The Vice-President of the Government announced in Angra do Heroísmo the implementation of the Azores Incubation valley, starting in August, a new support measure directed to startup companies included in the Regional Network of Business Incubators, and the creation of a Business Exchange for the provision of services.
 
"To support even more companies installed in incubators - already in operation and in future one - we have created the Incubation valley," revealed Sérgio Ávila during a visit to the new facilities of "Startup Angra."
 
The official added that the Azores Incubation consists of an additional financial support of 10 thousand Euros to those already provided under the incentive systems in force, to which companies may apply in their first year of activity.
 
Sérgio Ávila said this new support will contribute to minimise the impact of costs associated with starting the activity, "namely with regard to legal support, financial support, management consulting and marketing."
 
With the aim of "making this support even clearer and more transparent" and to ensure quality, the Vice-President also announced that the Regional Government will create a "duly certified" company exchange. It will provide these services to the startups included in the regional Network of Incubators that is being implemented in the Region in partnership with municipalities.
 
"Our goal is to have 12 local-based incubators, three regional-based and three technology-based incubators throughout this legislative period, which fully complies with our strategy for the development of new companies," said Sérgio Ávila.
 
According to the government official, the primary goal of these spaces is "undoubtedly the support to the creation of new companies" in sectors considered by the Region as "strategic for the development" of the archipelago, namely agri-food, tourism and services.
 
This is one of the measures created within the strategy to promote entrepreneurship, given its fundamental role in the revitalisation of economic activity, rejuvenation of the entrepreneurial fabric and promotion of innovation and competitiveness of the regional economy.
 
Currently, there are four incubators included in the network, three of them are local-based and one is technology-based.
 
On Terceira, there are two local-based incubators: "Startup Angra," with four companies incubated physically, 11 companies under virtual incubation and 34 projects in the process of being set up, and "Praia Link," with 17 incubated companies and six projects for the establishment of companies.
 
On São Miguel, there is a local-based incubator in Nordeste, with four companies incubated physically, four under virtual incubation and four projects for the establishment of companies. Moreover, there is also a technology-based incubator, Go-On, located at Nonagon - São Miguel Science and Technology Park, with seven incubated companies and four projects for the establishment of companies.