The Talsinki Metropolitan Incubation project aims to facilitate the creation of 30 new joint Central Baltic knowledge intensive companies and co-operation between them in the Tallinn-Helsinki area through a network of partners who develop and implement an integrated incubation service that addresses regional startup ecosystem goals and utilizes common resources.
The co-operation addresses four business verticals: ICT, healthtech, cleantech and creative industries. Each partner will focus on said verticals to accommodate regional development strategies (e.g. smart specialization).
A shared process for incubating and accelerating new companies will be developed around a common model of start-up development phases (Appendix 1). The parties will map existing programs over these phases, compare and benchmark specific services provided by the partners and assess the needs of new knowledge intensive companies for new services and benefits of cross-border collaboration.
The assessment will be followed by establishing relevant procedures to develop cross-border teams. Service design methods and rapid experimentation will be utilized in working together and in introducing new services. The target is to serve new entrepreneurs significantly better than through individual offerings.
The integrated process will lead to
a) better validation of start-up ideas and teams through sharing of dealflow and information,
b) availability of more specific expertise through sharing of advisors, mentors and coaches,
c) stronger teams through matchmaking of people, ideas and seed investors across the region.
The need to develop a joint incubation model and process is driven by growing global competition and limited local resources. The co-operation focuses on a compact area of Tallinn-Helsinki where the cost of joint operations and doing business cross-border is minimal. The budget for the project is € 1.458.229,30.
Expected Results (EN):
R1.1. Number of new joint or co-operating knowledge intensive enterprises
Expected Outputs (EN):
30 joint companies. The project will end up creating a total of 10 knowledge intensive joint companies per year, a total of 30 knowledge intensive companies during the project duration of three years. Creating strong joint companies and matchmaking the current competences is the most relevant indicator of the program. 80 co-founders. More than 80 startup cofounders will be attracted for matchmaking procedure to build stronger joint companies in one year. Co-founders are preselected to match the strongest competences that can be attracted from Tallinn and Helsinki. Matchmaking events put their skills to test and find ideas worth executing for best results. 6 matchmaking events. The aim is to build a sustainable tradition for co-founders and investors to meet in Tallinn and Helsinki. The matchmaking events are connected to the main startup ecosystem highlights like Latitude59 and Slush/Arctic15. 4 strong business incubators. The project includes 4 strong incubators that are building a common system to support high growth potential startups across the sectors of technology and creative industry. 2 business angels associations. Business angels in Tallinn and Helsinki will be included to the activities of the project to create common gateway for startup investments. EstBAN and FiBAN play significant role in early stage seed investments in startup ecosystem and cooperation with them will lead to more syndicated investments.