Creation of a Support Fund dedicated to innovative partnerships in the Mediterranean

The Seed, Achievement and Guidance Funds (FARO) was launched in May 2010 in Marseille. With a budget of €1 million, it aimed to contribute to the development of innovation in the Mediterranean basin. The FARO fund was created to encourage the development of SMEs and the creation of partnerships of innovative entrepreneurs between Mediterranean countries. Launched at the initiative of the interdepartmental Mission “Union for the Mediterranean”, this innovative instrument offered seed funding of up to €20,000 to selected entrepreneurs.
In a first phase, more than 700 business support organisations in Europe and southern Mediterranean countries were involved in identifying innovative projects that could benefit from FARO fund financing. Then 29 entrepreneurs and SMEs were selected, supported and financed in order to support the development of their innovative project.

innovation financing | business competitiveness | regional cooperation