Research and Innovation Foundation (RIF) announced the new programme "Enterprises Capacity Building in New Product Development" which gives the opportunity to businesses with 30 or more employees to staff themselves with qualified personnel and develop new products/services.

According to a RIF press release, a simplified procedure for the submission and fast-track evaluation of proposals will be applied.

As noted, the relevant project costs may be included as research and innovation expenditures in beneficiary companies' financial statements, allowing them to obtain tax relief.

The total budget of the Programme is €930,000 to support 31 enterprises.

For the procedure for submitting each proposal, interested parties should refer to the IRIS portal (https://iris.research.org.cy) of RIF.

It is noted that registering the project coordinator and organization with the system is required in advance and that the first deadline for proposal submissions is the 19th July 2024, 13:00 and the final deadline is the 9th October 2024, 13:00.

The project is funded by the Recovery and Resilience Mechanism of Next GenerationEU and implemented under the policy axis "Strengthening the Resilience and Competitiveness of the Economy".