articles | 17 May 2024

Cypriot small businesses to benefit from €10,000 innovation vouchers

The Research & Innovation Foundation (RIF) on Friday unveiled its revamped innovation vouchers programme, offering €10,000 per project along with free support services to Cypriot small and medium-sized enterprises (SMEs).

According to an announcement by the RIF, this initiative aims to boost their competitiveness by providing access to specialised expertise. The foundation explained that the innovation vouchers “enable SMEs to receive tailored services from entities with advanced technical knowledge, acting as catalysts for the improvement of existing products and services, or the development of new ones”.

The proposal submission process is straightforward, requiring a brief five-page document, and a streamlined evaluation process ensures quick results and project implementation. “Past beneficiaries of RIF’s innovation vouchers have successfully established significant collaborations with knowledge-intensive organisations, enhancing their capacity to innovate and upgrade their products and services,” the announcement noted.

The total budget for this call is €310,000. Eligible participants are productive SMEs employing between 4 and 29 permanent staff members, under specific conditions outlined here. Proposals must be submitted through the RIF’s IRIS portal by October 9, 2024, at 1:00 PM, or until the budget is exhausted. It should be noted that this programme is funded by the NextGenerationEU Recovery and Resilience Facility.

Interested parties can join an informative webinar hosted by RIF on May 28 at 10:00 AM or contact the Foundation’s Partner Service Center at 22-205000 for more information. Registration for the webinar is available here.

Source: Cyprus Mail

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