Azores creates incentive system for innovation

The regional decree that regulates the incentive system to promote entrepreneurship and innovation in the Autonomous Region of the Azores, through support for incubated companies, was published this Wednesday in the Official Gazette.

The Incubation Voucher incentive system was created by the Regional Government (PSD/CDS-PP/PPM) as it considers the promotion of entrepreneurship and innovation to be a strategic objective “essential for sustainable development and for strengthening the competitiveness of regional companies”.

“In this context, the investment in digital training and the growth of new companies , particularly in their initial phases, is a fundamental axis for the creation of value, for the modernization of the business fabric and for the dynamization of the regional economy, in a context marked by digital transformation and the need to strengthen competitiveness ”, reads the text of the diploma approved in May by the Government Council and which comes into force the day after publication, that is, Thursday.

The new incentive mechanism, financed by the Regional Budget of the Azores and the Recovery and Resilience Plan (RRP), aims to “foster innovation, smart specialization and competitiveness, ensuring the affirmation 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 that allow them to access specialized and strategic services , essential for strengthening their business models”, it reads.

In this way, the Incubation Voucher constitutes “a decisive instrument for promoting regional entrepreneurial capacity, boosting the creation of added value, innovation and sustainable growth of incubated companies”.

According to the publication, entrepreneurs will benefit from support in key areas such as consulting, marketing , product development and digital services.

The measure applies to companies with headquarters or permanent establishments in the archipelago and that are part of business incubator networks . Expenses incurred in digital training, management support services, legal advice and the development of digital products and services are eligible for support.

The support granted under the incentive system is granted in the form of a non-refundable grant, with a financing rate of 100%. The maximum amount of incentive attributable per company is 20 thousand euros, according to the text of the regional regulatory decree.