The newly established National Innovation Fund – a key unit for the innovative development of Bulgaria

Science and innovation policies are among the most crucial, both at the national and international level, and occupy a leading position in the recovery and strengthening of the capacity to respond to future crises and challenges. Pursuant to Article 52 of the Law, the National Innovation Fund (NIF) is being established as a secondary budget holder under the Ministry of Innovation and Growth (MIG), in order to become a key unit for the implementation of innovation policies in Bulgaria.

The newly created Statute of the NIF will provide specific mechanisms for financing innovative projects, which will facilitate the access of small and medium-sized enterprises and startups to financing. This is expected to lead to an increase in the number of supported projects, as well as to the attraction of additional private investments. These measures will help accelerate the transfer of technologies from laboratories to the market, thereby increasing the competitiveness of Bulgarian companies on the European and global market.

The adoption of the Statute is crucial for the implementation of the commitments under the National Recovery and Resilience Plan, as its delay may lead to the risk of loss of European funding and delay in reforms in the innovation sector. In the conditions of increasing global competition in the field of technology and innovation, the rapid adoption of the Statute will allow Bulgaria to position itself as an attractive destination for innovation and high-tech investments.

The current Decree also includes changes to the statutes of the Ministry of Innovation and Growth, the Executive Agency for the Promotion of Small and Medium-sized Enterprises, and the Bulgarian Investment Agency, which provide for the implementation of shared services activities. These changes optimize processes and administrative costs, such as accounting, legal services, public relations, and human resources, which will be provided to the secondary budget holders under the Minister of Innovation and Growth, to ensure more flexible and efficient management.