Startups are the driving force of our economy, and just as a good kitchen needs the right recipes, good chefs, and ingredients, so too does the program to support startups Technology Incubation must have the right procedures and processes. Technological incubation, the most extensive program of its kind under the banner of the state agency CzechInvest, offers the incubation of startups and innovative companies. Over 5 years, a total of 250 startups will be supported with up to 680 million crowns. Read our tips on how to succeed (and not only) in the Technology Incubation program!
1) Keep your business innovating, it won’t work without that
Keep in mind that your startup (or more precisely your product/service) must be innovative + scalable, and feasible. Don’t rest on your laurels. There are many different definitions of startups and many people think that their project is a startup. But not every company that does business is a startup. At the same time, not every startup is an innovative technology company suitable for this type of support.
2) The Preps phase is important, use the benefit of “pre-incubation”
The Technology Incubation program is the only one of its kind in the Czech Republic. The pre-incubation managers will help you consult your project even before applying. The preparatory phase is called “pre-incubation” and allows startups to evaluate the suitability of their project for a given type of support and at the same time increase their chances of success. Each registered company, if it is worth it, will get a so-called pre-incubation manager/manager who is fully at the startup’s disposal available and answer questions even before applying itself.
3) Decide what you want
You should know why you want to join the program. Are you just looking for money? You are not at the right address here. If you just want finance, look for an investor. The Technology Incubation program offers much more. Financial support in the form of a subsidy from public funds goes hand in hand with business development and deepening your expertise. Therefore, you will also receive indirect support in the program, where you will receive valuable support for the development of your business in the form of workshops, seminars, or consultations with experts in the field of business and technology.
4) There are rules for use of the Public Money
Technological incubation is implemented with the financial support of the Ministry of Industry and Trade in the program The Country for the Future. And with that, there are important rules about drawing funds that must be followed. Therefore, read the rules and all related documents thoroughly.
5) Application does not mean acceptance
In the second call, startups registered for pre-incubation, subsequently 196 startups applied and only 55 (28% of those registered) were selected and proposed for support. The total amount of support reached 135 million crowns in the second call of the program. A big advantage of the program is that startups can apply for Technological Incubation repeatedly, but only once in each challenge.
The third call was launched on November 17, and the acceptance of applications will last until December 18, 2023. The estimated allocation of the third call is set at 124 million crowns.
source: Startup Kitchen, CzechInvest
