These projects will be aimed at designing and developing innovative technologies used in medicine, transport, energy, agriculture, artificial intelligence and other sectors. The funding has been distributed to 10 micro enterprises and 1 small enterprise. This is part of the EUR 1 billion plan to strengthen the Lithuanian economy.
“Lithuanian regions are home to creative innovators who design and develop technologies that meet market needs. In doing so, they not only increase their visibility and competitiveness, but also create more opportunities for Lithuania. This shows that we are on the right track by investing in the development of innovative products and that this choice will bring real benefits in the near future,” says Aušrinė Armonaitė, Minister of the Economy and Innovation.
The “InoStart” funds will be used to design and develop a prototype smart T-shirt in the medical field, measures to verify the safety and efficacy of clinical trials, as well as an innovative biosensor for gluten in the human body. This area also includes the development of new and improvement of existing medicinal products.
A vertical wind turbine will be developed in the field of energy, and an innovative multi-layered distributed data transmission and processing system for real-time behavioural recognition and decision making as well as other innovative data transmission systems will be developed in the field of transport and technology development. Innovations will also be introduced in the field of artificial intelligence.
An AI-based system for the identification and optimal route for the collection of stones that interfere with agricultural activities is planned to be developed in the field of agriculture.
“The applicants have been particularly interested, therefore we have decided to fund not only the 11 highest scoring projects, but also 36 more projects in the second round, for which we will allocate EUR 5.7 million, after increasing the amount of the call. We hope that this will allow the development of technologies that will help both in everyday life and in professional activities,” says Iveta Paludnevičiūtė, Chancellor of the Ministry of the Economy and Innovation.
“InoStart” involves applied research and experimental development activities, patenting the products developed, and making the products ready for the market.
The maximum amount of funding available for a project is EUR 200 000 and the minimum is EUR 40 000. The maximum amount of funding available for patenting activities is up to EUR 30 000 and for making the product ready for the market – up to EUR 80 000.
To strengthen the Lithuanian economy, the Ministry of the Economy and Innovation will launch calls for funding totalling almost EUR 1 billion by the end of 2023. Around EUR 365 million has been earmarked for business, innovation and investment, EUR 320 million for the digitisation of the state and business, and EUR 268 million for the greener economy.
Funding under the “InoStart” measure comes from the Programme for the European Union Funds’ Investments 2021–2027.
