European Space Agency creates an incubator for space startups in Lithuania to invest 1,25M
European Space Agency creates the European Space Agency's business incubator (ESA BIC Lietuva) for space startups in Lithuania and together with the Ministry of Economy and Innovation plans to invest 1,25M in 25 companies.
Public Institution Visorių information technology park (VITP) and The European Space Agency signed an agreement based on which the incubator will be located in Lithuania. ESA BIC Lietuva will operate in VITP in Vilnius and the Tech-Park in Kaunas. The incubator will help startups develop these ideas into value-added businesses over the next 5 years. Young teams will receive technical and consulting assistance. Startups incubated in Vilnius can receive an extra €25K in funding from Vilnius City Municipality.
The European Space Agency (ESA) is an intergovernmental space exploration organization founded in 1975 with its main office in Paris. It connects 22 countries. ESA’s budget for 2017 was €5.75bln. ESA invests in each country through industrial contracts for space programs, an amount more or less equivalent to each country’s contribution.
Visorių information technology park (VITP) is a Vilnius-located technology park. It provides innovative companies with consulting services on finance, R&D, and development for their infrastructure and attracts private investment into such development.
