The TechnoStart project is aimed at students, PhD students and recently graduates in order to help them start their own business giving them a grant of 10 000 E
TechnoStart has an incentive effect for enterprising young people and aims to create innovative start-ups in the field of industry and R & D. Stimulating entrepreneurship among young people can be very effective, especially if entrepreneurial endeavors are compatible with young people's academic commitments.
Eligible applicants for the project are students, postgraduates and graduates who apply as individuals who did not have their firm until the time of applying. Candidates must submit a business plan to describe and develop their business idea.
Grants are at rate of 90% of the total amount of funding. Each approved applicant must register company and provide a mandatory own contribution of 10% of the total financing. Start-up companies are funded only in the field of industry and R&D.
Eligible costs are costs of acquiring tangible fixed assets, costs of acquiring fixed immaterial assets, costs of electricity, water, heating and renting of premises, purchasing materials and consumables, external services and bank charges related to escrow bank account maintenance required for the execution of the Business Plan activity.
The evaluation is carried out in 3 stages - assessment of administrative compliance, expert assessment of the business plan and interview. The main criteria for assessing business ideas are viability and innovation. The aim is to support and finance start-ups that have the greatest potential for sustainability and marketing of their product or service
The project is funded by the budget of the ME. For the period 2014-2018 3 editions of TechnoStart have been realized.
TechnoStart 1: EUR 176 291
TechnoStart 2: EUR 122 362
TechnoStart 3: EUR 126 658
The management, administration and monitoring of the project is carried out of experts from ME.
Evidence of success
The program is popular among students both in Bulgaria and abroad. The interest of young people in the last 4 years shows their desire to create their own business. Proposals received, respectively, on the 1st edition of TechnoStart - 185, the 2nd edition - 45 (application period was 1 month) and the 3rd - 91.
"TechnoStart" gives way to young people who have an innovative and viable idea and a realistic business plan while not being burdened with entrepreneurial or professional experience.
The challenges are mainly related to the following:
- Insufficient marketing skills of young entrepreneurs;
- Lack of mentors within the scope of the project;
- Insufficient efforts to seek customers and markets from young entrepreneurs.
Potential for learning or transfer
The project is applicable for implementation in other countries due to the following:
- similar to other start-up programs;
- there is an effective evaluation system for applications;
- contains universal application forms understandable by young people;
- Suitable for any type of contest that targets young people and students.
Please login to see the expert opinion of this good practice.