Corticeira Amorim allocates €1M to support entrepreneurs launch their projects exploring new uses for cork

The mission of Amorim Cork Ventures (a business incubator set up by Corticeira Amorim) is to promote entrepreneurship in order to enhance research and innovation activities in the cork industry.

The newest company in Corticeira Amorim group was established with the purpose of promoting the design of new cork products and cork-related businesses mainly targeted to foreign markets, providing entrepreneurs access not only to funding, but also to management skills, know-how and an extensive network of contacts in different industries and countries.

Specially focused on supporting the growth of startup companies, particularly those resulting from research and innovation activities in the cork industry, the mission of Amorim Cork Ventures is also aimed at supporting existing small-sized companies with high-growth potential, striving to offer innovative cork products and solutions.

A contest inviting entrepreneurs to submit their business proposals is scheduled to be launched this year. The winning proposals will have access to Amorim Cork Ventures located in Mozelos (Santa Maria da Feira - Portugal). Entrepreneurs will find here the facilities and technical resources to develop prototypes and a sustainable business plan and can count on the assistance and expertise of Corticeira Amorim's staff.

Reinventing and proposing new approaches to cork or combining it with other materials are just a few challenges issued by Amorim Cork Ventures to entrepreneurs, inviting them to take advantage not only of cork's potential as an exceptional raw material that boosts an unique set of intrinsic properties, but also of the existing know-how and the latest manufacturing technology.

"Innovation is a cornerstone of Corticeira Amorim's business. Setting up Amorim Cork Ventures is, therefore, a natural step in the ongoing evolution of Amorim that, as a world leader, is in a specially privileged position to support entrepreneurs who want to join Corticeira Amorim in its mission to add value to cork. We believe that this path will lead us to achieve sustainable cork export growth and development for the entire industry" said António Rios de Amorim.

Approximately EUR 1 million is intended to be used in this start-up phase which is due to start in the last quarter of 2014. That phase will cover the incubation period for new businesses as well as the implementation of operational processes for the first startups in early 2015.

Some contacts have already been made at a national level with a view to establishing partnerships in different fields to support new businesses: from scientific and technological institutions to prototyping centres and the financial system, among others.