Hive Five and NIU collaborate to promote entrepreneurship in the Principality
Synergies will be generated between the different profiles and business projects from both parties and co-working will be promoted among the users of this incubator
This afternoon, Manel Garcia, director of BOMOSA, and Jordi Nadal, managing director of Andorra Telecom, signed a collaboration agreement between Hive Five and the NIU programme, respectively, initially for three years - renewable for annual periods up to a maximum of six years - with a threefold objective: to generate synergies between the different profiles and business projects from both parties, to promote the use of co-working among the users of this incubator, and jointly promote the economic growth of the start-ups and entrepreneurs in the NIU, and by extension, the Principality of Andorra.
Thanks to this agreement, should NIU managers need a person with a specific mentor profile at the co-working facility who is interested in some of the programmes in which the Andorra Telecom incubator participates, Hive Five is committed to putting them into contact with one another. In addition, when both Hive Five and NIU detect a business project likely to appeal to the other party, they will notify each other in order to define and carry out the type of collaboration they deem appropriate, always with the prior approval of the entrepreneur/company.
On the other hand, both the NIU and its accelerated and/or incubated start-ups will enjoy discounted rates compared to the usual prices (and even free of charge), in order to use the co-working space or hold "Demo Days” or similar events, provided there is availability. Furthermore, Hive Five will offer a 50% discount to companies participating in the NIU in which Andorra Telecom has a share - after the nine-month phase of incubation and/or acceleration support - so that they can set up in the Hive Five space after it leaves the NIU and for up to the next 12 months. After this year, if these users are still interested in working from the Hive Five, they will be offered the best rate possible at that time (in which case, there would no longer be a pre-assigned discount or commitment).
The NIU, located in the Els Arcs de la Massana building, is an initiative aimed at promoting entrepreneurship in the field of technology and encouraging the development of new activities that contribute to the country's economic diversification. The creation of the NIU is part of Andorra Telecom's commitment to society and its support for the productive and business fabric, but on the basis that the project becomes economically sustainable.
Two different companies with the same values.
"The NIU and Hive Five share the same values of fostering talent, innovation and entrepreneurship in the Principality", explains Manel Garcia, director of BOMOSA, who adds, "through training and networking, we also support NIU users at Hive Five in growing their projects”. In addition, the BOMOSA director reiterated that all the profits generated by the co-working project will go to charitable activities in the Principality of Andorra, through the programmes of BOMOSA Foundation.
Jordi Nadal, Managing Director of Andorra Telecom, pointed out that “the BOMOSA co-working space is a strategic partner at the time when a start-up and/or entrepreneur has finished their period at our company incubator and accelerator, and has to set up on their own, and a space like Hive Five is an ideal place to further their business growth”. In fact, both Hive Five and NIU envisage the mutual collaboration of both parties in other areas that are not established in this collaboration agreement.
The Andorra Telecom NIU Program
A company incubator and accelerator located in La Massana, the NIU aims to support technological projects that generate wealth in the Principality and encourage the development of new activities that contribute to the country's economic diversification. The NIU is thus a unique space in Andorra, one generating a collaborative ecosystem for the development of new companies and providing the support of Andorra Telecom, mentors and collaborators to ensure the success of the project, through three phases: first, incubation, where the initiative matures until it culminates in the creation of a company; second, acceleration, to start the search for financing with an initial round of investors; and third, the marketing of the product or service, which would give way to a second round of investment and the departure of the company, now in full operation, from the NIU. All in all, the process is estimated to take a period of ten months, during which Andorra Telecom ensures companies and entrepreneurs have a network of mentors to oversee the project and advisor to provide support. The NIU organises and coordinates rounds with potential investors.
Hive Five by BOMOSA
With a total area of over 1,200 m2, this six-storey building has the capacity for one hundred and forty work stations, which will be reduced to seventy as long as health recommendations last. It also has sixteen meeting rooms and two spaces for events and presentations. Finally, the sixth floor contains a multi-purpose space with an outdoor terrace and panoramic views that can be rented out for all kinds of events. Thanks to technology, the management will allow its spaces to be operational for users 24 hours a day, 7 days a week. Like all BOMOSA Universe business projects, the profits of Hive Five will be reverted to Andorran society, through philanthropic projects by the BOMOSA Foundation.