Around 600 research and innovation applications have been filed for a piece of the government’s latest economic stimulus package, far exceeding the funds available.

Research companies and institutions have until December 15 to apply for funding support to come from the estimated SFr100 million ($108 million) available to boost innovation.

The Commission for Technology and Innovation, which operates under the banner of the economics ministry, will then choose the successful applicants by the end of January 2012.

The funding package was limited to SFr100 million in a deliberate attempt to boost competitiveness, but applications so far amount to some SFr350 million.

Between 35-45 per cent of requests are generally accepted, the commission says. The unlucky ones could still apply for other means of support in 2012, it notes.

The package of measures aims to help the companies and organisations that are suffering under the strong Swiss franc to implement innovative projects quicker.

An overall stimulus package of SFr780 million was approved by parliament in September, most of which will go towards supplementing the state unemployment insurance plan.

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