Sweden provides grants to stimulate SME innovation

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STOCKHOLM, Aug. 1 (Xinhua) -- The Swedish government on Thursday decided to provide 12 millions Swedish kronor (1.8 millions U.S. dollars) to stimulate innovation for small and medium enterprises (SMEs) in Sweden.

Sweden's innovation agency Vinnova will cooperate with the venture capital company ALMI AB to implement the investment by the government so as to strengthen the growth of Swedish SMEs.

"A few weeks ago, Sweden was ranked as the second-most innovative country in the world. My goal is that we should become the best and that is why the government will invest 12 million kronor to stimulate innovation for small and medium enterprises," said Annie Loof, swedish minister for enterprise.

Vinnova will receive 2 millions Swedish kronor (about 300,000 U.S.dollars) for 2013 with the rest of the grants being provided the following year.

The grants will be used to help Swedish SMEs obtain new knowledge, skills, innovation instructions and manage intangible assets and validation of commercial conditions.

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