RIF: Two active funding programs to support Cyprus’ enterprises

The submission process is currently underway for two key funding programs of the Research and Innovation Foundation (RIF), aimed at providing practical support to Cyprus' business community.

The programs, "Innovation Vouchers – InnoVouchers" and "Enterprises Capacity Building in New Product Development (NPD)," have a combined budget exceeding €1 million and are funded by the Recovery and Resilience Facility of NextGenerationEU. These initiatives seek to strengthen the competitiveness of Cypriot businesses by encouraging their involvement in research and development activities and fostering the creation of new products and services.

Specifically, through the "Innovation Vouchers – InnoVouchers" program, RIF offers €10,000 per project to Cypriot small and medium-sized enterprises (SMEs) employing between 4 and 29 permanent staff members. The program allows SMEs to access specialised expertise from relevant entities, supporting both the improvement of existing products and the development of new ones. The new deadline for proposal submissions is April 28, 2025, at 13:00. More details on the program can be found here: LINK

The second call pertains to the "Enterprises Capacity Building in New Product Development– NPD" program, which supports businesses with 15 or more employees by facilitating the recruitment of specialized personnel for product development and engaging them in research and development activities. The total budget for this call is €750,000, with a maximum funding of €30,000 per project. The submission deadline for proposals is March 31, 2025, at 13:00. More details on the program can be found here: LINK

Businesses selected for funding will automatically gain access to RIF’s free innovation support and knowledge transfer services.

For more information, interested parties can visit the RIF website at www.research.org.cy or contact the Foundation’s Partner Service Centre at +357 22205000 or support@research.org.cy.