Caretaker Economy Minister Teodor Sedlarski has ordered the launch of the procedure on the implementation of the Technostart 3 – Encouragement of innovation activities of young people in Bulgaria project.
The project aims to encourage young people with innovative and vital ideas (students, Ph.D., and graduates) and help them found a successful company based on their innovative ideas and to promote their success.
Young entrepreneurs will be supported in the early stage of starting their own businesses by providing state grants at the startup point of the establishment of technology companies. The amount of the grant is 90% of the total amount needed or up to 19,800 lv. after submission and approval of a business plan.
In order to obtain the funding for the project, each applicant must register a company and provide his own contribution of 10% of the grant or up to 2, 200 lv.
The total amount of the grant for Technostart 3 project is 300 000 lv. from the Ministry of the Economy budget in 2017.
Technostart 3 will grant startup projects and ideas in two categories – Industry, and Research and Development.
Eligible project costs include: acquisition of tangible fixed assets (TFA); acquisition costs of intangible fixed assets (IFA); utility costs such as electricity, water, heating and rent of premises; office supplies; third-party services such as bank account, bank fees associated expenses and other activities necessary for the implementation of the business plan.
The application procedure is expected to start in March 2017 after the adoption and the establishment of a new Operations Management team of the “Technostart 3” project.
