The Research and Innovation Foundation (RIF) announced today, Monday, a new call for proposals under the Fast Track Innovation program, with a total budget of €2 million.

The Fast Track Innovation program aims to support established businesses across all sectors that invest in the rapid development and international promotion of competitive, innovative products and services.

The program enables businesses to enhance existing products, services, or processes through research and development activities. It also supports the creation of new products and services that generate additional revenue streams in a short period.

According to the announcement, eligible companies must already be active in the market, have sales and a turnover of at least €200,000, and employ at least four staff members. Additionally, their innovative products or services must be at the testing or pilot implementation stage. Qualified businesses can apply for funding of up to €200,000, with a project duration of nine months.

The deadline for proposal submissions is April 30, 2025, at 13:00. The call follows strict timelines due to additional funding from the Recovery and Resilience Plan (RRP), which is expected to be completed by June 2026.

Interested applicants can find more details and submit proposals through RIF’s IRIS Online Services Portal: https://iris.research.org.cy/. A related online seminar will be held on March 14 at 11:00 a.m.

For any inquiries, applicants can contact RIF’s Support Service via email at [email protected] or by phone at +357 22205000.