UNIVERSITY OF LATVIA – ACTIVITIES & CAPACITIES
The Student Business Incubator of The University of Latvia offers different services for students and team members that are participating in one of our incubators programmes. These services includes premises (office space and production place), FabLab prototyping studio. Innovation stand where our members has a chance to test their ideas in one of the biggest shopping centres in Riga, there they can meet potential customers, get feedback and also get first sales.
All of our members can get consultations from our core team or mentors and business couches.
Incubator also provides an online permission for company registration and report database and teams also can get a free web hosting.
For our Alumni teams we offer special pre-acceleration program.
Our incubator participates in local DEMOLA project, where members from our core team works as facilitators. More about this you can find here – https://latvia.demola.net/
Incubator is located in Faculty of Business, Management and Economics where we have office space (120m2 ) and also special production place (40m2) also located in the same building.
The Student Business Incubator of The University of Latvia has two main programs – academic and business incubation program. Academic program is implemented in study course so during the semester students has a chance not only to get theoretical knowledge but also to do practical things like make a minimum viable product, do interviews with potential customers and get first sales. At the end of this academic program students can participate in grant competition, organized by us, where they present their ideas and progress during the semester to local entrepreneurs and experts, 4 teams can get up to 6000€ each, for further development.
Business incubation program consists of two parts. First part is 3 month long and starts at the beginning of November, during these 3 month teams need to work on validating their business idea. That includes making the first product (MVP), talking with customers and people from the industry and getting the first sales. After these 3 month we organize special event, where all the teams have to present their ideas and progress during these 3 month, they are valued by special jury and only 30 teams can stay in incubator for the next 9 month. The teams that don’t get past this elimination event has a chance to participate and try again next year. But those teams who stay in incubator can develop their idea further with our help. During this period teams has a chance to work with professional business couches.
Of course we organize special events and lectures only for our teams, where teams can get to know how to start their business and learn many useful things for their development.
After this business incubation program, we organize grant competition where teams can get up to 10000€.
After this incubation program we offer an opportunity for teams to attend special pre-acceleration program where we try to prepare them for accelerator programmes.
See a short promo video about our incubator – https://youtu.be/miYs-rO9ndg