Startups in Latvia can now seek even more opportunities for support. The Cabinet of Ministers has approved additions suggested by The Ministry of Economics, on support program for businesses “Support for Improvement of Technology Transfer System”. It provides startups in Latvia with additional support opportunities for their business model growth.
Startup support programs in Latvia are administered by the Investment and Development Agency of Latvia (LIAA). With new additions to support programs for businesses, LIAA is now increasing their reach and support for startup growth and development in Latvia. In addition to previous support tools, now LIAA will be able to provide startups with support to expand their reach abroad. For example, to participate in international conferences, to develop a list of international contacts and possible commercial partners. This will help Latvian startups to get recognition and successfully grow in international markets.
Additional support is going to be provided for the Permanent Representation of Latvia in Silicon Valley to foster Latvian startup development and support systems globally.
The “Support for Improvement of Technology Transfer System” program's goal is to support research projects in public research organizations, whose research can be further used by new businesses to develop their products, services, and competitive advantage. Moreover, the program focuses to promote innovation by supporting micro, small and medium-sized enterprises that use technological solutions to create new or improved services and products.
Within the program financial support will be provided to facilitate the development of three specific sectors:
- commercialization of research/scientific ideas(27,7 million euros)
- commercialization of new entrepreneurs' ideas (8,9 million euros)
- support of startups (3,9 million euros)