Nicosia: The Research and Innovation Foundation (RIF) has announced a new call for proposals under its “Fast Track Innovation” program. This initiative is designed to support businesses eager to invest in the development and commercialization of innovative products and services, with a significant total budget of £2,000,000.
According to Cyprus News Agency, the Fast Track Innovation program welcomes applications from businesses across all sectors that are prepared to invest in the rapid development and international promotion of competitive, innovative products and services. The program is focused on enhancing existing products, services, or processes through research and development activities, as well as fostering the creation of new products and services that can quickly generate new revenue streams.
Eligible businesses must meet certain criteria, including being active in the market, having a minimum annual turnover of £200,000, employing at least four staff members, and offering innovative products or services that are at least in the testing or pilot stage. The maximum funding available for each project is £200,000, with a project duration capped at 9 months.
The deadline for proposal submissions is set for April 30, 2025, at 13:00. This timeline is part of the strict schedule due to additional funding from the Recovery and Resilience Plan (RRP), which is anticipated to conclude by June 2026.
Interested parties can register for an online seminar scheduled for March 14, 2025, at 11:00 AM to gain further insights into the program. More information and proposal submissions can be directed through the IRIS Portal of the Research and Innovation Foundation at https://iris.research.org.cy/. For inquiries, applicants can reach out to the RIF Support Service via email at [email protected] or by phone at +357 22205000.
The Research and Innovation Foundation stands as Cyprus’ national authority for research and innovation, with a mission to promote and support research, technological development, and innovation within the country.