The purpose of this instrument is to provide financial support for the establishment, operations and investments of business and technology accelerators in accordance with the provisions of the Law on Innovation Activity. The business and technology accelerators (hereinafter: “accelerators”), are expected to play the key role in the national innovation system by providing resources conducive to accelerated and sustainable growth and development of the newly established start-up companies.
The support, through this instrument, will be awarded for establishment (optional) and operation of an accelerator, the implementation of a pre-investment program and investments. The accelerators shall provide services for the newly established start-up companies which shall include: office space (optional) and administrative support, training, counseling and/or mentorship, access to business support resources, as well as financial investments. The newly established start-up companies that use the services of the accelerator shall acquire the status of business and technology accelerator beneficiaries
Through this instrument, the Fund for Innovations and Technology Development shall provide financing of up to 75% (seventy five percent) of the total budget of the project, for a maximum amount of 500,000.00 (five hundred thousand) Euros for operational costs (phase 1- mostly, and some in phases 2 and 3) and actual investments (in phases 2 and 3).The remaining amount of the total budget of the project should be provided by the applicant(s). The funds received from the Fund pursuant to any other grounds or any other form of state aid shall not be acceptable as co-financing of the Applicant.
Entities eligible for financing under this instrument shall be legal entities that provide services for the newly established start-up companies such as: office space (optional) and administrative support, training, counseling and/or mentorship, access to business support resources, as well as financial investments ( “acceleration services”).
Such entity must meet the following eligibility criteria:
In the event of a public-private partnership, the provisions of the Law on State Aid and the Law on Concessions and Public-Private Partnership shall apply.
The Agreement for Awarding Funds shall be signed between the Fund, on the one side, and the accelerator, on the other side