Private Briefing September 2025
No. 150 | Year XIII
The September, 150th edition of Private Briefing is oriented towards preparations for the year’s final stretch, combining instruments that deliver quick operational effects with programmes that lay the foundations for competitiveness in 2026. We are launching a new major trilogy and, in its first part, the focus is on support for digitalisation and competitiveness, in the form of an analysis of the Go Digital and IGTF programmes, which combine financing and technical assistance for the introduction of digital solutions and innovation. We also analyse the RAS call for the internationalisation of the food and beverage industry, the Innovation Fund’s Smart Start as an early bridge from a validated idea to a prototype, and the Ministry of Economy’s grants for certified traditional and artistic crafts, financing the purchase of equipment and materials.
IF: New Smart Start for Focused Innovators
// The Innovation Fund’s Smart Start is a practical bridge from a validated idea to the first tangible product, designed for teams with a technological solution and a clear intent to commercialise. In this cycle, the Fund provides up to 5,4 million dinars per project, plus 600,000 dinars for mentoring support, addressing the gap between research grants and the first tranche of external capital, typically from venture funds. Eligible applicants are teams that have already completed initial validation and aim to reach a prototype or MVP within nine months, with evidence of user value and readiness for the next financing round. The programme backs focused local teams willing to commit fully to building their own market-viable solution. Teams comprise two to five members, a majority must be Serbian residents, and members must not hold stakes in other business entities. Once approved, the team is required to establish a limited liability company in Serbia, with the same residency and ownership restrictions, to reduce resource dispersion and ensure clear ownership and governance lines.
// Financially, the Fund covers up to 90 percent of the total project budget; in-kind contributions do not count as the team’s co-financing. The separate mentoring line of 600,000 dinars is outside that 90 percent, which matters because structured guidance accelerates decision-making, metric design and product refinement. Projects last six to nine months, a window that supports an iterative path from requirement definition and solution design to demonstrating a prototype to early users. The programme is open to all science and technology fields, with a focus on Smart Specialisation Strategy domains, for which at least half of the total envelope is reserved for sufficiently strong proposals. This balances breadth of innovation with directing public funds to areas with the highest development and export potential. Evaluation rests on three criteria: usefulness and competitive edge of the solution, market potential, and team competence. In addition to the “one team, one application” rule, applicants submit a short elevator-pitch video.
// In practice, early teams often stall when moving from lab or code to something users can test and investors can map to revenue. Smart Start is built for that gate, combining a grant that lowers early financial uncertainty with mentoring that speeds up market validation. The company-formation requirement and ownership limitations push discipline and timely decisions, while the nine-month horizon prevents drift and keeps attention on measurable outcomes. In effect, the instrument fills the early stretch of the financing chain, translates innovative ideas into prototypes faster, and creates the precondition to enter the next cycle with a proven MVP, whether through larger Fund programmes, venture capital, or corporate partnerships.
Trilogy of EU programmes for digitalisation and competitiveness: Go Digital and IGTF
// Following the trilogy dedicated to the green transition, we are opening a new thematic sequence: digital and sustainable as a realistic path for MSME modernisation. The digitalisation of processes, the introduction of e-commerce and the strengthening of research and development capacity are often the next step after improving the “green” dimension of operations. This transition is not conceptual but operational, since the same principle of combining financial support with technical assistance, already seen in “green” programmes, is now found in programmes for digital transformation, with additional emphasis on the availability of support outside urban centres. Within this framework, the first part of the trilogy analyses the Go Digital programme and the Innovation & Green Transformation Facility (IGTF), as two pathways towards the same goal.
The programmes are implemented by European development institutions in partnership with local banks. Go Digital operates through credit lines placed by the EBRD, combined with an EU grant component and technical assistance. The enterprise applies through its bank, the project is reviewed by both the bank and the EBRD consulting team, and after implementation and verification the grant portion is disbursed. IGTF is an EIB Global framework announced for the Western Balkans, combining bank loans and EU grants, with technical assistance planned through regional partners. It includes support for innovation, digital solutions and “green” investments. In Serbia it is expected to become operational at the beginning of next year.
Go Digital is conceived as a practical entry point into digitalisation for firms that know what they want to improve but lack the structure and resources to implement it quickly and with cost control. A typical mix of a short diagnostic, a defined activity plan and financing for smaller investments allows projects to be designed to deliver measurable results within a few months. The most common interventions include linking sales and inventory, introducing a basic ERP system, automating repetitive administrative tasks, quality control through digital checklists and real-time monitoring of work orders. The rules are clear and user-friendly: a predefined list of eligible costs, a time frame with milestones and the obligation to show results, for example shorter order processing, reduced scrap or higher stock turnover. An additional advantage for firms outside large cities is the advisory network that comes to the user, lowering the
opportunity costs of learning and implementation and avoiding the usual logistical bottleneck when everything depends on travel and schedule alignment. IGTF goes one level higher, linking research, development and innovation with green components that also generate business impact. In practice this could mean that a manufacturer developing new packaging simultaneously optimises energy consumption in the packing process, or that the introduction of a new digital quality-control tool is accompanied by a shift towards more sustainable materials. Such projects require more precise preparation, since alongside business logic there must also be a technological novelty or a clear “green” result, but they offer a wider range of eligible investments, including specialised services, testing, certification and software enabling traceability.
// In both lines the logic is not to attempt to change everything at once but to select three to five processes with the greatest effect on margin and turnover, then introduce a data standard, team accountability and a clear set of metrics. For this reason, programmes often require an internal organisation plan naming the project owner, the training method and the mechanism for monitoring adoption. A good practice is also to translate the technical description of the solution into the language of balance sheets and cash flows, for example how costs behave after implementation, over what period revenue is expected and what this means for short-term liquidity. This makes projects readable both to financiers and to management. The geographic dispersion of support is part of the design, offering standardised packages that work immediately in environments with limited access to specialised integrators. These can then be adapted, which keeps costs within plan, speeds up payback and reduces the risk of failure.
// This first text also provides the frame for the entire trilogy, which will continue in the next edition with the theme of competitiveness from within, through standards, knowledge and ESG, since procedures, quality management and compliance with buyer requirements are increasingly conditions for entry into supply chains.
SDA: Internationalisation with a grant for the food and beverage sector
// Among the programmes designed to support and build export capacity, the programmes of the Development Agency of Serbia have traditionally delivered very concrete results for food and beverage producers. A new call has recently been opened under the title Programme to Support the Internationalisation of the Food Industry and the Alcoholic Beverages Industry. The programme is intended to speed up entry into or expansion across foreign markets while addressing practical obstacles such as certification, marketing, modernisation of production lines and access to buyers. The total budget amounts to 45 million dinars, with individual support of up to 7 million dinars per beneficiary, sufficient to cover a substantial part of planned activities, subject to the obligation of own contribution.
The target group consists of micro and small legal entities and entrepreneurs already producing food and beverages for human consumption under their own brand, with verifiable export performance. The conditions are structured to favour operationally ready applicants, requiring at least two employees on the date of the call, sales revenue in 2024 of at least 12 million dinars and cumulative export revenue of at least 1 million dinars over the past three years. Sector specific requirements include HACCP or an equivalent in the food industry, and for distillates, beer and wine, the relevant registry entries and production capacities. Activities linked to primary agriculture and certain coarse processing are excluded, focusing the call on final, market ready products.
The support structure follows the key phases of internationalisation. For market positioning strategy, up to 60% of costs may be covered, to a ceiling of 1 million dinars, for analyses, regulatory requirements, distribution channels and pricing policy. Marketing and market adaptation cover the preparation of a plan, the design of brochures, labels and packaging, and optimisation of web presence, also up to 60%, up to 2 million dinars. Development and testing of new products are supported up to 60% and up to 2 million dinars, including laboratory testing at accredited bodies. Certification and standards implementation are eligible up to 60% and up to 1,5 million dinars, while ESG procedures are supported at 50%.
Participation ininternational fairs and promotional events is funded up to 50% and up to 3 million dinars, while the critical, and often expensive, phase of listing in distribution chains and online shops is supported through the “finding buyers” measure, up to 50% and 1 million dinars, with consulting assistance for contacts and preparation for B2B meetings eligible at 60%. Technological modernisation and innovation cover specific equipment, digital tools and technologist support, up to 40% of value and up to 5 million dinars, with higher rates for some activities within this group.
// The rules encourage combining activities. Applicants must propose at least two, and if standard implementation is included, certification of the same standard is also required, raising the minimum to three. The application requires proof of brand and placement in a foreign market, as well as sector specific certification documentation. This approach reduces the space for declarative projects and channels resources to firms that already have a market base but need acceleration to move from individual deliveries to sustained exports.
// The programme combines two groups of needs that, according to best practice, should be addressed together. The soft component covers strategy, marketing, standards and listings, without which entry into demanding markets is slow and risky. The hard component, modernisation and digitalisation of processes, improves quality, consistency and capacity. In this way the financing gap for fixed assets and related commercialisation costs is at least partially narrowed, since grants reduce the need for additional borrowing or for compromises in investment scale. For producers with a stable domestic chain and existing exports, this is an opportunity to consolidate presence in two or three target markets more rapidly, with discipline in selecting activities and realistic timelines. What makes the programme particularly relevant is its focus on micro and small enterprises. Their real needs often match the scale of amounts provided by the programme, while accessibility has traditionally been much lower compared to larger firms and systems. This makes the programme even more significant and worthy of attention, since it allows even the smallest firms to make internationalisation an operational topic of the next quarter rather than a distant vision.
Ministry of Economy: 100% grant for equipment and materials for traditional crafts
// The 2025 programme to support the development of traditional and artistic crafts and home-based handicrafts targets a small but important economic niche, workshops that preserve craft knowledge and contribute to the local economy, tourism and export segments. This September the Ministry of Economy has once again opened the possibility of direct procurement of equipment and raw materials, with a budget of 20 million dinars. The grant per beneficiary ranges from 80.000 to 300.000 dinars, sufficient to finance a concrete step forward, from modernising tools to securing a batch of raw materials for the season. The call is intended for holders of certificates for traditional and artistic crafts and home-based handicrafts, issued by the Ministry of Economy.
The mechanism is simple and operational, since the funds are intended for the purchase of new production equipment for professional use and or raw materials, based on a pro forma invoice not older than the date of the call announcement. The amount is approved at 100% of the purchase value including VAT, up to 300.000 dinars, and if the equipment is more expensive, the difference is covered by the beneficiary from own resources. Eligible to apply are entrepreneurs and legal entities classified as micro and small, registered no later than 31 December 2024, holding a valid certificate of
traditional or artistic craft or a confirmation of its extension. Only one application per participant is allowed. Evaluation is based on four criteria: impact on competitiveness in the business field, contribution to preserving cultural heritage and tradition, social significance through local and tourism offering, and contribution to sustaining and expanding operations. This scoring system values both the economic and cultural dimension of crafts, rather than only short-term turnover.
// In the context of financing small workshops, the advantage of this call is its simplicity and the rapid move from planning to procurement. Grants of up to 300.000 dinars do not solve large investments, but for typical craft workshops this often means a key machine, a set of professional tools or a sufficient quantity of quality material for more stable delivery in the coming months. In practice, small artisans often stall due to a lack of funds for modernisation, moving from basic production to something capable of generating more significant income. This programme is designed exactly for that transition, with a grant that reduces financial uncertainty and provides clear support for procurement. In this way it directly eases the usual financing gap for smaller fixed investments and initial stock, without slowing operations through additional borrowing. For workshops that operate seasonally or are linked to tourism, the possibility of financing 100% of the purchase value including VAT is a tangible advantage, with a clear obligation for the beneficiary to prove purpose and to procure through credible suppliers. Taken together, the call is a pragmatic instrument for small, certified artisans. A straightforward application process, targeted financing for equipment and materials, and clear criteria and rules make it a precise tool for workshops that want to maintain quality, speed up delivery and raise visibility in the local and tourism offer, without complicated procedures or long waits for results.
| KEY ECONOMIC INDICATORS | Sep - 25 | |
|---|---|---|
| 1 | Annual inflation | 4.70% |
| 2 | Reference interest rate | 5.75% |
| 3 | Unemployment rate | 8.50% |
| 4 | Average net salary - RSD | 109,071 |
| 5 | Average pension - RSD | 50,657 |
| 6 | Exchange rate RSD/EUR | |
| On the last day of the month | 117.1749 | |
| Average exchange rate for the month | 117.1724 | |
| 7 | Exchange rate RSD/USD | |
| On the last day of the month | 100.4328 | |
| Average exchange rate for the month | 100.8080 | |
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