Smart Start
The goal of the Smart Start Program is to support promising teams that wish to launch their entrepreneurial careers, validate their business ideas through the development of a first prototype or a minimum viable product (MVP), as well as to demonstrate the usefulness of their products/services/technologies through concrete results that show potential for commercialization and further technological development.
Program Awardees will have access to financial and mentorship support, which will be crucial for implementing the first phase of market research, product development, establishing a sustainable business model, and preparing for the next stage of fundraising. The Innovation Fund (hereinafter: the Fund) may also organize a series of specialized workshops, depending on the conditions and needs of the Program, with the aim of providing Awardees with additional support in planning activities and efficiently developing their startup companies.
Financial Support
- Maximum amount of financing per project: up to 5,400,000 RSD
- Fund’s participation: up to 90% of the total project budget (excluding mentoring support costs)
- Applicant’s participation: a minimum of 10% of the budget, in cash, from private sources independent of the Fund (non-financial contributions are not eligible)
- Additional funds for mentorship support: 600,000 RSD
Eligibility
Teams of 2 to 5 members are eligible to apply if they meet the following conditions:
- At least 51% of team members must be residents of the Republic of Serbia.
- At least 51% of team members must not hold shares in other business entities in Serbia.
Obligations after the approval of financing
After the approval of financing, Applicants are required to:
- establish a limited liability company (LLC) in accordance with the Law on Companies;
- ensure that at least 51% of the proposed team members are co-founders, who at the same time must be 100% owners of the new company;
- the founders of the new company are residents of the Republic of Serbia, who do not hold shares in other business entities, and none of the co-founders may be the legal representative of any other company, regardless of ownership status.
Examples of founder structure
- Team of 2 members → both must be co-founders
- Team of 3 members → at least 2 co-founders
- Team of 4–5 members → at least 3 co-founders
The legal representative must be one of the founders.
Restrictions
- A team member may participate in only one application and be engaged exclusively in one project within any of the Fund’s programs.
- Applications that include team members already engaged in other Fund projects are not permitted.
Project Duration
Projects under the Smart Start Program may last a minimum of 6 and a maximum of 9 months.
Areas of Support
The Fund considers projects from all scientific and technological fields, as well as from various industrial sectors, with a focus on the priority domains of Serbia’s Smart Specialization Strategy. At least 50% of the Fund’s available resources under this public call will be allocated to projects from the abovementioned priority domains, provided that the submitted applications are of appropriate quality.
Necessary documentation
The complete set of necessary documents can be downloaded the following page: Documentation (August 2025).
Applications are submitted via the Fund's internet portal in English.
Public call: Open
Contact: smartstart@inovacionifond.rs
Presentation of the Smart Start program