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Programs

From 2017 to 2018 the EU4Business “Support to SME Development in Armenia” (SMEDA) project, which is co-funded by the European Union and the German Federal Ministry for Economic Cooperation and Development (BMZ) and implemented by GIZ’s Private Sector Development in South Caucasus Programme, in cooperation with Enterprise Incubator Foundation announced Innovation Matching Grants (IMG) and Technology Entrepreneurship (STEP) grants competition.

Both grant schemes specifically targeted tech oriented SMES and projects. Altogether 34 companies received funding in two grant programmes consisting of 2 cycles. In the first cycle companies received 8 IMG and 5 STEP grants (selection in 2017) with up to 50K Euro funding for 12 months. In the second cycle companies received 6 IMG and 15 STEP grants (selection in 2018)

with up to 30K for 9 months and between 4-15K Euro funding for 6 months.

EU-GIZ STEP Program + -

EU4Business Science and Technology Entrepreneurship (EU4Business STEP) program is aiming at igniting the spark of entrepreneurship and advancing innovative technology-based ideas to the market. The overall objective of the program is to help start-up teams, innovators, scientists, engineers, researchers, and entrepreneurs move their ideas and products to the market, create new ventures, and promote innovation and entrepreneurship in Armenia. The grant is linked to a mentorship support scheme.

The specific aim of the call is to support the development of technology driven business ideas and commercially viable technologies. This idea seed grants target the facilitation of a further development of technology projects and their customer validation.

EU-GIZ IMG Program + -

Innovation Matching Grants (IMG) program aims to support technology-oriented ventures and to increase the competitiveness of existing SMEs by providing financial and technical assistance to develop new innovative products and services for domestic and global markets. Furthermore, the project aims at stimulating the rate of technology absorption, technology transfer, innovation, and commercialization of research ideas in the private sector, and also fostering the collaboration between research centers and SMEs. In particular, the program emphasizes the support of the development of viable technology enterprises in regions of Armenia, such as Gyumri and Vanadzor.

From 2019 to 2021, in the framework of Trade Promotion and Quality Infrastructure (TPQI) Project supported by the Government of RA and WB, Enterprise Incubator Foundation administered a series of matching grants programs in ICT and High Tech as a supporting mechanism for creation, growth and competitiveness of knowledge and technology-driven enterprises in Armenia, as well as for encouraging traditional sectors to adopt new technologies. These programs include Innovation Matching Grants (IMG) and Regional Matching Grants (RMG). EIF’s matching grants programs are intended to provide grants to support new solution, product, service or process adaptation, improvement and/or development, which would stimulate the rate of technology absorption, technology transfer, innovation and commercialization in the private sector, foster collaboration between research centers and industries and promote the development of new technology-driven companies across Armenia, with particular emphasis in supporting the development of viable technology enterprises in regions/marzes of Armenia.

As of 2021, 7 companies received 240K funding for 12 months.

WB IMG Program + -

Innovation Matching Grants (IMG) is designed to provide financial assistance to teams, technology startups (may vary from development of mobile application and web project to development of complex software, solving different business process issues or complex engineering solutions) and up to 3-year-old (at the moment of application) existing technology companies/ SMEs to support their development of innovative products/services and/or market them.

The grant size will range from a minimum of 5,000,000 AMD to a maximum amount of 25,000,000 AMD.  Quarterly disbursements will not exceed 25% of the total grant amount.  This grant provides funding for up to 50% of eligible expenditures estimated by a qualified Applicant (teams, startup, and existing companies) for development and sales, expansion of existing and/or new solution, product/service meeting the objectives of the project.

The Applicant must ensure availability of the remaining 50% of estimated matching funds in cash from other sources, such as private sector industry, private investors, venture capital, private equity funds or the Applicant’s own internal resources (loans are not permitted except when loan is provided by one of the co- owners of the company).

WB- RMG Program + -

Regional Matching Grant (RMG) are designed to provide financial assistance to technology startup teams and companies to accomplish the development of innovative technology products/services and the marketing of them, as well as to expand their operation in regions. All projects under the respective grant program must show a clear commercialization strategy and be aimed at implementing the business project in different regions.

These grants supporting technology businesses in regions will range in size from a minimum of 5,000,000 AMD to a maximum of 25,000,000 AMD to applicants (company or team) for development and sales, expansion of existing and/or new solution, product/service meeting the objectives of the project.  Quarterly disbursements will not exceed 25% of the total grant amount.

These grants supporting technology businesses in regions provide funding for up to 85% of eligible expenditures estimated by a qualified Applicant (company or team) for development and sales, expansion of existing and/or new solution, product/service meeting the objectives of the project.

The Applicant must ensure availability of the remaining 15% of estimated matching funds in cash from other sources, such as private sector industry, private investors, venture capital, private equity funds or the Applicant’s own internal resources (loans are not permitted except when loan is provided by one of the co- owners of the company).