Lithuanian Ministry of Economy and Innovation allocates €35M to support 35 innovative projects

The Lithuanian Ministry of Economy and Innovation has allocated €35M to support 35 innovative projects in the central and western Lithuanian regions. The Ministry has divided the projects into two schemes: InoPažanga for advanced innovators and Inobranda for mature innovators. €20M has been allocated to 23 projects of advanced innovators. They must have been in business for at least one year and have an operating income of at least €75K in the last three financial years, or from the date of the company's registration.

Twelve mature innovator projects have been allocated €15M. A mature innovator must have been in business for more than three years with an operating income of at least €300K in the last three financial years.

Advanced and mature innovators can be micro, small, and medium-sized enterprises (SMEs), as well as large companies working with SMEs. According to Aušrine Armonaitė, the Minister of Economy and Innovation, more than 130 businesses have submitted innovative ideas worth almost €115M. Aside from the allocated €35M, the Ministry plans to finance an additional €80M for around 100 positively evaluated projects. 

The support will be provided to companies in the fields of health and biotechnology, new production processes, materials and technologies, and information and communication technologies. Most of the projects will be implemented in Kaunas County, where they will carry out research and experimental development (R&D) activities. They will be able to patent the products and prepare them for the market.

Supporting innovative projects from Central and Western Lithuanian regions is one of the measures of the almost €1BLN package to strengthen the Lithuanian economy.