Skopje, 23 December 2021 (MIA) – The Fund for Innovations and Technology Development (FITD) presented on Thursday the results of an analysis of the performance of all the companies co-funded by it. The analysis showed positive results, that is, cumulative revenue growth both of companies and the country, even amid the crisis. FITD head Kosta Petrov underlined that the positive results of the entire portfolio of companies co-funded by the Fund reaffirms the country’s commitment and investment in advancing knowledge-based competitive economy. “These results indicate how we can use funds more efficiently, which will benefit Macedonian innovative enterprises the most,” Petrov said. Moreover, he stressed that the Fund has at its disposal limited funding and highlighted the importance of allocating funds to sectors that will make the most of it by hiring new high-paid workers, as well as pay taxes to the country, thus ensuring further funding of new projects. According to data, the highest performing sectors are those that place great importance on the human factor, including the IT sector, which stands at EUR 21.27 million. The FITD has co-funded a total of 171 projects in the IT sector, worth over EUR 6 million. They have noted average revenue growth of 197%, as well as 105% profit boost and 119% increase in the number of workers. The analysis also showed that FITD-backed companies in the period 2017-2020 have generated revenue increase of 50%, while cumulative portfolio growth stands at 75%. The number of employees has increased in the same period by 44%. FITD-backed enterprises in 2020 employed a total of 8,439 workers. The cumulative growth of the average net salary stands at 9%. In 2002, the average net salary there stood at EUR 516, exceeding the national average. “Companies backed by the FITD achieved positive results in 2020, despite the crisis. Revenue increased by 8%, while profit by 21%. The crisis contributed to optimization of numerous process and business models that directly impact profitability. Companies increased staff by 3% and wages by 5%. They also increased the average monthly net salary per employee from EUR 491 to EUR 516,” the FITD said in a press release. The total value of FITD-backed projects by June 2021 stands at EUR 88 million. 55 of these were co-funded by the Fund, while 44% by companies. In the same period, the number of new workers increased by over 2,500, while taxes and contributions stood at EUR 26 million. The Fund has recommended the establishment of training and education programs for companies that haven’t received or don’t need FITD support for research and development. Low level of investments in research and development in North Macedonia points to the need for improving domestic economy, focusing on companies that don’t use their full innovation potential. Moreover, according to FITD, training and consultative sessions for entrepreneurs interested in starting a business are crucial and will improve their likelihood to succeed and make profit quicker.