The Agency for Science, Innovation and Technology (MITA) invites startup teams to register for the second cycle of the TechHub pre-acceleration program. During the program 25 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, find new team members.
“The biggest advantage of this program is the intensive supervision of mentors throughout the training period. The first cycle has already shown how important it is for startups to get advice from professionals who are constantly delving into a specific startup situation. Mentors put a lot of effort into helping the teams they supervise: from consultations to finding the necessary documents, specialists, team members. During the first cycle, experts of the project have accumulated a considerable amount of knowledge, which will help to provide even better assistance in the second cycle,” says Gintas Kimtys, Head of MITA.
During the training, startups will refine the target customer, perform market and competitor analysis, create a market entry strategy, learn about product development, branding, team building, intellectual property and other business subtleties, they will also be able to use free services provided by TechHub partners, such as legal advice. Each participant will also receive a practical guide that will contain all the most relevant information, tips, templates for current documents. It is planned that teams will devote up to 20 hours per week to pre-accelerator activities.
Graduates of the program will develop their ideas to a minimum product, will be able to present them to venture capital funds, investors, establish a network of acquaintances and contacts. The best performing teams will also have the opportunity to participate in meetings and accelerators abroad. “As the number of startups and the innovation market grow, so does competition. Therefore, this program will provide the knowledge and skills necessary both to attract investments and to successfully integrate into the market,” says Gintarė Narakienė, Head of the TechHub project.
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. Those who want to join future and existing teams of the program are invited to become members of the Facebook group “TechHub Bendruomenė“.
Registration for the second TechHub pre-accelerator cycle will run until January 17th. Selected candidates will be invited for a motivational interview. Startups will be evaluated taking into account the innovation and viability of the product they are developing, as well as the team’s competencies. The pre-accelerator will start on February 22nd., will be held remotely in Lithuanian or English, depending on the needs of the selected teams.