Two million euros are available by the end of the year for innovations and technological development through the newly-formed Innovations Fund. Quality is the sole criterion to support projects as the first ones are expected in September 2014. As of today, the Fund starts presenting the instruments being offered.

"All entities, both physical and legal, willing to be involved in the process will be completely informed in a bid to get quality applications and projects," Minister of Education and Science Spiro Ristovski said before Thursday's first-ever meeting with the Macedonian Chambers of Commerce.

He added that it was a crucial process for the country because "innovators will be directly connected with companies thus enabling direct development and increase in export and import."

Jasmina Popovska has been appointed at the helm of the Fund. "We are investing, stimulating and promoting innovations because they are the foundation of economy based on knowledge, which are expected to contribute to higher economic growth and more jobs," she stated.

Financing has been provided from the World Bank and the Rural Development Programme.

The Fund will allocate up to 30.000 euros for a start-up business, 100.000 euros for innovation commercialization, 200.000 euros for transfer of technologies and 500.000 euros for accelerators.

Founded in December 2013, the Innovations Fund was set up upon the request of the business community.