Invest Spain Launches Innovation Program 2017, An Opportunity For Indian Startups To Expand Globally

A great opportunity for Indian startups to expand to Spain and go-through an accelerated incorporation process. Invest Spain has launched its flagship Innovation program 2017- ‘Rising Startup Spain’. It is a program aimed at foreign startups and entrepreneurs who contribute to fostering entrepreneurial activity in Spain through scalable and innovative projects.

This is a nine month program from the start of the incubation period. It offers the following support services for Startups:

• Free workspace in Madrid and Barcelona, two hotspots for Startups
• Prize money of €10.000 to cover initial Startup expenses
• Easier access to Visa and Residence permits
• Instrumental Mentoring to help you connect with potential investors

Startups Need To Meet Following Requirement:

To take part in the program, startups established in Spain must meet the must have atleast 10% of the startup's capital which should belong to a foreign natural person or legal entity, or a Spanish non-resident provided that he/she is a natural person. Also startup must be formed or in the process of being formed when the assistance is granted. If the company has already been formed in Spain, it must be less than one year old.

The maximum level of assistance is 10,000 euros per beneficiary. To receive this assistance, the Startup must incur minimum costs of 20,000 euros between the time at which the assistance is awarded and the end of the 6 month incubation period. These costs must include at least two of the following- Costs of constituting the Startup in Spain and feasibility studies. Purchase and hire of technology and industrial equipment, instruments and/or material, Staff costs. Acquisition and registration of licenses, patents and trademarks. Technological consulting. Promotional expenses. Travel of company staff related to the company's activity to attend events, courses and visits to customers and investors.

Last date to submit application is July 31, 2017. So hurry up startups, don’t miss this golden opportunity. Startups can fill the form here.