Vologda region to get 8 M RUR to support innovative projects

Russian Ministry of Economic Development will allocate 8 M RUR to Vologda Region as innovation grants to stimulate the operating of innovative companies. The region has won the competitive bid on the project to support scientific and technological developments and grants allocating.

The competitive bid of Vologda region on the Support of Research and Development Grants project admitted as the winner by the Ministry of Economic Development of the Russian Federation.

As reported by the Committee of Small and Medium Enterprises of Vologda region, to support innovative projects - small and medium-sized businesses - 14.9 M RUR of budget funds will be spent in total this year. The maximum size of grant may amount to 2 M RUR and the funds will be allocated to cover expenses associated with entering the market by innovative products, works or services.

The Support of Research and Development, Grants Allocation project is a new form of support for small and medium businesses of the region which was launched in 2011.

In order to qualify for the grant, regional businesses must submit an application to the Regional Committee for the development of small and medium businesses. Participants of the competition are the representatives of small and medium business carrying out innovative activities.