A business incubator will open in Jizzakh, the press service of the National Agency of Project Management (NAPM) said. This is one of the NAPM projects aimed at building a youth development program “Ilgor Khudud” in the Jizzakh region.
At the first stage, the business incubator at NAPM is ready to provide full support to young entrepreneur, not only guiding him to the right direction of the business, but also providing financial support, to share with the entrepreneur possible risks of the project.
“The proposed step-by-step scheme for implementing the youth development program allows not only to cover the region’s young people as much as possible, but also develop an effective business environment, train them in the craft, help create his project and successfully implement it,” the report says.
Opening of the office of the business incubator is scheduled for March 1, 2019. Also, access points are already open, where one can ask questions and get answers. The office of the business incubator will be in the building of the NAPM office in Jizzakh.
Sources of financing the program - at the first stage - NAPM, at the second stage - international and local investment sites, investment companies, foreign investment programs, the World Bank, Foreign banks and local commercial banks.
The NAPM leadership has developed a strategy to support the program, the first step of which was opening a business incubator in Jizzakh. This will allow entrepreneurs to solve many problems and answer such questions as:
• where to find a source of funding and attract an investor to your project;
• how to prepare a business plan and calculate possible risks for the project;
• in what direction and how to attract the market to one’s product;
• where to find trade sales channels and how to organize advertising, sales of their products.
A mechanism of financing the program has been developed: an entrepreneur comes with his idea to the business incubator and works on his idea to the project stages together with his mentors and experts.
After the project is formed, a business plan will be developed, the project will be reviewed. According to results of the competition, the best projects will be selected, and the winner – the entrepreneur and NAPM will sign an investment memorandum, become partners (each side must contribute a specific asset to the project) and jointly implement the investment project.
It is expected that implementation of the program contributes to development of tourism, agriculture, light, heavy and processing industry. It will give impetus to the development of science and technology, robotization and programming.
