In following five years within the process of joining EU, Serbia needs to adjust the laws and regulative that regulate the areas of higher education, research and innovation. MEST strongly supports the IF4TM initiative since within achieving SO1 set of laws, law amendments and policies will be developed and implemented jointly in project Consortium. IP management at Serbian HEIs is not defined and there is a lack of incentives for involvement of university staff into technology transfer and innovation activities which can be overcome through achievement of SO2.