The Cyprus Research and Innovation Foundation (RIF) has launched the call for proposals for two major funding programs, aimed at strengthening the country’s business sector through innovation and research.

The programs, "Innovation Vouchers – InnoVouchers" and "Enhancing Business Capacity for New Product Development (NPD)", have a combined budget exceeding €1 million and are funded by the NextGenerationEU Recovery and Resilience Facility. Their goal is to enhance the competitiveness of Cypriot businesses by supporting research and development (R&D) activities and fostering the creation of new products and services.

Under the InnoVouchers program, RIF offers €10,000 per project to small and medium-sized enterprises (SMEs) with 4 to 29 permanent employees. The program allows SMEs to access specialized expertise from research institutions, helping them improve existing products and develop new ones.

The new deadline for proposal submissions is April 28, 2025, at 13:00.

The second program, "Enhancing Business Capacity for New Product Development (NPD)", supports businesses with 15 or more employees by providing funding for hiring specialized personnel in product development and engaging in R&D activities.

The total budget for this call is €750,000, with a maximum funding amount of €30,000 per project. The submission deadline is March 31, 2025, at 13:00.

Businesses selected for funding will also gain free access to innovation support services and knowledge transfer initiatives provided by RIF.

For more information, interested applicants can visit www.research.org.cy or contact the RIF Partner Support Center at +357 22205000 or [email protected].