Innovation Vouchers

Short description of initiative/best practice

Innovation vouchers provide financial support MSMEs to engage with research and development (R&D) providers in order to solve innovation challenges and to enhance their innovation capacities. By providing funding for collaborations between companies and R&D providers, the programme aims to encourage the transfer of knowledge and technology from academia and research institutions to the private sector, which in turn can improve competitiveness and stimulate economic growth.

Serbia is one of the first countries in the region to adopt the so-called innovation imperative – the idea that successful participation in the world economy based on knowledge implies the ability to adapt and improve technological and research capacities based on cooperation between the public and private sectors.

Active since 2011, the Innovation Fund has been a pioneer in the institutional implementation of this imperative – primarily by increasing the capacity of start-ups and available resources for their growth. The Fund is thus part of a broader state innovation strategy.

The vision of the Fund is to, as a key state actor in the development of Serbia’s innovation system, contribute to the country’s economic growth by supporting innovation, strengthening the link between science and economy, establishing new and strengthening existing companies with innovative potential, through various financial instruments.

The Fund’s mission is to support the development of innovation through appropriate financial, technical and advisory support instruments to empower innovative enterprises and strengthen the link between research and development on the one hand and the business sector on the other, respecting the highest ethical, financial and business standards and practices.