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Innovation Ministry to support innovation projects with HUF 53 bln

The government approved the Innovation and Technology Ministryʼs (ITM) research and development and innovation strategy, as part of which more than HUF 53 billion has been made available from Friday to support innovation projects from the HUF 145 bln limit of the National Research, Development and Innovation Office, minister László Palkovics said.

According to a report by state news wire MTI , the four freshly called tenders affect all participants of the "innovation chain", with funding made available to micro-, small and medium-sized businesses, large companies, as well as partnerships between universities and businesses.

The tenders serve job creation, the retention of existing jobs and, in particular, the strengthening of the R&D and innovation capabilities of SMEs.

A new type of tender is the one titled "SME Start Innovation", and the ministry will continue to allocate support to market-oriented R&D and innovation projects.

It will become easier to submit applications for patent and intellectual property protection, and Hungarian college students will be encouraged to study at foreign universities, Palkovics said.