Moving to a new city can be overwhelming, and not knowing how much you’ll need to spend on essential services, such as housing or food, can cause concern. But worry not! We’ve put together a comprehensive guide of some of the most common expenses you’ll have to incur when moving to Prague.
Regional Accelerators and Incubators
Below is a list of some of the business accelerators and incubators in the Czech Republic and in nearby countries (or else ones that actively target Czech startups). This is a work in progress, so please help me keep the list current and accurate by sending me feedback or leaving comments!
The terms accelerator and incubator are sometimes used interchangeably and sometimes used differently from how I would use them, so take these classifications with a bit of skepticism. This overlap in usage and similarity in experience has me grouping the two together for this blog post.
For me here are the basic similarities and differences:
Both accelerators and incubators provide shared work space and mentorship to startup businesses for a limited period of time (usually 3-6 months) to help startup businesses success. Both also tend to do this on a competitive basis, providing the space and support for free to the selected winners who are deemed to have the most potential.
Incubators tend to be non-profit entities set up by regional governments, academic institutions, or other non-profit organizations with a mission to help support the startup environment. They generally have some kind of institutional support that allows them to provide the free work space and the mentorship. As such, incubators are not as firmly tied to either the limited time period or the competitive nature of acceptance. Some of them have relatively open acceptance based on university affiliation or some other general requirements, and many will not put strict limits on how long a startup can stay. Although they do not as a rule provide capital to the startups, some do, though usually without strings attached or any ownership stake in the company being incubated. Though acceptance may be in batches on a calendar schedule, it is often on a rolling basis as well.
Accelerators, on the other hand, tend to be for-profit entities. They provide free work space and mentorship AND INVESTMENT in exchange for a percentage of ownership in the company. For accelerators, the competitive nature of entry and the limited time period are essential features of the program. They are gambling on getting that next great startup that will compensate for the loss on most companies they accelerate. The investments tend to be small (5-25,000 USD) as does the percentage of ownereship (5-10%). Acceptance for accelerators tends to be on a set schedule, where all of the companies being accelerated will start and finish together, as would a class of students in the same cohort. Often accelerators will have stages with benchmarks, where additional help and funding will be possible as long as these benchmarks are met.
But again, this is my usage based on what I take to be the norms. I may not have it exactly right, and certainly many of the players in these industries mix the concepts as they see fit.
The list is organized geographically relative to Prague, since that’s where Locus Workspace and our members are located.
- Startup Yard
- (CLOSED) Wayra CEE
- InnovaJET (part of ČVUT, technical university)
- xPORT (part of VŠE, university of economics)
Czech Republic outside Prague
- Help me add to this list!
CEE Region outside the Czech Republic
- Urban Quest (added 2018.03.29), Warsaw, Poland. PropTech accelerator (Property / real-estate / space technology), sponsored by Skanska, Microsoft, and business__link.
- hub:raum Krakow, Poland (also locations in Berlin & Tel Aviv). Has both an accelerator and an incubator program.
- RubixLab Bratislava, Slovakia
- CEE LiftOff Budapest, Hungary (website not working properly, may be ending)
- PwC CEE Startup Collider Warsaw, Poland. FinTech focus. Seeking participants from all over the Central & Eastern Europe countries.
Crowdfunding Portals on the Czech Market
Below are a few crowdfunding portals on the Czech market. I’d like to keep the list current and have some details about each, so let me know if you know of any others or have any comments about the ones in the list. Specifically it would be nice to know their pros and cons and whether they have any particular industry focus.
- Hithit (Czech, Slovak, English; as of 3 Oct 2015 seems to be the largest and best known)
- startovač (Czech only)
- kreativcisobě.cz (Czech only)
- nakopni mě (Czech only)
- Everfund (Czech-language only; as of 3 Oct 2015, new on the market)
- Fundlift (still not launched as of 3 Oct 2015; claims to be first EQUITY crowdfunding platform on the Czech market)
No longer operating:
- Fondomat.cz (no longer operating; may have been the first on the Czech market)