Bulgaria-made All-electric Mini Truck Will Compete for German Market
Bulgarian electric mini-truck? This is no longer a dream, but a reality, assembled with components developed and manufactured in this country.
Some 800 teams with business ideas have applied for funding under the Entrepreneurship Acceleration and Seed Financing Instrument under the JEREMIE initiative.
The first application window for submitting projects expires at the end of June, according to a media statement of Bulgaria's Ministry of Economy, Energy and Tourism.
The Entrepreneurship Acceleration and Seed Financing Instrument consists of EUR 21 M provided under the JEREMIE initiative within the Competitive Power Operational Program.
The Acceleration & Seed Fund is managed by venture capital funds Eleven and LAUNCHub.
The results of the first application window surpassed the initial expectations of the fund managers and the team of the European Investment Fund in Sofia, according to the press release.
Bulgaria's Ministry of Economy, Energy and Tourism argues that the proof of success is the impressive number of applications and, what is more, the fact that around 1/3 of all applications were filed by foreign entrepreneurs mostly based in the region.
According to the media statement, this turn of events contributes to the implementation of one of the strategic goals of the instrument, namely to help Bulgaria establish its name as an attractive destination for innovations, investments and start-ups on the Balkans.
After the closure of the first application window, both fund manager teams will conduct a thorough review to select the applicants.
The selection process will be held in several stages, the last of which will be a presentation delivered to the investment committees of the two funds, which are to make the investment decisions.
The first investments in start-ups are expected in the fall of 2012.
The applicants that do not get selected will have a new chance to present their improved ideas in the fall, when the second application window is to be opened.
According to preliminary estimations of the two funds, by end-2105, the deadline for spending the resources under the JEREMIE initiative, the application windows will be opened every 3-4 months, allowing over 300 business ideas to obtain funding.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
The real estate sector in Sofia has shown resilience in the face of ongoing pandemic challenges, maintaining stability across all segments in the first quarter of the year
Bulgaria has witnessed a bustling winter tourism season, with a total of 1.8 million tourists gracing its picturesque landscapes from December 1 to March 25
Trade relations between Bulgaria and Ukraine have reached unprecedented heights, with bilateral trade hitting a record 3 billion USD in 2022, according to statements made during the recent Bulgarian-Ukrainian business forum
As of 2022, the count of fellow countrymen who purchased real estate overseas reached 2,154, based on data from the National Revenue Agency referenced by "Telegraph"
Bulgaria's long-anticipated entry into the Eurozone may face a delay, as the country is unlikely to meet the inflation criterion required for the introduction of the euro on January 1, 2025
FlixBus, the renowned European bus company, is set to launch new routes to and from Bulgaria in anticipation of the summer season
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022