Enrollment begins for the Business Incubation Program; apply and receive support of up to 70%

From September 8 to 22, applications for participation in the Business Incubation Program will be accepted at 20 regional offices of the Latvian Investment and Development Agency (LIAA), as well as at the Creative Industries and Technologies offices in Riga.

"From this autumn, the amount of co-financing for business development and the purchase of raw materials for participants in the incubation program has been increased to 70%, which significantly expands the development opportunities of new companies. We are looking forward to companies with innovative business ideas, products and export ambitions to achieve higher goals together," says LIAA Director Ieva Jāgere, emphasizing that the incubation program can serve as an important stepping stone for a company that is just starting to build its customer base and is taking its first steps in export.

Incubation support can be applied for in Latvia, up to 5 years old companies that are export-capable, work with technologies, develop innovative products or services, as well as creative industries with a developed product or service at least at a minimum viable level. The total co-financing that one company can receive under this program is up to 300,000 euros (within the de minimis framework). A new priority direction is dual-use goods manufacturers and new companies working in the defense sector.

Applications for the LIAA Business Incubation Program are based on the administrative-territorial division or regional principle, and a total of 97 companies will be accepted throughout Latvia. LIAA regional representative offices are located in Jurmala, Tukums, Valmiera, Cesis, Smiltene, Madona, Gulbene, Aluksne, Sigulda, Liepaja, Saldus, Ventspils, Kuldiga, Talsi, Jelgava, Bauska, Ogre, Jēkabpils, Rezekne and Daugavpils. Creative industries entrepreneurs can apply for the program not only at the Creative Industries Representative Office, but also at the regional representative office closest to them. Innovative entrepreneurs from Riga can only apply for the Technology Representative Office.

The company "REDFROG", which works on augmented reality products, bringing various spaces to life in a virtual environment, has been operating in the incubation program for about a year. The company's founder, Madara Kalniņa-Kalnmale, emphasizes that this program is a great opportunity for companies that already have their first customers and turnover: "It is an opportunity to receive co-financing to cover the company's operational costs, as well as to participate in various international conferences, where you can raise the company's profile and acquire new customers. In addition, support in the program can be received for three years," says M. Kalniņa-Kalnmale.

In turn, the construction technology startup "Adventum Tech" uses several support programs available at LIAA, participating in pre-acceleration and acceleration programs, the business incubator of the previous planning period of LIAA, various international exhibitions organized by the agency, the prototyping program "Prototech", as well as has already started its participation in the new incubation program call. The device developed by the company measures the load-bearing capacity of a building structure, providing civil engineers with a complete picture of the monitored building structures in order to make decisions more efficiently and accurately and reduce various project risks during the construction process.

Nikita Gorbatko, founder of Adventum Tech, says that the main goals that the company wants to achieve by participating in this incubation program are to expand export markets and increase the number of employees in the company: "Previously, within the framework of the Prototech program implemented by LIAA, we have developed a specialized electronic board, which allowed us to improve the innovative load-measuring device for building structures we created. We also plan to use the available support for prototyping in this incubation program call to continue improving our developed device in collaboration with scientific institutions.”

In the previous call, this spring, the incubation program was joined by the company "Healthy Snacks", which offers innovative and healthy products created in the Ilzeskalns parish of Rēzekne region - "Griksi" natural sprouted buckwheat bars without added sugar. Yulia Danilina, founder of the company "Healthy Snacks", has studied in depth the nutritional properties of uncooked buckwheat and discovered that it is rich in iron, magnesium, potassium, B vitamins and antioxidants.

"The business incubation program is not just financial support," says Julia Danilina about participating in the incubation program. “It also provides a significant sense of community on the way to developing your business model. Valuable training on production optimization, sales, mentoring and financial support, especially in the first year when making a profit is difficult, as a lot of money is invested in starting a business, provides great motivation to achieve the set goals, create new products and find new export markets.”

The "Business Incubation Support" program, implemented with the support of the EU Structural Funds, includes various financial and non-financial support measures aimed at new companies in order to strengthen the viability of Latvia's innovative, technological, creative and export-capable companies, increase growth potential and promote the export of goods and services produced in Latvia. Financial support is available in the form of grants for the rental of premises and workplaces, the purchase of equipment and facilities, the purchase of raw materials and raw materials, while innovative entrepreneurs also have access to support to cover the costs of remuneration for two employees and specific services for prototyping and technology development. Non-financial support includes consultations on issues important for business development, training and seminars on business modeling, marketing, product development management, personnel management, financial planning and recruitment and other issues relevant to business development, expert consultations, consultations with local and international mentors, networking and exchange of experience, etc.

You can find out more about the conditions of the program and apply for participation on the platform https://business.gov.lv. Application forms will be active throughout the enrollment period.

Companies are invited to apply for the program throughout the period from September 8 to 22 and not to postpone the application until the last day, as well as to contact the nearest representative office for consultation.

Business incubation support is available within the framework of the Innovative Entrepreneurship Development Programme for Small and Medium-sized Enterprises (SMEs) co-financed by the European Regional Development Fund and the Latvian state budget.