Ivace+i, the Valencian Institute for Competitiveness and Innovation, has received more than 400 project proposals across product innovation, process improvement, electronics, information and communication technologies (ICT), and Industry 4.0. These initiatives are expected to drive business investments close to 52 million euros, signaling a strong momentum in regional innovation and digital transformation.
Ivace+i’s funding pool for these grants totals 10 million euros, designed to cover up to 45 percent of eligible costs. Eligible expenses include external consulting and technical assistance, safeguarding the results in product innovation projects, personnel costs for technical staff from participating SMEs, and the acquisition of both tangible assets (equipment) and intangible assets (patents, software) necessary for project execution. This approach aims to reduce barriers to adoption and accelerate the development of new capabilities within smaller firms.
It is noteworthy that Ivace+i has reintroduced these digital transformation supports specifically to empower small and medium-sized enterprises with the resources and tools required to implement Industry 4.0 technologies. The objective, as explained by Nuria Montes, the Innovation Councillor and president of Ivace+i, is to strengthen the competitiveness and market positioning of SMEs by providing practical means to adopt digital solutions.
There is a marked rise in interest: applications for innovative IT, electronics, and communications solutions have grown by roughly 21 percent, while demand for new product development or meaningful improvements to existing offerings has increased by more than 24 percent among the applying SMEs. These shifts reflect a clear urgency among smaller firms to modernize and differentiate in a competitive marketplace.
Regarding the broader strategy, the Innovation Councillor emphasizes that SMEs recognize innovation as essential, especially in today’s environment. Public administration is seen as a facilitator, providing the tools and mechanisms that help firms identify opportunities and channel investments into new capabilities.
Montes also highlighted ongoing efforts to make administration more efficient and agile. Ivace+i is undertaking a substantial push to streamline electronic management and process handling, aiming to reduce bureaucratic burdens and speed up approvals and documentation. This simplification is expected to ease the experience for applicants and expedite project starts.
In parallel, the Innovation Councillor noted that the near-term goal is to cut administrative load, simplify the documentation required from applicants, and accelerate the sequence of procedures—making it easier for SMEs to participate and benefit from the program.
The funding for SME innovation projects operates within the framework of the Business R&D+i Plan, which has a total budget of 21.8 million euros. Ivace+i seeks to promote a circular, low-carbon economy and a digitized, disruptive economic model, all aimed at cultivating a more innovative regional community. The anticipated grants are expected to be awarded after the summer, marking the next step in a broader drive to modernize the regional economy through targeted, practical support for innovation.