FITR introduces a new Corporate Innovation Program

The Fund for Innovation and Technology Development introduces a Corporate Innovation Program that shall enable the establishment of partnerships and strengthen the cooperation between the corporate sector and start-ups, newly established companies.

The Corporate Innovation Program introduced by FITD for the first time aims to encourage innovative projects and their proper application, exchange of experiences and knowledge, business promotion, growth and development of both parties.

The program envisages allocation of funds and/or technical support to newly established companies (start-ups) that shall enable improvement of the realization and placement of their products and services through cooperation with companies that have a significant presence and influence in the market.

On the other hand, this program allows the corporate sector to gain direct access to innovative solutions for improving its operations, better placement of products and services and conquering new markets. Thus, the corporate sector shall make a significant contribution to the development of the start-up ecosystem and the innovative economy, while ensuring socially responsible positioning

“The purpose of this program is to motivate large corporations and brands, in partnership with the Fund, to be actively involved in the development and transformation of the Macedonian start-up ecosystem. The fact that so far 300 start-up companies are supported by the Fund, shows that the Macedonian start-up ecosystem is developing rapidly and partnerships with already proven corporations and brands will further accelerate the transformation process and enable Macedonian start-ups to be more competitive on a national but also on a global level." said Kosta Petrov, acting director of FITD and added that the institution, through several initiatives, is working intensively on positioning the Republic of North Macedonia as a regional start-up hub.

Representatives of the corporate sector, i.e. companies, starting from today and throughout the year can apply for the Corporate Innovation Program by submitting a completed form with basic data about the company, area of operation and a short proposal-concept for partnership or cooperation with the Fund. Depending on the purposes, the cooperation shall be realized through different models, such as: organizing one-time events (challenges, hackathons), sharing resources (free tools, workspace), business development support (incubators, accelerators), etc. FITD shall establish a Commission for review of the submitted proposal-concepts, while the approval shall be done on the basis of precisely defined criteria.