The Agency for Science, Innovation and Technology (MITA) invites startups, as well as individuals who would like to join other teams, to register for the TechHub pre-accelerator. During the program, startups will participate in a three-month training course, in which, with the help of innovation experts and personal mentors, they will develop their ideas, gain the necessary knowledge for further business development, get acquainted with investors and business angels.
Innovation expert and one of the pre-accelerator mentors dr. Gediminas Rumšas states that now is the best time to create and develop startups, because there is more funding for investments in the market than ideas that it could be used for: “More than 100 million Euro of state and EU structural support funds has been allocated for the promotion of venture capital investments in startups. The money for investment is there, but enthusiastic teams with great ideas are most needed now. We are waiting for them in the pre-accelerator."
During the training, startups will refine the target customer, perform market and competitor analysis, create a market entry strategy, learn about product development, positioning, branding, team building, financing, intellectual property and other business subtleties. The best performing teams will also have the opportunity to participate in meetings and accelerators abroad. It is planned that teams will devote up to 20 hours per week to pre-accelerator activities.
“Until recently, pre-accelerators in Lithuania were a missing part of the start-up ecosystem and there was basically no place to gain the most important knowledge about business and innovation. This program will allow startups to put their team and idea to the test in a safe environment, without risking anything and receiving help at every step,” MITA’s acting director Gintas Kimtys says.
Startups (small companies with high and innovation-based business development potential, operating for up to 5 years) as well as teams with an innovative idea intending to register a company during the pre-accelerator can apply for participation. For underdeveloped teams, mentors will also help to find necessary team members.
Individuals who do not have a team but would also like to contribute to the implementation of other startup ideas can also register. They should indicate their competencies and areas they would like to help startups with in a separate questionnaire here. After evaluating all applications, the project team will suggest the selected individuals to join the teams that need support.
Registration for the first TechHub pre-accelerator cycle will run until October 23rd. Selected candidates will be invited for a motivational interview with pre-accelerator mentors. Startups will be evaluated taking into account the innovation and viability of the product they are developing, as well as the team's competencies and ability to develop the product. After evaluation of all applications, 25 teams will be invited to participate in the program. The pre-accelerator will start on November 9th.
TechHub is a project implemented by the Agency for Science, Innovation and Technology (MITA) to help develop early-stage innovative business ideas, encourage intensive start-up growth and sustainable development of the entrepreneurial ecosystem. The aim of the project is to encourage researchers, scientists, students and businesses to develop innovative ideas, provide their teams with support and opportunities for intensive growth. We invite you to follow all project related news on Facebook and LinkedIn as well as TechHub MITA website.
The project is funded by the European Regional Development Fund. No: 01.2.1-LVPA-V-842 “Inogeb EN”