650 000 GEL Innovation Matching Grants
Applicant/Recipient: Companies registered at least one (1) year before the call is launched with annual turnover of up to GEL 30 million per enterprise; consortia of organizations in which lead applicant is an enterprise.
Frequency of announcement: Rolling base, with quarterly announcement of results;
Amount of single grant: Minimum GEL 150,000. Maximum GEL 650,000 per project. During the entire IMG program, the applicant/co-applicant cannot obtain more than GEL 650,000
Private sector co-financing: 50% of eligible project costs (in cash) to be secured from
Single project length: up to 24 months
Innovation Matching Grants Program aims stimulate innovation and creation of innovative enterprises in the Georgian economy. The program will promote product, technological or business process innovation by Georgian MSMEs with a preference to innovation that introduces innovation on a global scale with a clear Georgian nexus and operations headquartered in Georgia.
The program will fund a portfolio of projects showing significant innovation and market potential. Projects should aim to develop new products, processes or services (or innovative use of existing ones) that are new at least to the Georgian market. Preference will be given to projects that introduce innovation on a global scale or enable provision of services to international markets.
Eligibility Criteria of applicants:
- private sector (at least 51% privately owned) business entity
- with annual turnover of up to GEL 30 million
- companies registered at least one (1) year before the call is launched
- 50% or more cannot be owned by other shareholder company
Eligibility /criteria of co-applicants:
- private sector (at least 51% privately owned) business entity incorporated under the applicable/current Entrepreneurs Law of Georgia;
- An authorized higher education institution (public or private) located in Georgia,
- Georgian scientific academies or scientific research institution
Innovation Matching Grants Program will be launched on 22 of May 2019 and be active during 2 years.