Approved Financing for New Product Development

Innovation Fund logo

Belgrade, Jun 28 2013; 011LAB announced today that the Innovation Fund’s independent Investment Committee has officially approved a financing support for 011LAB new product development project, within the Mini Grants Program aimed to support startup companies in the early development (http://www.innovationfund.rs/innovation-fund-approved-over-eur-4-7-milli...).

011LAB has been selected in a highly competitive call for proposals, conducted in collaboration with the World Bank, to receive the financial grants from the EU pre-accession funds (IPA).

The ceremony of the winners announcement, in addition to representatives of the winning companies, has been attended by the Minister of Education, Science and Technological Development of Serbia, Zarko Obradovic, Head of EU Delegation to Serbia Vincent Degert, and the head of the World Bank Office in Serbia Lu Brefort.

Obradovic said that this program is an efficient mechanism for the development of innovative products and promote the competitiveness of Serbian enterprises, and invited entrepreneurs in Serbia to apply for the next Innovation Fund call for proposals.

Innovation Fund in the framework of the Innovation Program (Program of early development and co-innovation) in the previous two cycles awarded over 4.7 million EUR for 41 projects, chosen from among more than 300 submitted applications.

- The large number of high quality applications shows that Serbia has great potential. Fund Committee has worked hard and has awarded grants to the most successful companies with innovative ideas that will be able to develop and become more competitive in the market - said Degert.

Head of the World Bank in Serbia Lu Brefort stressed that these selected Serbian innovative companies have great potential for innovation and market development.

- These companies are the future of Serbia and connection of research in Serbia, Europe and the world - Brefort said, adding that it is expected to see successful products of these awarded companies on the European and world markets.