EIMIN to provide €7 million investment for innovative product development
The Ministry of the Economy and Innovation is launching a €7 million call to promote research and experimental development (R&D) in the country and the possibility of developing new innovative products.
"Every year, Lithuania spends billions of euros from the state budget on public procurement. To save money and make public procurement more efficient, we need to innovate. By investing in this measure, we will promote pre-commercial procurement and create incentives for companies to develop new and innovative products to meet the needs of the public sector," said Aušrinė Armonaitė, Minister of the Economy and Innovation.
Eligible applicants for this measure are contracting authorities and contracting entities that will carry out pre-commercial procurement during the project.
The projects will benefit from €5 million of investment from the European Union (EU) and €2 million from the state budget.
Projects in the Capital Region will receive up to €4 million and projects in Central and Western Lithuania up to €3 million. The maximum funding per project will be €1 million.
"The investment will finance the development and validation of an innovative product concept, the production of a prototype and a pilot batch. The investment may also cover the purchase of non-commercial quantities of products," says Iveta Paludnevičiūtė, Chancellor of the Ministry of the Economy and Innovation.
An innovative product is the result of an innovative activity. It becomes an innovation when it is introduced into the market, public administration, social or cultural sphere.
Project implementation plans can be submitted to the Public Innovation Agency until 31 March 2025.
The full terms and conditions of the call are available on the European Union Investment website.
Last updated: 08-10-2024
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