Fund for Innovations and Technology Development

Country

The former Yugoslav Republic of Macedonia

The Fund for Innovation and Technology Development was established in December, 2013, with the aim of encouraging innovation by providing additional resources to finance innovation, in view of the need to build a competitive economy based on knowledge.

The mission of the Fund for Innovation and Technological Development is to encourage and support innovation activities in micro, small and medium-size enterprises (MSMEs) in order to achieve more dynamic technological development based on knowledge transfer, development research and on innovations that contribute to job creation, and to economic growth and development, while simultaneously improving the business environment for the development of competitive capabilities of companies.

Our priorities and objectives are:
- improved access to financial support for innovation and technological development;
- promoting and encouraging innovation activities in Former Yugoslav Republic of Macedonia.

The focus of the operations of the Fund in particular includes:
-  Co-financing micro, small and medium-size enterprises (MSMEs) registered in the former Yugoslav Republic of Macedonia, with the aim of encouraging innovation activities, implementation of innovative solutions and innovative processes, introducing innovation and transfer of technology among companies, as well as support for companies which have high growth potential;
- Financing newly established micro and small enterprises registered in the former Yugoslav Republic of Macedonia, foundations and accelerators, with the aim of encouraging innovation among companies and transfer of results from scientific research into applicable, commercial activities by establishing “spin- off “companies;
- Achieving long-term positive contribution to the development of the national economy, improving competitiveness through technological and operational improvements and the provision of new jobs; supporting the formation of business and technology accelerators, entities providing infrastructural support for innovation activities in order to promote entrepreneurship by supporting individuals who want to establish an enterprise, as well as already established companies in their initial stage (not older than 6 years ) by providing educational, logistical and financial support.
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