New €2m RIF funding programme for innovative businesses accepting applications

12:44 - 10 March 2025

Companies Reporter

The Research and Innovation Foundation (RIF) new call for proposals under the €2 million "Fast Track Innovation" programme is underway .

As stated in an RIF announcement on the programme's official start on 10 March, the Fast Track Innovation programme is open to businesses from all sectors that are ready to invest in the rapid development and international promotion of competitive, innovative products and services.

The programme "supports the enhancement of existing products, services, or processes through research and development activities, as well as the creation of new products and services that generate new revenue streams in a short period," an RIF press release says.

According to the statement, eligible businesses must already be active in the market, have a minimum annual turnover of €200,000, employ at least four (4) staff members, and offer innovative products or services that are at least in the testing or pilot stage. The maximum funding amount per project is €200,000, with a project duration of 9 months.

It is noted that the submission deadline for proposals is 30 April, 2025, at 1pm. This 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 parties can find more information and submit their proposals via the IRIS Portal of the Research and Innovation Foundation: https://iris.research.org.cy/, while an online seminar is being organised on 14 March (11am).

For any inquiries, applicants may contact the RIF Support Service via email at support@research.org.cy or by phone at +357 22205000, the startement concludes.

New €2m RIF funding programme for innovative businesses accepting applications

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