Presentation of the Innovation Fund


03.06.2011

Presentation of the Innovation Fund was held in the Solemn hall of the Rectorate of the Belgrade University on Friday, June 3rd, 2011.

Innovation Fund was established to provide financing for innovation activities through cooperation with international financial institutions, organizations, donors and the private sector. With the support of experts of the World Bank, the Fund is developing financing instruments to support early stage start-up and spin-off companies, to establish connections with the private sector R&D and to initiate creation of venture capital funds. These financing instruments target innovative companies with high growth potential.

The speakers at the presentation were: Deputy Prime Minister for European Integration, Mr. Bozidar Djelic; Minister of Education and Science, Prof. Dr. Zarko Obradovic; Interim Managing Director of the Innovation Fund, Ms. Ljiljana Kundakovic; Rector of the University of Belgrade, Prof. Dr. Branko Kovačević; as well as representatives from the World Bank: Mr. Loup Brefort, Head of the World Bank office in Serbia, and Ms. Natasha Kapil, private sector development expert for Europe and Central Asia.

Deputy Prime Minister for European Integration Bozidar Djelic said: “The Innovation Fund has secured amount of 8.4 million euros from EU Pre-accession Assistance – IPA funds, which will be available at that moment the agreements are signed. Initially, Innovation Fund will provide financing in the form of grants, but other financing instruments, including loans and equity capital are being development. The Innovation Fund will be our investment for getting additional resources in the EU itself, in general.”

Zarko Obradovic, Minister of Education and Science said: “The creation of the Innovation Fund is of great importance, because the Fund’s activities focus on connecting scientific research work with industry and private capital.”

Mr. Loup Brefort, Head of the World Bank in Serbia said that he shares a vision of the Government in which the future of Serbia should be directed towards innovations: “We are committed to providing assistance to the Government and the Innovation Fund, the entity that is in the best position to provide initial support for innovation.”

The presentation, organized with the aim of informing the public about the Innovation Fund, was attended by more than 200 guests, representatives of state institutions, universities and scientific community, as well as representatives from the private sector including domestic and foreign R&D companies.

Thanks to all the distinguished guests who have accepted the invitation and attended the presentation of the Innovation Fund.