of innovative projects. Funds provided €460.000 to these companies, Popovska said.