The Challenge Fund will soon be available for innovative companies in Bosnia and Herzegovina
The Challenge to Change, C2C, program in Bosnia and Herzegovina has been established thanks to Sida and the Embassy of Sweden. It will be implemented by the Sarajevo Economic Region Development Agency, SERDA, and the Republic Agency for Development Small and Medium Enterprise, RARS. An additional project partner is the Region Ostergotland from Sweden. The main goal of the project is to strengthen economic development in Bosnia and Herzegovina, and cooperation between Sweden and Bosnia and Herzegovina.
In BiH there are many innovative business ideas that have not been implemented due to a lack of risk sharing capital. Given the current situation in BiH, Sida has identified the need to develop new instruments supporting innovation and business growth and therefore supports the establishment of the Challenge to Change in Bosnia and Herzegovina.
The total budget of the Challenge to Change is 30 million Swedish Kronor, approx. 3,2 million EUR. The C2C will be open for SMEs from all over Bosnia and Herzegovina and from Sweden, as well as startups that have innovative business ideas, products or services which may lead to increased employment, increased competitiveness and sustainable socio-economic development in BiH.Companies that meet the established criteriacan receive a co-funding grant amounting to a maximum 30.000 EUR, up to 50% of the investment costs. The launch of the first public call is scheduled at the end of April this year.
The possibility of making use of the experiences of the Bosnian Diaspora in Sweden will also be explored. There is significant BiH Diaspora in Sweden, with great interest in contributing to the development of BiH.
We hope to contribute to increased employment, women’s economic participation, and general economic growth.