The application period for the Regional Entrepreneurship Competition, promoted by the Vice-Presidency of the Government, begins Tuesday, May 1, and runs until June 15.
 
This initiative aims to stimulate entrepreneurship, creativity and entrepreneurial behaviour with the main purpose of creating companies in the Azores from the projects in competition.
 
The competition is open to individuals over 18 years, who may compete individually or in groups. Participants should submit projects leading to the creation of innovative and feasible business projects that meet current market needs.
 
In this context, projects in competition should promote the introduction of significant improvements or new products, processes or systems that can be integrated in a coherent manner into business strategies in the market where they will be implemented.
 
This new version of the competition includes the submission of a video describing the business idea as well as a short presentation by each team to the jury of the competition.
 
During the second phase of the competition, which runs from September 1 to October 15, specific training and consulting will be provided to the selected participants to allow the development of the business ideas presented in the first phase in effective business plans.
 
The resulting business plans will be submitted during the period from October 16 to 30, followed by the selection process. The jury will select the three winning projects of the competition promoted by SDEA - Society for Business Development of the Azores.
 
The project awarded first place will receive a prize amounting to 25 thousand Euros, while the second place receives a prize of 20 thousand Euros. In turn, the third place will receive a prize of 15 thousand Euros.
 
The prizes will only be awarded on the condition that they become part of the capital of the companies created for the development of the awarded businesses.