InoConnect project call progress demonstrates business‘ optimism

Restrictions of travel, meetings and events because of COVID did not affect business‘ enthusiasm to apply for funding of EU project InoConnect.

This is a good sign, showing business‘ optimistic expectations about outlook and directions of future activities.

Project funds participation in the R&D themed events by European Enterprise Network.

Acording to Lithuanian Business Promotion Agency (LVPA) data, there was a slowdown of applications in spring, but it recovered despite COVID related uncertainties, and it is likely that number of applications will equal or even exceed the results of the past years.

There were 18 applications for InoConnect funding in September – November alone. So far, 17 contracts have been signed, 9 applications being evaluated this year. Last year, 28 contracts have been signed, and during 2017 and 2018 – 23 contracts each year. 

LVPA director Aurimas Želvys says, that business development is not possible without new ideas, partners, markets, it has to be smart and needs investment to stay competitive in constantly changing environment. 

„Today‘s business uses innovative solutions, employs newest scientific achievements, but needs international experience and appropriate partners. Remote business events are very effective in exchanging ideas and finding new contacts, so we see that companies consider innovations an important factor of success and get ready to use R&D to maximum effect“,− comments Mr Želvys.

InoConnect project seeks to encourage international parnerships and networking through European Enterprise Network looking for possibilities to participate in international R&D incentives and finding international partners; also it aims at increasing R&D spending in Lithuania, R&D export and attracting FDI.  

Applicants – companies, science and technology parks and (or) cluster coordinators – can expect funding of up to EUR 10,000 (up to 50% of eligible expenses) to cover participation costs for R&D events‘ by European Enterprise Network.

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