The Voucher Incubation incentive system was established by the Regional Government to emphasize entrepreneurship and innovation as a strategic objective “essential for sustainable development and enhancing the competitiveness of regional companies.”
“In this context, investing in digital capacity and the growth of new companies, especially in their initial phases, is a fundamental aspect for creating value, modernizing the business sector, and boosting the regional economy in a scenario marked by digital transformation and the necessity to reinforce competitiveness,” states the decree approved in May by the Government Council, set to take effect the day after its publication, on Thursday.
This new incentive mechanism, financed by the Regional Budget of the Azores and the Recovery and Resilience Plan (PRR), aims to “promote innovation, smart specialization, and competitiveness, ensuring the establishment of new companies in the market and their contribution to the regional economy.”
“In the Autonomous Region of the Azores, this measure is of particular importance as it provides newly created companies with a set of incentives allowing them access to specialized and strategic services, crucial for strengthening their business models,” the text indicates.
Thus, the Voucher Incubation serves as “a crucial tool for promoting regional entrepreneurial capability, fostering the creation of added value, innovation, and sustainable growth of incubated companies.”
Entrepreneurs will benefit from support in fundamental areas such as consulting, marketing, and the development of digital products and services.
The initiative is applicable to companies headquartered or with stable establishments in the archipelago that are part of business incubator networks.
Eligible for support allocation are expenses related to digital capacity building, management support services, legal advisory, and the development of digital products and services.
The incentives provided under this system are in the form of non-refundable grants, with a funding rate of 100%.
The maximum incentive amount per company is 20,000 euros, according to the regional regulatory decree text.
