Some 400 entrepreneurs are supported through the Portugal StartUP Voucher, according to the latest numbers by StartUP Portugal and IAPMEI.

With 228 approved projects and a total of 400 entrepreneurs supported, these are the most recent numbers of the Startup Voucher initiative of StartUP Portugal, which aims to support entrepreneurial projects at the idea stage. It is a grant of nearly 700 euros per month, awarded for a year so that entrepreneurs can develop their project.

Read More: Portugal StartUP Voucher receives 200 requests within days after launch

“These new entrepreneurs will now have the opportunity to develop their business ideas for a year, benefiting from financial support, provided through a monthly grant, mentoring provided by the National Network of Mentors and incubator services by incubators accredited by IAPMEI,” according to a statement by IAPMEI published in Dinheiro Vivo.

In mid-September the Minister of Economy, Manuel Caldeira Cabral, said that IAPMEI had received 320 applications for the Startup Voucher program.

“These figures show a strong commitment by young people to this entrepreneurship support program, which reinforces our conviction that we must support them not only at this stage of the project but also later with all the instruments of StartUP Portugal, of the national network of incubators,” said Caldeira at the time.

“We are pleased that there are more projects and we will continue working to create the conditions for them to succeed and grow in the global market,” he added.

Portugal StartUP Voucher

The StartUP Voucher has a minimum duration of four months and a maximum of 12 months. The deadling to apply is September 18, 2018.

The development phases of the business project and the creation of the company and which are the following:

a) Phase 1 – development of idea, knowledge and / or application development
of R & D results, in the production of new products and services
b) 2nd phase – development of technology and business model
c) Phase 3 – development of the business plan and creation of the company

Candidates of Portuguese nationality residing abroad may apply provided that they prove their Portuguese nationality and that they comply with the remaining eligibility criteria.

Candidates of any foreign nationality can apply for StartUp Voucher provided that they prove that they are residents in Portugal and that they comply with the remaining eligibility criteria.

The types of support the StartUP Voucher provides include:

• Exchange – monthly amount allocated for the development of the business project
• Mentoring – access to a network of mentors who provide guidance to promoters
• Follow-up of the project – by an accredited entity
• Mid-term evaluation award – € 1,500, positive mid-term evaluation in accordance with each phase
• Prize for implementation – award of a prize of € 2,000, on completion of the business project through the creation of a company with the constitution of a company provided that it occurs after the first 6 months of participation in the program, and up to 6 months after the 12-month maximum duration of the StartUP Voucher.

Each promoter can submit only one application \ project to the StartUP Voucher in
each phase.

• The projects supported by the StartUP Voucher cannot have any other
  support of the same nature or for the same purposes.
• Applications / projects must be submitted by teams, which must have at least
  2 promoters and a maximum of 5, with ages over 18 years.
• Applications / projects should, wherever possible, be submitted by teams in
  that both genders are represented.
• The teams of beneficiary promoters, constituted on a gender or exclusively by elements of the feminine gender are valued.
• Valorization of 2 points in case of projects presented by entrepreneur women and 1 point in the case of gender equality in which the leading beneficiary entrepreneur is female.

The Portugal StartUP Voucher integrates a reported 19 measures of StartUP Portugal, which was announced last week by the Ministry of Economy, in a session in Lisbon that was presented by the prime minister.

StartUP Portugal actually has over 20 measures overall to support entrepreneurship in the country, and the StartUP Voucher is tackling 19 of them.