The Challenge Fund is the grant scheme of the project EU4Innovation, Phase II, 2023-2026 in support of innovative start-ups.

The objective of the Challenge Fund is to boost a vibrant innovation ecosystem in Albania, by offering an opportunity for access to finance to Albanian start-ups through an open, transparent and competitive application process, which provides applicants with a one-off, limited duration grant to overcome the uncertainties that inhibit innovation, research, and development. The assumption is that without challenge-fund support, such activities are either unlikely to happen, or will occur at a later stage, with reduced developmental effects.

The fund is managed by The Swedish International Development Cooperation Agency (Sida) and implemented in cooperation with Partners Albania for Change and Development.

The Challenge Fund is open to three subcategories of start-ups:

➢ Lot 1: Idea and Validation stage start-ups, i.e. a founder or a team in the early stages of developing an innovative business idea (not registered in QKB).
➢ Lot 2: Growth stage start-ups, i.e. a registered business entity (MSME1 ) within the first 12 months of operation (from the official registration of the business entity at QKB to the date of publishing the Call for Proposals).
➢ Lot 3: Scale-up stage start-ups, a registered business entity (MSME) within the first 13 months to 5 years of operation (from the official registration of the business entity at QKB to the date of publishing the Call for Proposals).

The Challenge Fund is open to all applicants that meet the following eligibility criteria. The grantees will be selected on a competitive basis. The overall fund of the Challenge Fund which will be distributed in three (3) Calls for Proposals, in the period of 2023-2026, is EUR 1,000,000. The fund will support up to 50 start-ups, with an average of 16 – 17 grantees from all subcategories of start-ups awarded in each Call for Proposals.

Priority Sectors

– Tourism and its related industries;
– Agriculture and agro-related industries;
– Green economy including climate smart innovations and energy;
– ICT as enabling (cross-cutting) technology for various sectors.

How to apply?

Apply online: https://apply.challengefund.euforinnovation.al/

The entire application process, evaluation, and answers to your questions will be done online, ensuring a transparent process.

Last date for submission of online application form: 22 December 2023, 6:00 PM