The administration of the Nenets Autonomous Area is launching a competition of business plans "Start your own Business". Applications are being accepted until late March, reports the website of the area's state-power agencies.

"In all, 26 applications from local residents have been received to date. Their business plans mostly deal with the production sector, the leisure and tourist industries," the website notes.

The competition mostly aims to incentivize business operations and to compile a database of business plans and innovation projects for future implementation in the autonomous area. While reviewing projects, members of the jury will assess the plans' current feasibility, whether the smallest details were considered, innovation aspects, market demand and socioeconomic significance.