RIF launches €930,000 programme to fuel new product development

The Research and Innovation Foundation (RIF) this week announced the launch of a new programme titled “Enterprises Capacity Building in New Product Development.”

According to the announcement, this initiative aims to bolster businesses with 30 or more employees, enabling them to recruit qualified personnel and innovate with new products or services.

To streamline the process, RIF has introduced a simplified procedure for the submission and rapid evaluation of proposals.

The changes to the submission procedure are expected to significantly speed up the time it takes for enterprises to kick-start their innovative projects.

Importantly, the costs associated with these projects can be recorded as research and innovation expenditures in the financial statements of participating companies.

This accounting move will allow them to benefit from valuable tax reliefs, further incentivising participation in the programme.

With a budget of €930,000, the programme aims to support 31 enterprises in boosting their competitive edge.

This funding comes from the Recovery and Resilience Mechanism of Next GenerationEU, aligning with the broader policy axis of “Strengthening the Resilience and Competitiveness of the Economy.”

For businesses interested in applying, all proposal submissions must go through the IRIS portal of the RIF.

It is necessary for both the project coordinator and the organisation to register with the system beforehand.

The initial submission deadline is July 19, 2024, at 13:00, with a final cut-off on October 9, 2024, at the same time.