Bulgaria to back innovation, science via 89 mln euro grants

The first instrument, the Enterprise Innovation Fund, has a total budget of 32.17 million euro ($34.64 million) and will finance projects that foster entrepreneurial activity to create innovative companies, develop high-value products and services, improve access to knowledge, technologies and innovations in less developed regions and speed up the transition to a knowledge-based economy, the FMFIB said in a press release.

It is backed by funds from the Competitiveness and Innovation in Enterprises Programme 2021-2027.

The second facility, the Technology Transfer Fund, totals 56.6 million euro and aims to bridge the gap between science and business. The instrument will back spin-off companies, high-tech startups and enterprises based on knowledge, facilitating the transformation of scientific research into marketable products and technologies. It will also help deploy and accelerate startups around developed industries and clusters.

The resource is financed through the Scientific Research, Innovation and Digitisation for Smart Transformation programme and will be implemented alongside non-repayable financial assistance.

The FoF manages 1.8 billion levs ($991 million/920.3 million euro) under three programmes, according to its website. Its main activity is structuring and managing financial instruments co-financed by the European Structural and Investment Funds during the 2021-2027 programming period.

($ = 0.9287 euro)