The component encourages commercialization of innovations and technologies by grant competitions. For the promotion of innovative ideas there will be provided 2 types of financing : startup co-financing grants and innovations co-financing grant.
Within this component, 100 000 GEL will be issued for the implementation of one-year project. The applicant needs to provide at least 10% of the project budget as co-financing. Co-financing innovation grants includes promoting the innovations of business processes and the introduction of technologies for enterprises, which were previously registered at least 2 (two) years before the announcement of the grant competition. Innovation grants can be financed with a maximum of 500 000 GEL and two years expiration period. The applicant needs to provide at least 30% of the project budget as co-financing.
For detailed information about grants see Georgian Innovations and Technologies Agency portal www.grants.gov.ge
To ensure high quality applications, the participants of the grant competition will be provided technical support for information day by trainings and seminars, where they will get familiar with the rules of filling the application and will also receive assistance from the Investment Committee in preparation for the interview.