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Chamber of Commerce to Set up a Business Incubator

Georgian Chamber of Commerce and Industry set up  a business-incubator.

According to the Chamber of Commerce and Industry ,  the Georgian market is devoid of business ideas in IT technologies. Our students often do not have the opportunity to implement the ideas at their own cost.
For this reason, the Chamber of Commerce decided to implement a project that will promote innovative students.

We believe that a participation of  various organizations in this process will  play an important role in the upbringing and development of the young generation.

Business incubation is a business support process. Its purpose is to facilitate the development of start-up business provision in the most sensitive initial stages of development by providing targeted resources and services.

These types of services and resources are usually created and organized by incubator management.

Business incubator aims to take part in the formation of a successful company. It is envisaged  that these companies will leave the program as  financially strong and independent units. Incubator program participants have the ability to create new jobs, develop the sector, and thus enhance the commercialization of new technologies on both the local (regional) and national economy.

Business incubator helps participants in  finding financial and technical means necessary for development. In addition, consulting services, database and educational events help entrepreneurs to adapt to the modern business environment.

Director of the Entrepreneurship Development Agency George Tsikolia notes  that those individuals who have business ideas but do not have the money will be able to apply to the business incubator.

Tsikolia says  that the grants will be provided to enable people to develop business plans. They will also be able to work for three months in the incubator, and even use it as an office.

Deputy Minister of Economy explains that to participate in this program, the special criteria should be satisfied and it will not be accessible to everyone.

Why does the  new government program announce the already launched program  a new project isunknown, in the light when  business incubators set up by the previous government are working at fullload of  100% in Batumi since 2009.

In the summer of 2013, Batumi business incubator was restructured into a business development center.

According to Director of the Business Development Center Kakha Shavadze, the business incubator is apilot project launched by the previous government, which is funded by grants from the United Nations.

At the moment 10 companies are included in the business-incubator, but the demand is much higher. He explains that the service-oriented companies are provided with a technically equipped area, wherefollowing consultations companies are engaged in business development. Apart from  consultations, the beginning  businessmen  undergo training.

Business Development Center, which represents  the first business incubator in Georgia Subordinates tothe Ministry of Finance and Economy of Adjara Autonomous Republic.

Incubator for start-ups is not a new concept in the world. The concept promoting promising start-up businesses was first  introduced  in 1959, when the “Batavia” Industrial Center (BIC) opened the door for New York start-ups. After years, business incubation format has changed.

Some incubators provide start-up with  the initial capital, while others are just limited  to working space. However, in the end, all incubators have one common goal – to support the formation of perspectiveideas.

Business incubation is becoming an increasingly important issue around the globe.

At present,  up to 7 000 business incubators are operating in the world.