This ensures funding for all submitted projects, which exceeded the initial €3.7 million budget.
The call, which had not been held since 2018, will now have a total budget of €5 million.
The Government of the Balearic Islands will increase by €2.3 million the grant program to promote innovation and digitalisation in small and medium-sized enterprises (SMEs). The large number of projects submitted exceeded the initially budgeted €3.7 million, prompting the Directorate-General for Innovation and Digital Transformation to increase the total amount to finance all proposals meeting the requirements. As a result, the total budget for the call rises to €5 million. This marks the first time in seven years that such grants have been offered.
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Balearic Government Increases SME Innovation Aid by €2.3 Million
The call is organised into six programs, each with several lines, and has approved a total of 75 fully compliant projects.
- Program I – Improving SMEs’ innovation capacity: three applications in line 1.1 for R&D&I project certification, and two projects in line 1.2 for innovation support services.
- Program II – Creation of Innovative Business Groups (AEI): three approved applications, helping to increase the number of clusters and further energise the productive fabric.
- Program III – Business management digitalisation and digital marketing: 19 projects approved.
- Program IV – Acceleration and open innovation:
- Line 4.1 for SMEs with disruptive initiatives: 14 proposals approved.
- Line 4.2 for innovation support services for SMEs specialising in immersive environments: two projects approved.
- Program V – Organisation of innovation-related events: ten projects approved.
- Program VI – Investment in innovation: 22 proposals approved.
The aid is co-financed by European Regional Development Fund (ERDF) resources and will run until 2028. They also form part of the Regional Innovation Strategy for Smart Specialisation (RIS3) of the Balearic Islands for the 2021–2027 period.
“These grants, which had not been available to Balearic SMEs for seven years, reflect the Government’s strong commitment to transforming the economic model—a process in which innovation and technology must be fundamental pillars. The island condition presents specific challenges for our companies, so strengthening their competitiveness is essential if we want to achieve sustainable economic development and improve social well-being,” stated Antoni Costa, First Vice-President of the Government and Minister of Economy, Finance, and Innovation.