With a budget of CZK 1 billion, the project will bridge the interests of the state, business and academic sectors.
As per the government’s yesterday’s decision, the CzechInvest agency will launch its long-prepared Technological Incubation project later this year, to support over 300 startups from 7 key areas of technology.
Each startup will be eligible for maximum support of CZK 5 million. While the project mainly aims at supporting technological startups, it will also offer a broad range of activities and opportunities for other key players on the Czech business scene.
“Supporting the innovation potential is one of the key instruments for boosting Czech Republic’s competitiveness. We have been long investing in science, research, and innovation – this year for a total amount of CZK 38 billion. In accordance with the Innovation Strategy of the Czech Republic, we want to be not only a country with a high level of expert knowledge and advanced technologies, but also one that attracts the world’s leading scientific experts,” says Karel Havlíček, the Czech Deputy Prime Minister and Minister of Industry and Trade.
The Technological Incubation project will be financed from the program “The Country for the Future” which falls within the scope of the Innovation strategy of the Czech Republic 2019-2030.
The budget of CZK 1 billion has been pre-allocated by the Ministry of Industry and Trade in 2019. This week, the government has approved a key part of the program – direct financial support for innovative startups through an incubation program run by the CzechInvest agency.
Within the Technological Incubation project’s 7-year framework, its goal is to support more than 300 innovative businesses across the Czech Republic in the first stage of their existence. CzechInvest also plans to intensify its collaboration with regional innovation and technology centers in order to foster synergies of the various support services.
The applicants will be admitted into the Technological Incubation project on the merits of their business plan and innovative idea and will receive financial support of up to CZK 5 million. The assistance will, however, not be purely financial: the startups will receive a complex package of services which will include broader aid to the company for a period of 2 years.
A team of experts will support the startups and provide them with assistance when dealing with business decisions, legal issues, marketing, finance, and, most importantly, specific technologies. The whole effort will be managed and coordinated by CzechInvest.
CzechInvest believes that high value-added no longer lies in the various fields of industry, but rather in technologies which can be used across several fields. Namely in:
- Future mobility
- Artificial intelligence and IT
- Creative industries
- Sustainability and eco-innovation
- Cosmic technologies
- Nuclear and particle physics
- Smart solutions to fight crises
“Thanks to the Technological Incubation project, CzechInvest will bridge the power of the state, the expertise and knowledge of academia, and the strength of the Czech business base. Whether for big companies or startups, this means a perfect synergy. Within the long-term project, we will be able to support the development of more than 300 companies, startups and, most importantly, innovative ideas. Their success will help promote the Czech Republic abroad,” says CzechInvest’s CEO, Patrik Reichl.