CzechInvest, the Czech Investment and Business Development Agency, has launched the second call for submissions for the Technology Incubation Project, demonstrating a significant investment in the future of the Czech technological industry. The project aims to support and nurture up to 250 startups operating in seven key areas of innovation, with the goal of fostering economic development in the country.

For the current round, a total of CZK 106 million has been allocated for startups in the fields of mobility, creative industries, artificial intelligence, and the circular economy. The application period for interested startups will run from May 18th to June 18th. Petr Očko, the senior director of the digitization and innovation section of the Ministry of Industry and Trade, who is responsible for CzechInvest, emphasized that the Technology Incubation Project is the agency’s largest initiative and also the largest project supporting startups in the Czech Republic. The primary objective of the project is to provide support for the establishment and initial development of innovative and scalable companies within the country.

In addition to financial assistance, the Technology Incubation Project offers a range of services to aid the growth of successful companies. This includes professional mentoring and networking opportunities, which are designed to provide startups with valuable guidance and connections in their respective industries.

CzechInvest has planned two additional challenges for this year, with a third call scheduled for September and October 2023. The current round of submissions introduces some key changes aimed at improving the application process. The requested documents have been streamlined to simplify the process, and all communication between CzechInvest and applicants will now take place within the agency’s information system. These changes are expected to enhance the speed and efficiency of the evaluation and decision-making process.

Petr Očko mentioned that the project team has learned valuable lessons from the first call for submissions, and they have implemented these insights into the current round. They have particularly focused on improving communication with scientific institutions to encourage the use of Technological Incubation as a means of establishing spin-off companies.

Detailed information regarding the current call for submissions, including instructions on how companies can prepare and submit their proposals, can be accessed on the CzechInvest website. Startups are encouraged to take advantage of this opportunity to secure funding, guidance, and networking support to accelerate their growth and contribute to the advancement of the Czech technological industry.

Article by Prague Forum