The Research and Innovation Foundation (RIF) on Monday announced a new call for proposals under its Fast Track Innovation programme.
According to the announcement, the programme aims to support existing businesses that wish to invest in the development and commercialisation of innovative products and services. It has a total budget of €2 million.
“The Fast Track Innovation programme is open to businesses from all sectors that are ready to invest in the rapid development and international promotion of competitive, innovative products and services,” the foundation said.
“The programme supports the enhancement of existing products, services, or processes through research and development activities, as well as the creation of new products and services that generate new revenue streams in a short period,” it added.
The foundation explained that eligible businesses must already be active in the market, have a minimum annual turnover of €200,000, employ at least four members of staff members, and offer innovative products or services that are at least in the testing or pilot stage.
The maximum funding amount per project is €200,000, with a project duration of 9 months.
The submission deadline for proposals is April 30, 2025, at 13:00.
“This call follows strict timelines due to additional funding from the Recovery and Resilience Plan (RRP), which is expected to be completed by June 2026,” the foundation noted.
Moreover, the RIF mentioned that an online seminar on the initiative will take place on March 14, 2025, at 11:00am.
Interested parties can find more information and submit their proposals via the foundation’s IRIS Portal.
In addition, applicants may contact the RIF support service via email at support@research.org.cy or by phone at +357 22205000 for any additional inquiries.
