The Innovation Fund has approved financing in the total amount of 9.6 million euros for 41 projects of innovative companies within the first phase of the IPA project "Increasing innovation capacities and growth of small and medium-sized enterprises".

A total of 284 applications were submitted to the public call for the Early Development Program, the Innovation Co-financing Program and the Science-Business Cooperation Program. From that number, financing was approved for 27 projects of companies that are in the early stages of development, 8 projects of established companies and 6 joint projects of companies and scientific research organizations, with funds of up to 120,000 euros and up to 500,000 euros depending on the program.

"With great excitement and sincere pride, we can announce that the Innovation Fund has recognized the potential of our initiative. This idea, which emerged from months of painstaking experimentation and rigorous testing within our laboratories, has now received well-deserved attention. Artificial intelligence allows us to be significantly more competitive and efficient in the market and opens up numerous new paths to innovation that we have only just begun to explore. Three invaluable elements are indispensable to achieve exceptional results and increase productivity: experience, domain knowledge, and access to relevant data. Our project focuses on systematizing and digitizing these three elements and making them intuitively accessible at our fingertips, utilizing familiar communication methods with chatbots. This represents a revolutionary step in information access and knowledge management, which boutique consulting firms like ours can leverage to increase productivity even more than twofold. This opens the way to increased competitiveness and the possibility of successful competition with large consulting firms that dominate the market," stated Marko Marković, founder of Egzakta d.o.o.

The project with which Egzakta competed was "AI Powered Consultants Knowledge Hub". It is a solution designed to transform the consulting industry by addressing the unique challenges of small and boutique consulting firms, applying advanced AI models to create customized consulting documents and integrating productivity tools to optimize business processes.

The project is financed by the Innovation Fund from the European Union Pre-Accession Assistance and from the budget of the Republic of Serbia, the line of the Ministry of Science, Technological Development and Innovation.

The team participating in the project consists of Marko Marković, Ljiljana Milić, Marko Dadić, Dejan Petrović, Marija Đurović and Magdalena Pejović.

For more information, read the news on the Fund's website.