Innovation Fund

In pursuance of clause 5 of Decree of the President of the Republic of Belarus No. 357 of August 7, 2012, the Vitebsk Regional Council of Deputies adopted Decision No. 203 of August 23, 2012 "On approval of the Instruction on the procedure for forming and using the innovation fund of the Vitebsk Regional Executive Committee", as amended by Decision of the Vitebsk Regional Council of Deputies No. 172 of December 27, 2016.

This decision defines the procedure for forming and using the innovation fund.

According to clause 4 of the Instruction on the procedure for forming and using the innovation fund of the Vitebsk Regional Executive Committee (hereinafter referred to as the Instruction), approved by the decision, the innovation fund is formed by the regional executive committee through deductions in the amount of 10 percent of the profit tax paid in accordance with the legislation to the local budgets in the territory of the Vitebsk region.

According to clause 8 of the Instruction, financing of projects (works) from the innovation fund is carried out based on the results of competitive selection and departmental scientific and technical expertise, as well as, in cases provided for by law, the results of state scientific and technical expertise.

An announcement of the open competitive selection of projects (works, measures) for financing from the innovation fund is posted on the official website of the regional executive committee.

To participate in the open competitive selection, organizations applying for innovation fund resources must submit the following documents for commission review within the timeframe specified in the announcement: an application for participation in the open competitive selection with justification for the need to allocate funds from the innovation fund and the intended use of these funds; a business plan for the innovation project or a technical and economic feasibility study for the research work; documents confirming the novelty of the technology and/or product for the Republic of Belarus and/or the global economy; other documents and materials related to the implementation of projects (works, activities).

During the open competitive selection, when determining the winners, under equal conditions, the commission shall be guided by the priority significance of the projects (works, activities) for the Vitebsk region, as well as the potential economic, social, and other benefits of the projects (works, activities).