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Kaunas City Municipality will once again help people with innovative business ideas by providing funding of €100,000 through a youth business promotion programme Kauno startuoliai.
Kaunas
© DELFI (R. Achmedovo nuotr.)

The main objective of the initiative remains the same - to create favourable conditions for youth to develop innovative businesses, promote the development of business ideas and contribute to their implementation in Kaunas.

Kaunas Deputy Mayor Simonas Kairys said this year the Municipality had doubled last year’s budget for the initiative to €100,000.

“The program Kauno startuoliai will not fund some kind of standard retail business or other similar commercial activities - the focus will be specifically on innovations. Return on investment in innovation in the future may be hundred fold, and even more,” said Mindaugas Glodas, the managing director of the venture capital fund Nextury Ventures and the head of the jury for Kaunas startuoliai.

The Commission provides clear criteria for the evaluation of business ideas. Firstly it judges potential businesses on exclusiveness, competitiveness and innovation and market potential.

Another important criteria is to gauge the potential for turning the idea into reality and judging what benefits that would bring to the city of Kaunas.

Applicants are required to provide business plans this year on 15 March. Business as well as individuals not older than 29 can apply.

For more information about the promotion of youth entrepreneurship program Kaunas startuoliai, the required documents and forms can be found on the website.

Lzinios.lt