Pre-incubation (PINK) programme
Are you ready to join the Investment and Development Agency of Latvia (LIAA) Business Incubator pre-incubation program? If each of your answers to these questions is affirmative, apply!
What is PINK?
The pre-incubation (PINK) program is a six-month-long free program for individuals with business ideas. The program is offered in 15 incubators throughout all of Latvia. Within the programs, business idea authors have three tasks:
1. Find product/market fit
2. Ascertain the sustainability of the business model
3. Calculate the necessary financial resources and employee quantity required.
4. Identify where those resources can be found.
During the incubator, the budding entrepreneurs develop their idea together with the incubator team, experts from a variety of fields, and with the help of other community members. The incubator also offers a coworking space - a place to work on your idea and meet with colleagues and potential partners. PINK is a safe environment where you can test your technological and business hypotheses as quickly as possible.
Who is the PINK program for?
The PINK program is suitable for individuals with business ideas who don't have a company yet, as well as recent entrepreneurs at the very beginning of their entrepreneurship journey with a product that hasn't yet reached the masses. PINK can also be useful for established and successful businesses that want to test a new idea. A focus in the program is placed on the development of entrepreneurial skills and networking, as well as sharing ideas, suggestions and mistakes. If a person has an idea, as well as a will and a desire to learn and become a part of a community, PINK is a suitable solution for them. Individuals (able to make decisions and over the age of 18) both without registered companies as well as with registered businesses are able to apply.
What will you gain?
By joining the program, the entrepreneurial individual becomes a part of Latvia's largest community of new entrepreneurs. They receive important support for the development of their business idea and testing their business model. They can work from the incubator coworking spaces. Participants are given the opportunity to attend a variety of events, seminars and individual consultations on topics that are connected to entrepreneurship. Each participant attends business school where they're provided with a look into many topics. All of the incubators regularly organize networking events where the individual can meet established entrepreneurs in a non-formal atmosphere and listen to their experience. PINK participants are offered all of these opportunities free of charge.
How can you join PINK?
To become a PINK program participant, you need to contact your local incubator team and arrange your first meeting. During that time, the potential participant tells the incubator representative about their idea and delves into the product's potential and longevity. Subsequently, the incubator representative shares how the program can support the idea. If there is still an interest in participation, the potential participant must make note of program recruitment dates. Some incubators accept applications all year long, while others have defined periods of time when applications are accepted. If the incubator is open to applications, the author of the business idea must fill out an application and hand it in electronically by sending it to email@example.com (and signing the document with an e-signature), in person at the Business Incubator, or the LIAA customer service department, signing it on the spot.
Who is not able to join PINK?
PINK support can not be received by companies from various industries. For example, in fishing and aquaculture, agriculture, financial intermediaries, and gambling industries. A full list can be found here.