REPORT ON STUDY VISIT TO GOTHENBURG
Experience of Swedish organisations in
facilitating innovations, entrepreneurship
and creative thinking
January, 2012
Introduction
During January 16 - 18, 2012 partnership of SIB Net project consisting of 14
members (representing all project partners) was visiting 8 organisations in Sweden,
Gothenburg: science parks, higher education institution, business incubator, national
support organisation, seed capital fund and pre--incubator.
The main goal of this study visit was to benchmark experience of Swedish
organisations in developing pre-incubation and incubation services and facilitating
creativity among students of higher education institutions and population in general.
The expected result of the trip – implications for development of effective model of
pre-incubators of Ventspils High Technology Park (VHTP) and Tartu Science Park
(TSP), as well as for improving Creativity & match-making methodology developed
within SIB Net project.
During the study trip the following organisations were visited:
January 17, 2012 (Gothenburg)
Chalmers Industriteknik (science park)
Sahlgrenska Science Park
Lindholmen Science Park
Innovationsbron (national support organisation)
January 18, 2012 (Gothenburg)
Chalmers Innovation Business Incubator
Chalmers Innovation Seed Fund
Chalmers University of Technology
Encubator AB
Further on a brief summary of the content presented by each visited organisation is
provided and the main implications (where applicable) described.
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The visited organisations and main implications
Chalmers Industriteknik (science park)
Chalmers Industriteknik (further – CIT) is a foundation, founded by Chalmers
University of Technology in 1984. It is employing 80 employees, having annual
revenues of 9 MEUR. One of the founders is also Chalmers University of
Technology. CIT is located next the campus of the university.
CIT is not a traditional science park rendering business development services of
infrastructure but focuses rather on the soft services side of science park concept. The
main task of CIT is to ensure R&D collaborations. It uses Chalmers University of
Technology resources (advanced research infrastructure, 156 professors, 1627
researchers, students and worldwide networks) to bring value to industry, help the
companies in problem solving and development of products and services. CIT goal is
to utilise resources Chalmers University of Technology for benefit of society and
industry, based on close collaboration.
The mission of CIT is:
1. Research and development for industrial companies on commercial terms
2. Find industrial projects for Chalmers University of Technology
3. Project managers for projects carried out at Chalmers University of
Technology
The main services are:
o External R&D services to companies;
o Technology scouting;
o Insourcing;
o Technology audits and due diligence;
o Attraction of public funding;
o Organisation of seminars, workshops and conferences.
The estimated value CIT has brought to industry is around 100 MEUR, e.g., more
than 10 MEUR per year of new market value brought due to development of new
products, more than 10 MEUR of liability avoided due to eliminating malfunctioning
in products and services.
CIT can be regarded as a translator between companies and research capacity of
Chalmers University of Technology. Industry has a need for development and
problem solutions, but they have hard times in negotiating and communicating with
researchers. Likewise researchers are keen to spend more time in their laboratories
than going out to industry and sell, as well as to think in business terms. CIT
understands both sides and works to bring them together and achieve the desirable
results. There are at least two reasons why CIT can speak in language of both sides,
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firstly, around 50% of CIT’s employees are with PhD degrees meantime having
background in industry, secondly, Chalmers University of Technology as a founder
has good reputation within industry (CEOs of companies basically graduates of the
industry) and encourages policy for researchers to get involved in serving the
industry.
CIT has several subunits according to fields of expertise, e.g., applied mechanics,
urban water systems, energy management, recycling development, industrial energy
etc.
Initially CIT was founded to serve big corporations but since the corporations have
increased internal R&D capacity, now focus is also on other size companies.
Currently CIT has around 1700 customers all over the world (51 country, including
Japan, Spain etc.), but the majority of clients are companies from Gothenburg region.
Among many, there are such remarkable clients of CIT as ABB, Ericsson Mobile
Communications, IBM, IKEA, Petrolo do Brasil, Volvo Cars. Often clients need CIT
just once every 8-10 years. However, around 90% of the projects are the local ones –
in 1,5 hour drive, still not reaching 90% of revenue.
CIT implements active sales policy, regarding it as failure if the client calls them first.
Around 20 of project management staff of CIT is actively involved in sales. Chalmers
University of Technology has very good brands and therefore 99% of calls meet the
hit. Around
CIT works basically with technology-pull – development of ideas born within
industry, rarely with technology-pull – ideas born within research sector, because they
are less sustainable. Likewise not always technology based research results are able to
grow in large size companies but rather in purpose built small size companies through
business incubation.
Involvement of researchers if the university are of different scale: some researchers
are involved on small load, PhD students often for even up to year. Small projects are
realized by researchers during their spare time, while large projects are realized
through department of university by reassigning the researcher to this project or on
leave.
Implications
Even in R&D sector active sales is of high importance to generate the necessary
volume of projects and income. In Estonia and Latvia this would also include good
knowledge of EU funding devoted to development of new products which would be
as additional selling advantage to industry.
To speak language of both researchers and industry the organisation could consider
employing specialists with PhD degrees meantime having industrial background.
However, the business thinking should prevail.
For CIT model to work in Latvia and Estonia there should be the both components to
be brought together - the critical mass of industrial clients (for this utilization of
international industrial clients could be considered) and universities with good
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reputation, up-date R&D capacity and commitment to collaborate with industry.
There is no straight-forward answer if the both components exist in Latvia and
Estonia. If not then most probably the universities themselves have to take actives
sales position in the R&D market.
Another implication to public support grant providers and universities is that it is
more resource effective to work with technology pull than technology push. There is
higher probability of sustainability of R&D results.
Sahlgrenska Science Park
Sahlgrenska Science Park (SSP) is on the three science parks (together with
Lindholmens Science Park and Johanneberg Science Park) of Gothenburg having also
physical infrastructure. SSP is owned by Sahlgrenska Biomedicinska Innovations
Centrum and has been operating since 2005. Meantime SSP is working for benefit of
the following assigners (financiers): regional government (Region Vastra Gotaland),
Business region Gothenburg, Chalmers University of Technology and University of
Gothenburg. Representative of these organisations also on the board of SSP.
SSP works in life science sector thus facilitating further development of the region’s
main economic sector – health care, accounting for around 90% of the region’s
business turnover. SSP helps to develop new business ideas in life sciences by
providing pre-incubation and incubation services, and offers real estate of SSP science
park division for established life science companies. SSP’s start-up building is of
3000 sq.m. and Biotech center of 9000 sq.m.
Sahlgrenska Science Park building, January 17, 2012, Gothenburg.
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SSP works with several fields of life sciences, e.g., pharmaceuticals, diagnostics,
biomedicine, services/IT, medical technology and functional food.
SSP is located in campus of Gothenburg University and Sahlgrenska University
hospital and bears well know trademark of the hospital – Sahlgrenska.
The specifics of SSP operation is that it is working with business ideas with very long
development time until the market, e.g. 5-10 years for services/IT, around 15 years for
medical services field and up to 20 years for pharmaceuticals field, which in turn is
related to large investment.
Therefore the support is related to such funding measures as Proof of Concept, seed
and other related funding. In the development phase venture capital investors are not
interested in the ideas. There may different financing forms: soft loans, equity
placement (taking 10%, afterwards diluted to 1%), convertible loans. SSP often
provides early stage financing to raise confidence for the next round financiers.
The main value that SSP bring to authors of business ideas is support in evaluation
market potential of the idea, readiness of the business idea for development as a
company not only research project, as well as entrepreneurial capacity of the nascent
entrepreneur. Thereafter, during incubation phase SSP helps with alliance to industry
and with business development logics. The staff of SSP have several years of
experience in business, start-up support and health sector. SSP does not provide
subsidies for rental of premises, however, provide access to basic laboratory
infrastructure (650 sq.m.).
The picture below depicts the authors of idea with which SSP works and what are
development funding options. In fact, due to long time span and high investment
(millions) related to development of majority of the life science ideas very often SSP
prepares the new start-ups as purchase deals (trade sale) for the large market players.
Academy
Hospitals
Industry
Other innovators
Idea feed
Sahlgrenska Science Park has the possibilty (within its
network) to financing projects and companies in the span
EUR 10.000 – 300.000
Thereafter other ways to finance are available
Industrial
cooperation
Continued
funding
Trade sale
Source: Presentations of Sahlgrenska Science Park, January 17, Gothenburg.
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In the picture below the evaluation of business ideas used by SSP is given.
Source: Presentations of Sahlgrenska Science Park, January 17, Gothenburg.
According to SSP usually authors of business ideas have very little understanding of
the market demand for the product, having too narrow or too local understanding of
the demand, and they have not had market validation with relevant industry experts.
Therefore the ideal client is the entrepreneur who wants to find solution for a
problem/ need. According to experience authors of ideas, especially researchers are
usually diluted, leaving them from couple to 40% of ownership) because they usually
are not good in business. Often researchers are keen on making publications, but SSP
has policy that if they want to commercialize the idea there is no room for
publications due to confidentiality issues.
During 2005-2011 (1st half) SSP has evaluated around 280 ideas, 60 were further
developed, 20 were accepted in business incubator, out of which 17 received
investment from SSP, 5 became alumni and 5 agreements are terminated. The total
value of incubation companies is around 21 MEUR. In science park of SSP there are
around 50 companies. Often companies starting operation in science park, understand
that they still need support in development and enter the incubator.
Majority of start-ups in SSP are from companies and private innovators, some are
from academia. Ideas from hospitals usually go back to hospitals as improvements.
SSP is careful to start work with business ideas in the right time, being sure that as
much possible research is done in university and hospital because it is time and
resource consuming and it may take several years for readiness to develop business.
Often SSP facilitates merging of entrepreneurs with similar ideas thus ensuring
synergy effects and excluding unhealthy competition and waste of resources.
Implications
Life science projects have long development time span related to large investment and
therefore the support in this field should be really focused and concentrated in one or
couple places of Latvia and Estonia, e.g. Tartu Biotechnology Park.
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Likewise this sector is in need for custom made early stage funding as proof of
concept and seed funding. Therefore development of such business start-ups should
be well justified on governmental level and from industry side in Estonia and Latvia.
Since development of life science is so resource consuming the staff of such science
parks and/ or incubators should have experience in the industry and close network
with the main industrial players for market validations and trade sales. This would
reduce waste of time and resources.
Development of such support structures should be based on close cooperation with
Latvian and Estonian, and international industrial players. Due to scarcity of financial
resources probably, parks and incubators of Latvia and Estonia should focus on some
specific life science sub-sectors.
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Lindholmen Science Park
Lindholmen Science Park (LSP) is a large scale infrastructure project located in
strategic place of Gothenburg city and thus bringing together in one place companies
and students. Development of LSP was started in 2000. The main developer is
municipality of the city, doing it along with strategic partners as Ericsson, Volvo
Group and Volvo Cars. Currently there are over 300 companies in LSP and over 9000
employees, including 2000 employees of Ericsson. The LSP office building is
interlinked with IT University and Creative Industries Academy, amounting for 9000
students. Other real estate development project (additional office building, simulation
centre, hotel etc.) are on the way.
Lindholmen Science Park’s interior, January 17, 2012, Gothenburg.
LSP is focusing on three areas:
 Mobile Internet
 Intelligent vehicles and transport systems
 Modern media and design
LSP has Open Arena Lindholmen were people and entrepeneurs can come and meet
and do their business. Open Arena is a concept and working method for projects at
Lindholmen Science Park where emphasis is placed on collaboration (among
business, university and public sectors).
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There are eight large projects which run within Open Arena of LSP, e.g., National
Arena for societal security gathering researchers and developers in this field.
To sum up, LSP is a high quality real estate with the necessary networks and
collaboration components (private, educational, research and public sector) to create a
critical mass for generation of new business and research projects and vitalize the
specific city area.
Implications
If budget allows then development of multi-functional areas or centers combining the
collaboration components (support organizations, education and research institutions,
companies and public sector) could potentially bring positive synergy effects due to
geographical proximity.
Similar models on much smaller scale are applicable to Tartu Science Park and
Ventspils High Technology Park.
Innovationsbron
Innovationsbron (IB) is a national government support organisation (not for profit
company) allocating development capital to knowledge-intensive business concepts
with great market potential and supporting business development, including incubator
operation. Main emphasis of IB operations is commercialisation.
IB covers the financial capital gap in the country by funding start-ups in very early
stage of development, in the stage were there are no private sector alternatives. IB acts
commercialy byt not for profit.
As depicted in the map below IB operates in 7 cities of Sweden where large
universities ar located.
Luleå
Umeå
Uppsala
Göteborg
Stockholm
Linköping
Lund
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Source: Presentations of Innovationsbron, January 17, Gothenburg.
In picture below the financial capital gap with excessive risk for the private (phases –
seed and start-up) capital is depicted where in turn IB steps in with support
instruments.
Verif.
Research
ImR
Seed
Equity
Early exp.
Start-up
Expansion
Source: Presentations of Innovationsbron, January 17, Gothenburg.
The 3 intervention instruments depicted above include the following:
1. Verification for growth
o To answer: Is this a sound business idea?
o The funding devoted for pre-cinbuation phase to answer all the
relevant question of building the business model
o < 10-20 thousand EUR in form of grants
2. Royalty loan/grant (ImR)
o To answer: Could we become ”investable”?
o Projects and newly started companies in business incubators
o Market oriented with the running time of 6 months
o The business idea should be verified for growth (instrument No. 1).
Work carried out together with business coach
o 25 thousand EURin form of grants, conditional on a royalty agreement
with right of conversion
3. Equity
o To reach private investors
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o Investment proposal prepared with the help of Invesment Manager
o Investment in ideas with clear customer value/need for product,
scalable business, committed entrepreneurial team, clear competitive
advantage. Investees should aim for at least 3 MEUR of revenue in 3
years
o ~265 thousand EUR, financing allocated in tranches. Investment can
be even up tu 1 MEUR but should be allocated on the national level
while on the local level decision is made quickly and money allocated
within days
o Ownership share taken by IB 11-25%
o Shareholders agreement concluded
o Investment manager takes active part in the company’s development
through work on company board
o IB makes exit from company at the first reasonable opportunity not
waiting for the maximum profit sales moment
In Gothenburg there are 5 investment managers: 1 in life sciences and the rest in IT
and undefined industries. On average there is 1 investment manager per 10
companies. To exit companies IB basically works with business angels not venture
capital funds. Currently, IB is co-owner in around 70 companies and around 50% of
the equity is invested in industry spin-offs.
There is around 70-80% success rate for equity investees.
Success stories:
 Oxion, carbon fiber weaving technology. Used as material in sports cars and
hockey sticks. Annual turnover: 2 MEUR. Idea oridiganet in Encubator.
 Company developing vehicle communication systems to control truck fuel
consumption using GPS technologies. Annual turnover 16 MEUR. Took over
their competitors abroad.
Experience with business ideas in pharmaceuticals – it takes 550 thousand EUR to get
drugs to the product phase and therefore are exceptionally high risk projects.
Apart from support directly start-ups, IB support operations of 55 business incubators
of Sweden, including 25 incubators receiving larger support – around 105 thousand
EUR per year each. In total IB invests in start-ups and business incubators around 16
MEUR per year.
Implications
Verification grants (in different form) are currently available to pre-incubatees of
Tartu Science Park (TSP) while pre-incubator of VHTP and other business incubators
in Latvia are still lacking this support measure.
Royality grants (in different form) are currently partly available in Estonia and Latvia
through business incubation programs as grants for part-financing development costs
of the companies but still in very limited amount. Moreover, TSP and VHTP do not
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have well established policy regarding coaching of incubation start-ups which could
be implemented as a measure for speeding up and improving operations of start-ups.
Currently no financial instrument offers equity placement in Estonia and Latvia on a
daily bases during the start-phase until the business is ready for seed capital or venture
investment. This needs to small extent is covered by business angel investments and
small grants that can be attracted in busines plan competitions etc.
The gaps covered by IB in Sweden could be covered by introducing new financial
instruments as risk capital business incubators (offering pre-incubation support and
pre-seed/ proof of concept support) or integrating them in the existing incubation
system.
Chalmers Innovation Business incubator
Among the 6 business incubators in Gothenburg region, Chalmers Innovation is the
only one exceptionally focusing on global technology based growth start-ups.
Business incubator is a part of Chalmers Innovation organisation which consist also of
Stena Center (real estate where incubator is operating) and Seed fund investing in
start-ups operating in incubator. Chalmers Innovation was founded in 1997 by
Chalmers University of Technology after donation from around 5,5 MEUR from
wealthy entrepreneur was received. The business incubator is operating since 1999 in
Stena Center (4500 sq.m.) and Lindholmen Science Park (800 sq.m.).
Business incubator works with company possessing the following features:
o Idea based on technology but not focus to allow flexibility. Currently most
potential ICT and new materials sector.
o Growth potential, addressing problem of global scale with market value at
least 100 MEUR
o International growth ambitions. First international market, not Sweden’s
market
o Unique in technology and/or business model
The main support incubator provides:
 Business development (coaching -> the right things, weekly and strategically).
Business coaches of CI involved in all companies were seed capital invested.
 Financing: seed fund up to 55 thousand EUR, follow-up investment 0,5- 1
MEUR. This support is combined with the funding from Innovationsbron and
regional parliament
 Network by expertise, incl. at least 10 business angels. Alymni sharing
experience with incubation companies.
 Personal development & training: sales workshops, Presentation skills,
Management & board meetings, Leadership Forum
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
Roadmap, templates and tools
Chalmers Innovation take ownership in the incubation companies, 5% as sweat equity
and 20-30% for the 1st round of seed capital investment. Likewise the incubator earns
from real estate rental, and is supported by regional parliament and Business Region
Gothenburg.
Currently there are around 25 companies working in the incubator. Each year around
170 ideas evaluated, 8 companies accepted in the incubator. During evaluation
persons also evaluated, background information collected.
The approach in evaluation – in 1,5-2 hours can figure out technology potential in
monetary value for customer. Business plan does not matter at the beginning, but
clear business model, defining CUSTOMER -> CUSTOMER VALUE. When
business model is being defined incubator force the entrepreneur to go out and talk
with customers. After business model is defined, team and board of the business is
requited and business plan developed. Researchers rarely are good entrepreneurs.
Companies should leave the incubator when are ready to survive. Companies tend to
stay, while incubator are pushing them out as soon as possible. IT companies spend 23 years in the incubator.
Post-incubation services ensured by Chalmers Innovation Seed fund which still hold
shares in the companies and position on board.
So far private investments made in the business incubator’s and alymni companies is
139 MEUR, mostly venture capital investment.
Over 11 years of operation business incubator has reached the following results:
o + 42 MEUR in total revenue
o +400 employees
o +100 companies started
o 15 MEUR public financing
o 105 MEUR private investments
In 3 years after starting the operations the incubator gave leverage 9 SEK earned per 1
SEK of tax payers’ money spent.
Implications
Model of CI Business Incubator is well structured to serve high growth companies,
including fast decision process in evaluating companies and supporting (financially,
otherwise). This is ensured due to highly skilled and experienced staff and coaches,
availability of funding. This would imply that development of support to high growth
companies in Latvia and Estonia should have committed, professional and quick-toact staff not cumbersomed with formalities and other issues.
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Chalmers Innovation Seed Fund
Chalmers Innovation Seed fund was launched at the end of 2008 as a limited
company.
CI Seed fund was launched with 50% funding of European Investment Fund and 50%
funding from private partners, basically pension fund of Sweden AP6. In the 1st
closing the fund size was around 12 MEUR, while in the 2nd closing in 2009 the fund
size was increased by 18 MEUR, still European Investment Fund committing 50%
and private funding represented by several other private investors.
Relevant for receiving support was strength of CI business incubator’s team, as well
as potential of the companies.
The fund’s life is 10 years with option to add 3 years, while investment period per
company is 3 years with option to add 1+1 year. Management of the fund ensured by
Chalmers Innovation.
Investment sizes: pre-seed (pre-incubation) phase – 15-55 thousand EUR, seed phase
(incubation) – 100–550 thousand EUR, post-seed phase – from 550 thousands up to
3,2 MEUR.
In the pre-incubation phase decision on investment is made by Seed Fund
management without decision of investment committee and in this stage co-investors
are usually public funding. In incubation phase co-investors are usually venture
capital funds investing 1-2 more capital compared with Seed Fund investment.
Incubation phase in fact is the riskiest phase because the business model is adjusted to
capture the global market value. Usually incubation period is the period of burning
money, while commercialisation and expansion phase is the break-even period.
CI Seed Fund keeps 15% ownership in more mature companies, 35% in early stage
development. Authors of business ideas have around 5-15% ownership (if individuals
without entrepreneurial skills) or 30% if they possess also entrepreneurial skills which
later on are diluted to smaller share.
Currently, out of 21 companies where investment is placed, 6 companies are in preincubation phase, 6 companies in incubation phase and 9 companies in
commercialisation and expansion phase.
Implications
Alliance between Seed Fund and incubator is a perfect combination for helping the
incubator sourcing and developing start-ups according to seed and venture capital
needs. Business incubators in Latvia and Estonia and investors may often speak in
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different language. Therefore platform (events, other) for investors to cooperate with
incubators is necessary.
Chalmers University of Technology and Encubator AB
Chalmers University of Technology (CUT) was founded in 1829, became private
university in 1994 owned by Chalmers Foundation. CUT has around 12 000 full-time
students, 2500 employees and it offers education and research in engineering and
architecture.
In order to bridge the gap between researchers and market in 1997 the School of
Entrepreneurship (as unit of CUT) was founded with aim to build partnerships
between researchers and entrepreneurs to increase commercialisation. Emphasis was
put on approach “Hands-on work!”. As a result CUT started to focus on utilisation of
its two core activities – education and research.
The action-based education was shaped in 2 years international Master’s Programme
”Entrepreneurship & Business Design” where during the second year of the education
the students engage in real innovation projects:
o Intellectual Property Entrepreneurship. IP track focuses on assessment and
strategies for early innovation projects – mainly in collaboration with
Chalmers’ Innovation Office.
o Bioscience Entrepreneurship. Focus on venture creation in collaboration with
Encubator AB.
o Technology Entrepreneurship. Focus on venture creation in collaboration with
Encubator AB.
The programs include hands-on pedagogy hands-on pedagogy using both simulated
scenarios, as well as real projects, and team-based entrepreneurship where skills and
personalities complement each other.
One of the success factors for successful venture creation in Encubator AB are high
quality projects and committed idea providers.
Altough Encubator is legally separate unit, it is entirely interlinked with School of
Entrepreneurship. Encubator is Chalmers’ venture creation incubator realising ideas
together with Chalmers School of Entrepnreneurship and was initiated in 2001. As
depicted in picture below the model of encubation combines education and incubation
components to result in start-ups and entrepreneurs.
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Source: Presentation of Encubator AB in Gothenburg, January 18, 2012.
In order to ensure hands-on realistic and qualitative start-up development large
emphasis is put on attracting high quality ideas which are provided by industry/
business, universities and research institutes and private inventors. Each year 150
ideas are evaluated and the best 10-12 ideas are selected and run as innovation
projects by the students for one year in our incubator. Around 50% of ideas are from
CUT & Gothenburg University and the rest from industry, few from inventors. Ideas
will global growth potential choosed. The ideas are chosen by students at the end of
the first study year and developed during the second study year. Usually the
ownership of the start-up is divided as follows: 40% to author of idea, 20% to
Encubator, 10% to students and 30% to the additional necessary competence to be
attracted.
During 13 years of encubation 47 companies have been created with more than 80%
survival rate, as well as 300 entrepreneurs educated. There have been 2 students from
Tartu and 1 student from Latvia. The studies are free of charge for students from EU,
while it costs 14 000 EUR to other students.
During the first study year students are studying theory, simulated business cases and
development of business plan, as well as having meeting with layers and investors, as
well as choosing the business idea and forming business teams (2-3 students). Usually
the chairman of the board of the start-ups is recruited from outside while coaches are
provided by Encubator.
The second study year is master thesis = venture creation which is combined with
training and seminars. The master thesis in fact is business plan of the start-up. The
business plans are presented to external panel of around 150 persons similarly to
Dragons TV show.
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Venture creation is not the ultimate goal of the program, but education of
entrepreneurs, but the program is structured in a way that usually students end up in
development of start-up.
The main approach is “do it yourself until you succeed”. According to experience the
start-up business idea may fail even several times per team, but it is a learning
process. Encubator has separate from School of Entrepreneurship funding.
Encubator grants to teams pre-seed capital of around 20 thousand EUR. The biggest
challenge for the teams is to attract second round investment during the second study
year.
After graduation of Encubator many start-ups end up in Sahlgrenska Science Park or
Chalmers Innovation Business Incubator.
Implications
The best way of learning to be entrepreneur obviously is to do that alike in acquiring
other skills. According to Encubator model the expertise support, achievable results
and environment are such as to teach students to think and be entrepreneurial and in
80% cases also to become entrepreneurs. Encubator model suggest that educational
institutions of Latvia and Estonia which are really committed to prepare entrepreneurs
should remodel the current study programs to hands-on programs in alliance with
privately owned business incubator thus combining the education and venture
creation. Otherwise, educational institutions may actually teach students to be
entrepreneurial by hands-on problem solving projects of industry and internship, but
not necessarily to be entrepreneurs.
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