The World Bank Report No: ISR16337 Implementation Status & Results Serbia YF Innovation Serbia (P126229) Public Disclosure Copy Operation Name: YF Innovation Serbia (P126229) Project Stage: Implementation Seq.No: 5 Status: ARCHIVED Archive Date: 17-Oct-2014 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 25-Aug-2014 Last Archived ISR Date 05-Apr-2014 Effectiveness Date 08-Dec-2011 Revised Closing Date 30-Nov-2014 Actual Mid Term Review Date 25-Aug-2014 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 Moderately Satisfactory Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Satisfactory Overall Risk Rating Moderate Low Implementation Status Overview The Serbia Innovation Project continues to make good progress with a number of achievements. Page 1 of 7 The World Bank Report No: ISR16337 Under Component 1, capacity building activities continue to progressing very well, with the Innovation Fund and new MOESTD leadership working closely to support new staff and management to engage in project activities and support new project preparation, IPA and World Bank. Under Component 2, the Innovation Fund recently completed the 4th call for proposals for the Mini and Matching Grant programs with continued strong interest from the enterprise Public Disclosure Copy sector. CFP 1 Mini Grant Awardees have completed their projects with some significant results, including the successful development of 10 new products/services or functional prototypes. Under Component 3, Research and Development Institute (RDI) TA, the Bank team has completed four detailed assessment reports, for: the Institute of Physics Belgrade (IPB), Institute of Food Technology Novi Sad (FINS) and Institute of Medicinal Plant Research (IMPR) and the Institute for Molecular Genetics and Genetic Engineering (IMGGE), and has begun to work with them on the implementation of their reform programs. In addition, the Bank team has completed three training high level workshops on topics of general interest to the RDI sector community and has developed a revised Policy Note on RDI Sector Reform for the Ministry of Education, Science and Technological Development to inform policy reforms. Locations Country First Administrative Division Location Planned Actual Serbia Central Serbia Belgrade ✔ 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 52000000.00 29850746.00 SIF in addition to this EU IPA project. Date 05-Dec-2011 01-Aug-2014 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 Public Disclosure Copy EDIF project application form approved by the WBIF Steering Committee on December 7, 2011. Additionally, it has a commitment of EUR 6.9 million for the forthcoming Serbia Technology Transfer project. Number of active technology start-ups funded Number Value 0.00 38.00 10.00 Page 2 of 7 The World Bank Report No: ISR16337 Date 05-Dec-2011 01-Aug-2014 30-Nov-2014 Comments 41 technology start-ups were financed under the Mini Public Disclosure Copy Grants including those terminated by the IC. Number of new products and processes Number Value 0.00 10.00 8.00 launched by beneficiary enterprises. Date 05-Dec-2011 01-Aug-2014 30-Nov-2014 Comments Number of technologies transferred by RDIs Number Value 0.00 0.00 3.00 Date 05-Dec-2011 01-Aug-2014 30-Nov-2014 Comments Several potential technologies have been identified at RDIs and work is ongoing support TT deals 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 Date 05-Dec-2011 01-Aug-2014 30-Nov-2014 Comments Intermediate Results Indicators Public Disclosure Copy Page 3 of 7 The World Bank Report No: ISR16337 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 01-Aug-2014 30-Nov-2014 Public Disclosure Copy 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 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 14.00 8.00 organized for enterprses, academia and Date 05-Dec-2011 01-Aug-2014 30-Nov-2014 research. Comments Major networking and educational events were: the project launch of the Mini and Matching Grant Programs, the IP Workshop (for RDIsand key stakeholders), EDIF workshop (for RDIs, private Public Disclosure Copy sector and government 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 Page 4 of 7 The World Bank Report No: ISR16337 planned for later this year; Innovation Day featuring Finnish and Israeli cases, CFPIV launch; etc. Public Disclosure Copy 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 53.00 15.00 Date 05-Dec-2011 01-Aug-2014 30-Nov-2014 Comments 53 enterprises financed under the Mini and Matching Grant Program. Number of SIF managers trained and applying Number Value 0.00 9.00 4.00 newly learnt skills. Date 05-Dec-2011 01-Aug-2014 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 coming months. Number of start-ups mentored Number Value 0.00 32.00 10.00 Date 05-Dec-2011 01-Aug-2014 30-Nov-2014 Comments Granteesunder the mini and matching grant programs received training designed to improve the capabilities of emergent Serbian entrepreneurs, to build their Public Disclosure Copy businesses, and attract future investment. Mechanism to support training/mentoring for Text Value 0 Yes Yes innovative start-ups established Date 05-Dec-2011 30-Apr-2013 30-Nov-2014 Comments The Innovation Fund has delivered training to two cycles of Grant Awardees and is currently identifying other training opportunities. Page 5 of 7 The World Bank Report No: ISR16337 Number of RDIs identified for technology Number Value 0.00 10.00 4.00 transfer and commercialization support Date 05-Dec-2011 01-Aug-2014 30-Nov-2014 Comments In total, 10 RDIs are receiving Public Disclosure Copy 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 5.00 2.00 international experts & RDI management Date 05-Dec-2011 01-Aug-2014 30-Nov-2014 Comments 5RDIs (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 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 25-Aug-2014) Public Disclosure Copy Financial Agreement(s) Key Dates 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) Project Ln/Cr/Tf Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P126229 TF-11257 Effective USD 9.39 9.39 0.00 6.36 3.08 68.00 Disbursement Graph Page 6 of 7 The World Bank Report No: ISR16337 Public Disclosure Copy Key Decisions Regarding Implementation There are no key decisions for disclosure at this time. Restructuring History Level 2 CD Decision on 05-Sep-2014 Related Projects There are no related projects. Public Disclosure Copy Page 7 of 7