CzechInvest Issues New Call For Entries For Technology Incubation Contest
CzechInvest’s Technology Incubation Project aims to support innovative tech startups operating in key sectors across the Czech Republic. Applications are open from 18 May to 18 June. Photo credit: Freepik.
Brno, 12 May (BD) – On 4 May, CzechInvest, the Czech Investment and Business Development Agency, opened the second call for submissions for the Technology Incubation Project, a significant investment in the future of the Czech technological industry. The project envisages supporting up to 250 startups across seven key areas of innovation to nurture the country’s economic development.
In this current round, a total of CZK 106 million is available for startups operating within the fields of mobility, creative industries, artificial intelligence and the circular economy. Applications will be accepted from 18 May to 18 June.
“Technology incubation is the largest project of the CzechInvest agency and at the same time the largest project to support startups in the Czech Republic,” said Petr Očko, senior director of the digitization and innovation section of the Ministry of Industry and Trade, responsible for the CzechInvest agency. “The main goal of our project is to support the creation and initial development of innovative and scalable companies in the Czech Republic.”
Companies can also apply for a pre-incubation programme that gives startups the opportunity to consult with experts before officially submitting their project. As of 9 May, a total of 343 companies were involved in pre-incubation for the second call.
The first call for submissions ran from 1 July to 17 August 2022. From the 103 companies evaluated by CzechInvest, 37 startups received support totalling CZK 98 million. In addition to financial support, CzechInvest offers a range of services to boost the growth of successful companies, including professional mentoring and networking.
CzechInvest plans to implement two challenges this year, with a third call scheduled for September and October 2023.
This year’s round brings some key changes. The documents requested as part of the application process have been streamlined to simplify the process, and all communication will now take place within CzechInvest’s information system to improve speed and efficiency.
According to Ocko, the project learnt a lot from the first round, which they have put into practice this year. “When preparing this challenge, we focused, among other things, on more consistent communication with scientific workplaces in order to support the use of Technological Incubation as a means of establishing spin-off companies,” he said.
Details on the current call for submissions, along with information on how companies can prepare their submission, can be found on the CzechInvest website.