FARO
Seed fund for co-innovation in the Mediterranean
Faro, the seed capital, development and orientation fund was launched on 27 May 2010 in the context of the Union for the Mediterranean to boost the development of innovation on both sides of the Mediterranean.
With a budget of 1 million euros, the fund enables European entrepreneurs to study the feasibility of innovative projects undertaken in collaboration with partners from the South of the Mediterranean.
Each project backed by the Faro is allocated a subsidy of 20,000 euros maximum, to finance up to 50% of the total costs involved in the works.
The allocated grant enabled small innovative project leaders to develop feasibility studies for their partnership project at the technical, financial, legal, commercial or managerial level.