How to start your own business without capital? Do you have an innovative idea? Do you want to start your own business? Where to find funding? These and other questions were answered by Dr. Dochka Vasileva from "Fund Manager of Financial Instruments" EAD and Yavor Gochev from Innovation Capital within the framework of the lecture course on "Financial and Tax Law", led by Assoc. Prof. Dr. Savina Mihailova-Goleminova.

Assoc. Prof. Dr. Mihailova emphasized that financial instruments will gain more and more importance during the new program period in order to create a market attitude among the beneficiaries of non-grant financial assistance in Bulgaria during the new program period 2021-2027. Bulgaria is already in the third programming period in which the EU's Cohesion and Common Agricultural Policy have a completely different approach. Financial instruments will increasingly be used to provide financial assistance from the EU budget in the form of loans, guarantees and equity investments, especially when funds are managed under shared management.

Ms. Vasileva presented the work of the Fund of Funds and the five funds for equity and quasi-equity financing, which cover the entire development cycle of companies aimed at SMEs, as well as related development programs and mentoring support.

Mr. Yavor Gochev encouraged the students to think innovatively and entrepreneurially. The two guest speakers outlined concrete opportunities in the upcoming National Competition for the Best Youth Startup, which will start very soon!

After the great success of the first National competition for the best youth startup for 2022, in which more than 36 startups from all over the country participated and some received funding and the extremely positive feedback, Fund of funds and the Faculty of Economics and Business Administration of Sofia University decided to organize the same competition for the second consecutive year in 2023.

Mission of the contest:

• The competition for the best youth startup to become the most significant and popular national competition in Bulgaria.

Vision of the competition:

• Innovation and entrepreneurship for a successful start in life.

Objectives of the competition:

• To encourage youth entrepreneurship and innovative ideas throughout Bulgaria.
• To inform young people about funding opportunities.
• To develop skills for generating innovative ideas, starting one's own business, entrepreneurship, business planning, searching for markets, presenting to investors and other skills in young people.
• To find funding for the best startups.

Organizers: FEBA and FMFIB EAD (Fund of Funds).

Eligible contest participants: all youth aged between 18-29 with innovative business ideas.

The prize fund

• Opportunities for equity investments, inclusion in the development programs of the fund managers, internship in the competition's partner organizations, participation in international competitions, mentoring, monetary and incentive awards from the competition's partners, etc.