The National Innovation Program for Competitiveness and Productivity (Innóvate Peru) of the Ministry of Production was created on July 24, 2014 by Supreme Decree N ° 003-2014-PRODUCE, as Executing Unit of the Ministry of Production, with economic autonomy , administrative, financial and technical.

The program seeks to increase business productivity by strengthening the actors of the innovation ecosystem (companies, entrepreneurs and support entities) and facilitating the interrelation between them.

Its specific objectives are:

1. Increase innovation in business production processes.
2. Promote innovative entrepreneurship.
3. Facilitate the absorption and adaptation of technologies for companies.

To achieve its objectives, Innóvate Peru currently manages the following funds:

• Innovation Project for Competitiveness (FINCyT 2).
• Research and Development Fund for Competitiveness (FIDECOM).
• Framework Fund for Innovation, Science and Technology (FOMITEC).
• MIPYME Fund

The resources managed by Innóvate Perú are awarded through national competitions for the non-reimbursable co-financing of R & D & I projects in all sectors of productive activity.