Revitalizing Cypriot SMEs with Innovation Vouchers
In a significant move to bolster the competitive edge of local businesses, the Research & Innovation Foundation (RIF) has reinvigorated its innovation vouchers programme. The initiative now offers a substantial €10,000 per project, coupled with complimentary support services, to aid Cypriot small and medium-sized enterprises (SMEs).
The RIF’s announcement highlighted the programme’s objective to grant SMEs access to specialised expertise, essential for enhancing their market position. The innovation vouchers serve as a bridge, connecting businesses with entities that possess advanced technical knowledge. This partnership is designed to be a springboard for refining existing products and services or inventing new ones.
Emphasizing ease of use, the RIF has ensured that the proposal submission process is straightforward, requiring only a concise five-page document. To expedite innovation, a streamlined evaluation process has been put in place for swift outcomes and rapid project execution.
Reflecting on the success of the programme, the RIF noted that previous recipients of the innovation vouchers have forged substantial partnerships with knowledge-intensive organizations. These collaborations have been instrumental in empowering them to innovate and elevate their offerings.
The current call for proposals boasts a total budget of €310,000. Productive SMEs with a workforce ranging from 4 to 29 permanent staff members are eligible to apply, subject to certain conditions. Proposals are to be submitted via the RIF’s IRIS portal by October 9, 2024, at 1:00 PM, or until the allocated funds are fully utilized.
This programme is part of the broader efforts funded by the NextGenerationEU Recovery and Resilience Facility, aimed at fostering a resilient and innovative economic landscape in Cyprus.
For those interested in learning more about the innovation vouchers and how to apply, RIF is hosting an informative webinar on May 28 at 10:00 AM. Additionally, inquiries can be directed to the Foundation’s Partner Service Center at 22-205000. Prospective applicants can register for the webinar and find further details on the eligibility criteria and application process online.
