INiTS is a company of Vienna Business Agency, University of Vienna and the Technical University of Vienna. It is a business incubator designed to improve the rate of startup success in Vienna, by helping young entrepreneurs initiate, launch and grow the next great company. During an intensive incubation program, startups receive hands-on support, resources, network and an office space to bring them to the next level.

Since 2002 around 180 startups received support by INiTS. It divides the technological focus of startups in three industries: Information- and Communication Technology, Life Science and Other Technologies.   

INiTS offers an extensive 18-month long incubation program for selected startups. The incubator supports startups with funding, consulting, training, contacts, community and workspace.

• Funding: INiTS offers on average €32.000 of subsidy and a loan funding per startup, 65% of which is billable upon success after three years from incubation. It also supports startups with raising additional public or private funding.
• Consulting: Dedicated startup consultants provide startups with one-on-one and continuous hands-on support.
• Training: To deepen the knowledge, INiTS offers workshops on topics such as concept and product development, IPR, finance, etc. Participants can, together with others, revise their business models and practice pitches and presentations.
• Contacts: INiTS has an extensive network of mentors, experts, startups, investors, business angels, entrepreneurs, researchers, funding agencies, etc., it provides startups with selective network, as well as connecting startups with the right people at INiTS events.
• Community: INiTS hosts regular events so startups can share and learn from fellow entrepreneurs, meet investors, experts, partners etc.
• Workspace: INiTS provides offices and meeting rooms at affordable rates in the 15th district in Vienna. It also cooperates with the Frequentis Gründungszentrum in the 4th District, which is a home to many of its startups.

The incubation process of INiTS consists of five steps (Fig. 1).

IMAGEN

Figure 1: Incubation process of INiTS

STEP 1 – APPLICATION

You have a brilliant idea and would like to start your own business? Potential clients fill out the application form – the incubator gets a first impression of the business idea and check whether it meets the selection criteria. If the idea meets the criteria, clients are invited to a first meeting and subsequently to a pre-incubation workshop.

STEP 2 – PRE-INCUBATION

After the preparations in the pre-incubation workshops, the big day arrives: The pre-selected teams present their business idea in front of a project advisory board. The board provides valuable tips to the teams and feedback, due to its many years of experience and decides which startups are taken into the program and receive the first € 5,000.

STEP 3 – STARTUP CAMP

It consists of 100 days of intensive support. The goal of the Startup Camp is the development and validation of a business model through the Lean Startup method. After the Welcome Breakfast with experienced INiTS startups, alumni, investors and representatives of other funding agencies, the camp starts straight away: a two-day kickoff workshop about Startup Business Essentials. In addition to the so-called “lean” workshops, there are workshops provided on classic business topics and soft skills, such as presentation training, financing, marketing, promotions, IP law, legal and tax bascis, as well as Q & A sessions with experts.

STEP 4 – DEMO DAY

At the end of the Startup Camp, selected teams have a chance to pitch in front of a jury, consisting of investors, entrepreneurs, consultants and experts from different areas at the Demo Day. In addition, the teams present an “investor slide deck” (about 20 slides), as well as their business case. The best teams receive further financial resources and get INiTS development support.

STEP 5 – DEVELOPMENT SUPPORT

After the successful completion of the Startup Camp, the INiTS development support begins. The aim is to support selected teams optimally for the challenges at this stage, on issues such as prototyping, market access, growth, strategic partnerships, and internationalization. The focus is on one-to-one coaching and advice, tailored to the specific needs. Workshops on topics such as finance and investor relations, partnering and innovation marketing are also available. Selected teams get access to INiTS extensive network, investors, research and industry, and can benefit from the extensive experience of the INiTS team.

The INiTS network consists of academic partners, sponsors, and international partners. Sponsors are divided into four categories, platinum, gold, silver and bronze.

• Academic partners: Universität Wien, Technische Universität Wien, FH Campus Wien, Fachhochschule Technikum Wien, University of Natural Resources and Life Sciences, Vienna
• Platinum sponsors: Erste Bank, HK INCUBE
• Gold sponsors: FREQUENTIS AG, Wirtschaftskammer Österreich, BDO Austria
• Silver sponsors: Constantia New Business GmbH, Deloitte, FESTO, HFP Steuerberater, Novomatic Forum, Marino Med, Startup Leitner
• Bronze sponsors: Amberon Diligent Consulting, Verbund AG, Michael Buchecker, HiTEC BeteiligungsGmbH

International partner: EIT Digital