Incubators - What are they ?

For the past 6 months, the world and we as individuals saw many changes for the good and the bad, and we here at Venture Faculty see those changes as opportunities to start something new and enter in the existing world of entrepreneurship. However, keeping in mind that not all people have the right skill set or knowledge to start his own company from scratch, or find enough funds to start a business, we recommend trying out the Latvian government program “business incubator”.

15 incubators throughout the whole Latvia support the necessary environment for the setup and development of business by offering training, mentor support and grants, and organizing events on general business issues. They help individuals with a business idea and entrepreneurs to set up a business with a clear idea or develop their existing ones.

There are two stages of incubation - Pre-incubation and Incubation.

·       Pre-incubation offers:

o  For individuals with a business idea and entrepreneurs who are not registered for more than 3 years.

o  Assessment of your business idea and its viability;

o  Advice on business model improvement;

o  Mastering business skills and abilities;

o  Co-working room and office equipment necessary for the business;

o  Free advice, training, and workshops;

o  Mentors' advice is provided by experienced entrepreneurs and experts.

o  Support lasts for up to six months to validate your business idea and your viability with the opportunity to qualify for incubation on a later stage.

·      Incubation offers:

o  For entrepreneurs with a clearly defined business idea and who are not registered for more than 3 years.

o  Co-working room and office equipment necessary for the business;

o  Free advice, training, and workshops;

o  Mentors' advice provided by experienced entrepreneurs and experts;

o  50% co-financing for:

- R&D and operational (finance, IT, accounting,etc.) services.

- Equipment purchase (amount of up to 10,000 EUR and up to 5,000 EUR). The entrepreneur pays for the service in the amount of 100 % before receipt of the grant.

o  Support lasts for up to 4 years, as long as the company has reached the incubation goals.

Hence, reviewing what an incubator can offer it seems just logical to try to apply for the program. As the process of applying is very bureaucratic,that's what we suggest starting the application process as soon as possible, or seek professional help from the industry.

Learn more on HERE ,or write directly to inkubators@liaa.gov.lv.