The World Bank Report No: ISR10302 Implementation Status & Results Serbia YF Innovation Serbia (P126229) Public Disclosure Copy Operation Name: YF Innovation Serbia (P126229) Project Stage: Implementation Seq.No: 3 Status: ARCHIVED Archive Date: 04-Jul-2013 Country: Serbia Approval FY: 2012 Product Line: Recipient Executed Activities Region: EUROPE AND CENTRAL ASIA Lending Instrument: Technical Assistance Loan Implementing Agency(ies): Key Dates Board Approval Date 23-Nov-2011 Original Closing Date 30-Nov-2014 Planned Mid Term Review Date Last Archived ISR Date 26-Nov-2012 Effectiveness Date 08-Dec-2011 Revised Closing Date 30-Nov-2014 Actual Mid Term Review Date Project Development Objectives Project Development Objective (from Project Appraisal Document) The development objective of the project is to assist in building the institutional capacity to stimulate innovative activities in the enterprise sector by: i. Supporting the operationalization of the Serbia Innovation Fund (SIF); ii. Piloting financial instruments for technological development and innovation in enterprises; and iii. Encouraging selected research and development institutes (RDIs) to engage in technology transfer and commercialization, and assisting in formulating RDI sector reform policy. Has the Project Development Objective been changed since Board Approval of the Project? Yes No Component(s) Component Name Component Cost Component 1: Capacity Building of the Serbia Innovation Fund 1.57 Component 2: Implementation of Financial Instruments Supporting Enterprise Innovation 8.50 Component 3: Provision of Technical Assistance to Research and Development Institutes. 1.00 Public Disclosure Copy Overall Ratings Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Overall Risk Rating Moderate Moderate Implementation Status Overview The Serbia Innovation Project continues to make good progress with a number of achievements. Page 1 of 6 The World Bank Report No: ISR10302 Capacity building activities under Project Component 1 are progressing well, with a number of training activities scheduled for the coming months. The Innovation Fund recently completed its 3rd call for proposals for the Mini and Matching Grant programs under Component 2. The Mini Grant Awardees under CFP 1 are in the last stages of their project with some impressive achievements. Public Disclosure Copy Under Component 3: Research and Development Institute (RDI) TA, the Bank team has completed three detailed assessment reports, for: Institute of Physics Belgrade (IPB), Institute of Food Technology Novi Sad (FINS) and Institute of Medicinal Plant Research (IMPR) and has begun to work with them on the implementation of their reform programs. A detailed assessment for a fourth Institution, the Institute for Molecular Genetics and Genetic Engineering (IMGGE) is planned. Locations No Location data has been entered Results Project Development Objective Indicators Indicator Name Core Unit of Measure Baseline Current End Target Amount of Innovation financing mobilized by Amount(USD) Value 0.00 28000000.00 29850746.00 SIF in addition to this EU IPA project. Date 05-Dec-2011 30-Apr-2013 30-Nov-2014 Comments The IF was designated to Specified as EUR 20,000,000 implement the Western in the PAD. Converted using Balkan Enterprise the exchange rate $1 = .67 Development and Innovation EUR, Exchange Rate Facility (ENIF) on behalf of Effective April 29, 2011, as the government. Total funds used in the PAD. raised are in the amount of EUR 28M, as indicated in the EDIF project application form approved by the WBIF Steering Committee on December 7, 2011. Number of active technology start-ups funded Number Value 0.00 23.00 10.00 Public Disclosure Copy Date 05-Dec-2011 30-Apr-2013 30-Nov-2014 Comments 23 technology start-ups were financed under the Mini and Matching Grant Programs (5 8 Mini Grants and 5 Matching Grants). Number of new products and processes Number Value 0.00 0.00 8.00 launched by beneficiary enterprises. Date 05-Dec-2011 30-Apr-2013 30-Nov-2014 Comments Page 2 of 6 The World Bank Report No: ISR10302 Number of technologies transferred by RDIs Number Value 0.00 0.00 3.00 Date 05-Dec-2011 09-Apr-2012 30-Nov-2014 Comments Public Disclosure Copy Dissemination of policy recommendations for Text Value No strategy policy exists. Policy Note and Action plan Disseminated to stakeholders RDI sector reform delivered to MoESTD with inputs for RDI sector reform strategy. Date 05-Dec-2011 30-Apr-2013 30-Nov-2014 Comments Intermediate Results Indicators Indicator Name Core Unit of Measure Baseline Current End Target Number of financial instruments designed and Number Value 0.00 2.00 3.00 introduced. Date 05-Dec-2011 30-Apr-2013 30-Nov-2014 Comments Matching and mini grant programs have been implemented. New instruments are under discussion through EDIF: 1) Enterprise Innovation Fund (ENIF) – venture capital fund financing innovative SMEs 2) Enterprise Expansion Fund (ENEF) – private equity fund for established SMEs with high growth potential 3)Loan Guarantee Facility (GF)to improve SME access to funds from banks. Under the forthcoming 2013 Public Disclosure Copy IPA Project on Technology Transfer, a new instrument to foster collaborative research will be designed. Number of networking and educational events Number Value 0.00 8.00 8.00 organized for enterprses, academia and Date 05-Dec-2011 30-Apr-2013 30-Nov-2014 research. Comments Major networking and educational events were: the project launch of the Mini and Matching Grant Programs, the Page 3 of 6 The World Bank Report No: ISR10302 IP Workshop (for RDIsand key stakeholders), EDIF workshop (for RDIs, private sector and government Public Disclosure Copy stakeholders), 2 Info-days for the selected companies (addressing project implementation and training held by the Serbian IP office) and a participation in the 57th International Fair ofTechnique and Technical Achievements�. Two additional events are planned for later this year Number of funded projects Number Value 0.00 23.00 20.00 Date 05-Dec-2011 30-Apr-2013 30-Nov-2014 Comments 23 Projects have been financed under the Mini and Matching Grant Program. Number of funded enterprises Number Value 0.00 23.00 15.00 Date 05-Dec-2011 30-Apr-2013 30-Nov-2014 Comments 23 Enterprises were financed under the Mini and Matching Grant Program. Number of SIF managers trained and applying Number Value 0.00 6.00 4.00 newly learnt skills. Date 05-Dec-2011 30-Apr-2013 30-Nov-2014 Comments The IF Project Managers and staff continue to receive training, with new trainings on due diligence and project management in Israel and Finland organized in the Public Disclosure Copy coming months. Number of start-ups mentored Number Value 0.00 27.00 10.00 Date 05-Dec-2011 30-Apr-2013 30-Nov-2014 Comments The companies financed under the mini and matching grant programs received training designed to improve the capabilities of emergent Serbian entrepreneurs, to Page 4 of 6 The World Bank Report No: ISR10302 build their businesses, and attract future investment. Mechanism to support training/mentoring for Text Value 0 Yes Yes innovative start-ups established Public Disclosure Copy Date 05-Dec-2011 30-Apr-2013 30-Nov-2014 Comments The Innovation Fund has delivered a training to two cycles of Grant Awardees and is currently identifying other training opportunities. Number of RDIs identified for technology Number Value 0.00 10.00 4.00 transfer and commercialization support Date 05-Dec-2011 30-Apr-2013 30-Nov-2014 Comments In total, 10 RDIs are receiving either detailed or general support under the Project Component 3. Three have committed to detailed TA while 7 others will participate in general TA in the form of workshops and trainings on areas identified as pivotal for RDI sector reform. Number of RDIs assessed jointly by Number Value 0.00 3.00 2.00 international experts & RDI management Date 05-Dec-2011 30-Apr-2013 30-Nov-2014 Comments Three RDIs (Institute of Physics Belgrade, Institute of Food Technology Novi Sad and Institute for Medicinal Plant Research) have undergone detailed technical assessments and have begun implementation of their reform agendas with World Bank Public Disclosure Copy support. A fourth detailed assessment is planned for late May 2013 for the Institute of Molecular Genetics and Genetic Engineering. Data on Financial Performance (as of 18-Apr-2013) Financial Agreement(s) Key Dates Page 5 of 6 The World Bank Report No: ISR10302 Project Ln/Cr/Tf Status Approval Date Signing Date Effectiveness Date Original Closing Date Revised Closing Date P126229 TF-11257 Effective 05-Dec-2011 05-Dec-2011 08-Dec-2011 30-Nov-2014 30-Nov-2014 Disbursements (in Millions) Public Disclosure Copy Project Ln/Cr/Tf Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P126229 TF-11257 Effective USD 9.52 9.29 0.00 2.61 6.65 28.00 Disbursement Graph Key Decisions Regarding Implementation As of today, there are no key decisions for disclosure. Public Disclosure Copy Restructuring History There has been no restructuring to date. Related Projects There are no related projects. Page 6 of 6