Innovations

Innovative ideas

Investments in research and development are of key importance for the development of all branches of the economy, and high level of innovativeness and differentiation provide for high profitability and return on investment. Here, it is crucial that innovations and ideas are translated into successful commercial products.

According to the Eurostat data, the European Union member countries invest a little bit more than 2 percent of their GDP on research and development (R&D). For the purpose of stimulating the competitiveness in the EU, one of the five goals of the strategy Europe 2020 is that the percentage of investments in research and development is raised to 3 per cent of GDP until 2020.

In Croatia, almost 50% of investments in research and development are that of the private sector, which can finance investments in production and commercialisation of their products by favourable HBOR loans.

The aim is to increase the number and quality of new products and services arising from activities of research and development.

Reduced interest rates for innovative entrepreneurs

For financing innovative entrepreneurs, HBOR, in cooperation with the European Investment Fund (EIF) and the European Commission under the Investment Plan for Europe (The Juncker Plan) contracted reduced interest rates for directly approved loans under existing programmes of HBOR, in accordance with the prescribed criteria.

Innovative ideas converted into profitable venture

Magdis d.o.o. has been investing into application of results of research and development work for more than 20 years. The result is a line of cosmetic products BIOBAZA. Their emphasis is on pharmaceutical quality and high share of ingredients of natural origin. All products are adjusted for sensitive skin, since they do not contain preservatives, irritants, perfumes and dyes. By HBOR loan funds, a production plant was erected, and by loan funds for pre-export finance, they successfully place their products to a number of markets.

The company was founded by M.Sc. Srećko Gross, M. Pharm., expert with many years of experience in pharmaceutical production: ''Continued research of efficiency of natural ingredients and the application of results is a precondition of success of our products. All BIOBAZA products contain high-quality natural butters, vegetable and essential oils and extracts. We develop products with special care and love for nature, do not test them on animals or use ingredients of animal origin. I do what I really like, and HBOR helped me to achieve this.''