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Business Incubator
Last Update
01.03.2017

UL Student Business Incubator

The Student Business Incubator of the University of Latvia helps the students of the UL and other Latvian universities to start and develop business ideas already during their studies.

UL STUDENT BUSINESS INCUBATOR PROVIDES:

Motivating environment   ●  Office and production premises

Couching and mentoring   ●  Web page hosting

LU FabLab prototyping studio (3D printer and lasercutter)

Lursoft and other database  ●  Innovation Stand for business ideas testing  

Unique study course «Business economics»

10 000 EUR at the end of the incubation

 

HOW IT WORKS?

The incubation process is based on a Lean Startup approach providing a comprehensive and varied testing of a business idea before it is launched in the market. The incubation process lasts 12 months and consists of two parts: in the first three incubation months all teams, whose ideas are found to be viable, find the problem, analyze the market situation and develop and test their "minimum product". 30 teams who have achieved the greatest progress in the realization of their ideas, continue to develop them in the Business Incubator at the next stage, where within 9 months they build a business, until the new enterprise becomes independent or able to attract venture capital for further growth.

UL Student Business Incubator hosts a variety of activities involving its participants and those residents of Riga and Latvia, who are interested in entrepreneurship, like:

  • Business competition "Lightning Business" (Zibens Bizness)

Once a year, UL Student Business Incubator organizes a business competition, whose participants in three days go through all the stages of business development – from an idea and creation of a product to the sale of the product in the shopping centre, which cooperates with the Incubator – the Fashion and Entertainment Centre "Riga Plaza". More info: https://www.facebook.com/ZibensBizness/ 

  • Business evenings

The Incubator organizes business evenings with participation of experienced entrepreneurs, who describe their business experience, as well as guest lectures, where the professionals share valuable knowledge.

SEE WHAT LAST SEASON’S PARTICIPANTS SAY:

https://www.youtube.com/watch?v=miYs-rO9ndg

WHO CAN APPLY?

The Incubator is open to teams, in which at least 50% of the participants are students of the University of Latvia, the 12th grade pupils or those who have graduated from the University of Latvia not earlier than two years ago. Each team has an opportunity to participate in the incubation process no more than twice.

In the autumn of 2016, the Incubator enrolled 76 teams of potential entrepreneurs or 146 young people with business ideas, which is more than the total number of people enrolled by all the Latvian universities' student business incubators in 2016.

There is one huge application session in October, but if you can’t wait, write on biznesainkubators@lu.lv or call +371 67 034 735 and negotiate.

FURTHERMORE…

To encourage young people's entrepreneurial culture in Latvia, following the initiative of UL Student Business Incubator and its biggest philanthropist John Medveckis, the first business grant fund for students in the Baltic countries was created and supported by 80 Latvian and foreign companies and individuals. It enables implementing the program "Student's entrepreneurial spirit", which combines study courses in entrepreneurship, grant competition and business incubation…