Geneva incubator Fongit launches a new innovation support fund

The Fongit incubator has announced the creation of the Innovation Fund in collaboration with the canton of Geneva. This new financing fund is intended to support technological innovation projects promoting sustainable development (SDGs) in their initial innovation phase.

Embedded within Fongit, the Innovation Fund (FIF) is a new financing tool that will support technological innovation projects, particularly those originating from Geneva’s universities and research centers such as CERN, as well as innovative start-ups and small and medium-sized companies (scale-up and SMEs) registered in the canton of Geneva.

With an initial budget of approximately CHF 5 million for the 2021-2023 period, the FIF aims to help accelerate the economy’s innovation processes and will contribute to the recovery of the economy during this period of recession.

A similar model, the Foundation for Innovation (FIT), has been implemented by the canton of Vaud and has delivered excellent results since its creation.

Paving the way for the future

“The current difficult economic situation should encourage us to pave the way for the future. Innovation is the driving force behind new business models and is an indispensable prerequisite for strong and sustainable economic growth. This new Geneva-based innovation fund will provide this essential breath of fresh air. With this fund, the final objective is two-fold: to develop the economy of tomorrow and to enable the creation of the jobs of the future,” explains Antonio Gambardella, Director of Fongit.

In order to strengthen the synergies between Geneva’s innovation stakeholders, the life sciences activities of the Fondation Eclosion have been transferred to Fongit at the beginning of the year.

This grouping will enable innovation project initiators and companies to benefit from a wide range of expertise within a single organization.