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The 5 "commandments" for obtaining funding for your tourism project

17 08 2023 Investment and Financing
The 5 commandments for obtaining funding for your tourism project

The Incentive System for Productive Innovation (SIIP) imposes strict requirements on tourism projects wishing to apply under PT2030. Compared to other sectors, such as industry, innovation in tourism is especially demanding.

The objectives of the SIIP include:

  • Promoting innovation in companies, creating new products, services and processes that add more value.
  • To orientate companies towards international markets.
  • Implementing technological improvements and increasing production capacity.
  • Stimulating qualified entrepreneurship and structuring investments in areas with growth potential.

The incentives offered by the SIIP are of a reimbursable nature.

So what are the requirements for tourism projects applying to the Incentive Scheme for Productive Innovation under PT2030?

1️⃣ Innovation must benefit not only the company proposing the project, but also the market in which the company operates, and this is particularly crucial in the tourism sector. It's not enough to offer products or services that weren't available before; it's essential to demonstrate that this offer is innovative in relation to the market as a whole, not just at company level. In other words, the innovation must at least affect the regional market.

2️⃣ To qualify for the SIIP in the tourism sector, projects must be aligned with the following criteria:

  • Creation of innovative developments, facilities or services that stand out and/or apply cutting-edge technologies in the context of tourism
  • Upgrading developments, facilities or services, incorporating innovative elements and/or differentiating features, using the latest technologies
  • Expansion of capacity to operate in international markets, through the resizing of enterprises or equipment and/or the introduction of new services with differentiating characteristics

3️⃣ To apply for the SIIP, companies must take part in calls for tenders, submitting their applications using the electronic form available on the "Balcão 2030" website.

4️⃣ Beneficiary companies are selected on the basis of the Project Merit (PM) indicator, taking into account specific selection criteria detailed in the Calls for Tenders. Projects are ranked in a descending list according to merit, and in the event of a tie, the order of arrival is taken into account.

5️⃣ The process of applying for Incentive Schemes can be more complex than it first appears, requiring detailed knowledge of the legal framework as well as mastery of various skills and tools. Using specialised professionals can be an advantageous strategy for the company, with a potential direct impact on the approval of the application.

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