North West | Finance, business | Technology & innovation
By September, new St. Pete incubator envisions 10-project portfolio
28 Jan '14
VChemTech, a new Russian business incubator, has been operational for a few months already as a structural department of the St. Petersburg State Institute of Technology, innovation news portal Venture Business News reported.
The business incubator has been designed to screen teams that have interesting ideas but have yet to develop business plans for their project. Each of the selected teams will be developing its business plan under the guidance of incubator experts.
A team receives residency status on a tender basis and based on an expert conclusion. The incubator already has its first group of project teams that have no formal registration as companies yet. They are currently undergoing legal procedures required at this stage.
The management estimates that by September 2014, roughly a year into its operation, VChemTech will build a portfolio of about ten innovation projects.
Its priority sectors reportedly include nanotechnology and nanomaterials; IT and telecommunications; clean tech; energy efficiency; microelectronics; and instrumentation and biomedical devices.