EIT Manufacturing Empowering Slovakia’s digital future

On 29 September 2023, in a significant development aimed at advancing the digital transformation landscape in Slovakia, EIT Manufacturing East and the Ministry of Investments, Regional Development and Informatization of the Slovak Republic signed a pivotal agreement to establish the EIT Manufacturing – Slovakia X Fund.

This collaborative endeavour seeks to finance projects and initiatives aimed at improving digital transformation processes within Slovakia in line with the Research and Innovation Strategy for Smart Specialisation of the Slovak Republic 2021-2027.

The main objective of this agreement is to channel resources into seven strategic activities with a focus on enhancing digital transformation in Slovakia. Among the activities are a startup-centric competition named “IndustryUP Slovakia” and a knowledge-sharing initiative called “Business Safari”, drawing insights from Austria’s digital transformation practices. The agreed-upon activities are expected to be carried out from 31 January 2024 to 31 December 2025. The Fund’s activities will benefit both local Slovak entities and foreign entities operating within the country’s borders.

In this collaborative agreement, EIT Manufacturing East assumes the vital role of establishing and managing the Fund, while also contributing 50% of the fund’s initial capital. Complementing this, the Ministry will bolster the Fund with the remaining 50%, showcasing a strong commitment to driving Slovakia’s digital future. 

In financial terms, this means that both entities have already pledged 185,000 EUR each to the fund, a promising start that sets the tone for future discussions regarding the fund’s extension and expansion. Moreover, to broaden the impact and reach of this initiative, other public or private sector entities are encouraged to join, contributing to the Fund as a prerequisite for their participation.

This collaboration is an important stepping stone towards fostering innovation and technological progress in Slovakia. With these mutual efforts, the Fund is primed to make substantial contributions, aligning with Slovakia’s digital transformation goals and creating a pathway for new partnerships and sustainable growth.