Rustam Minnikhanov gets acquainted with SpinLab business startup accelerator in Leipzig

On March 8, during his working visit to Germany, Tatarstan President Rustam Minnikhanov visited the SpinLab startup accelerator.

SpinLab is located at an old spinning mill in Leipzig in Plagwitz area. The total area of the mill buildings covers more than 100,000 square meters. There are more than 350 tenants representing various fields, including crafts, art and culture.

Project Manager Bertram Schultze made a presentation of the business accelerator for the Tatarstan delegation.

More than 90 per cent of financing is provided from the funds of private investors, first of all, through partnership and income from leasing.

Participation in the business accelerator is free. Each team receives financial support from the city administration of Leipzig in the amount of 6000 euros and a curator - a specialist in a certain field.

The founders of SpinLab provide an opportunity for young companies to implement their ideas and undertakings. A close relationship with the Leipzig Graduate School of Management helps establish strong ties with existing entrepreneurs.

A total of about 10 million euros were raised for financing. About one million euros were awarded in the form of scholarships and grants. Residents created over 100 jobs.

Tatarstan President was interested in a number of projects of business accelerator participants, including the Tex lock project (the production of locking devices for bicycles) and the Sengi IT project (the cloud data storage system protecting against cyber-espionage).