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Description
The pre-defined project shall contribute to the programme''s outcome “Increased competitiveness of Latvian enterprises within the focus areas Green Industry Innovation, ICT and Welfare technology” by being a pilot project to establish a Tech Business Centre in Riga. The aim of establishing this new platform is to support and grow entrepreneurial skills, knowledge and innovative thinking in Latvian tech intensive SMEs. By providing in-depth knowledge on establishing innovative enterprises and development of a prototype of a tech intensive/innovative product or service for each beneficiary, the Tech Business Centre will contribute to increased competitiveness in private enterprises in Latvia. After the end of the pilot project phase, it is expected that the platform will serve as the basis for further knowledge and experience transfer or for continuation for similar project, new business incubators or regional innovation centres or other types of relevant support schemes with support of other financial sources when available.
The project partners have the best expertise in natural sciences, engineering, medical and social sciences. Moreover, they can provide fast prototyping services in time, but also participate in the R&D process by scientists and laboratories. University of Latvia will focus on expertise in natural sciences (physics, biology, chemistry, medicine, environmental sciences) including interdisciplinary expertise in biomedicine, chemical physics, biotechnology etc. RTU is the only polytechnic university in Latvia and the largest university in the country. RTU will provide expertise in engineering, social sciencs and humanities. Such competencies as expertise, scientific and technical support in medicine, public health and social sciences will be provided by Rīga Stradiņš University.
Summary of project results
The pre-defined project (PDP) Technology Business Center (TBC) addressed several problems and challenges that could hinder the development of Latvia’s technology-intensive small and medium-sized enterprises (SMEs). Firstly, it aimed to tackle the lack of business skills in the SME sector, particularly regarding business process management and implementing innovations. These skills could hinder companies’ ability to develop new technologies and increase local and international competitiveness. To address this, the project planned to offer training, consultations, and support to improve business skills.
Secondly, it aimed to create an effective innovation ecosystem, which has been lacking in Latvia. Without coordinated cooperation between entrepreneurs, academic institutions, and the public sector, SMEs might struggle to access the necessary resources and knowledge for implementing innovations. Therefore, the project planned to establish an innovation platform to promote collaboration and knowledge exchange among all involved parties.
Thirdly, it aimed to address the issue of access to technological resources and laboratories, which could hinder the development of prototypes and the commercialization of technologically complex products. The project planned to provide support to help entrepreneurs acquire skills in prototype development and ensure access to necessary technological resources, as well as laboratories and testing facilities.
Finally, it aimed to address Latvian SMEs'' low competitiveness and lack of innovation, which could hinder their ability to compete in the international market. To address this, the project included measures to help improve SME competitiveness by offering networking opportunities, consultations with industry experts, and establishing international partnerships.
Overall, the project was designed to address issues limiting the development of Latvia’s technology-intensive SMEs by offering specific solutions for improving business skills, creating an innovation ecosystem, ensuring access to technological resources, and enhancing competitiveness.
The PDP successfully addressed the initially identified problems by promoting collaboration between the academic and business sectors. Agreements were signed with three partners (University of Latvia, Riga Technical University (RTU), and Riga Stradiņš University), providing access to new resources and knowledge. This collaboration fostered innovation and the development of new technologies, giving entrepreneurs access to modern knowledge and tools that helped improve their ability to develop and implement innovative products.
TBC, together with TBC partners, supported end beneficiaries in creating innovative products and developing technology-intensive companies. These activities helped entrepreneurs improve their innovation creation process and enhance their ability to address specific industry challenges. Successful collaboration with universities and the organization of hackathons ensured that entrepreneurs received not only academic knowledge and the latest research but also practical support for implementing ideas. This integrated approach helped participants develop their ideas and prepare for market demands, as well as improve their competitiveness in the international market.
With the support of LIAA TBC and Norway Grants, RTU Riga Business School implemented a 24-week pre-acceleration program that promoted innovative development created by Latvian residents.
The Innovation Academy was conducted in three training cycles, involving 800 participants. Participants gained in-depth knowledge about the creation of innovative products and services, as well as business process management. Prototype development was intensively supported by organizing practical training and mentoring sessions. The project organized prototype development camps, providing participants with more than 20 hours of practical content and 70 mentoring sessions. Mentoring support was crucial as it allowed participants to receive individual consultations and feedback from international experts, helping to improve product development and adapt them to market requirements. These activities promoted the creation of new products, providing solutions for 23 different industries using 10 different technologies. The Innovation Academy provided participants with the necessary knowledge and skills to create new business ideas and develop them to commercialization. Mentoring sessions helped participants develop their products and adapt them to market needs. This support, along with practical training, helped entrepreneurs achieve a high level of innovation and competitiveness, which is essential for the long-term development and international growth of SMEs.
The PDP provided significant benefits to both entrepreneurs and universities, strengthening Latvia’s innovation ecosystem and increasing the competitiveness of companies both locally and internationally. Entrepreneurs gained access to the latest knowledge, technologies, and experts, which helped develop innovative products and solutions. Collaboration with universities facilitated knowledge exchange and tailored research to specific market needs, providing entrepreneurs with practical resources for developing new ideas. For universities, the project offered an opportunity to strengthen their role in developing innovative solutions and to advance research directions directly related to industry needs.
The Innovation Academy, by providing 800 participants with knowledge and practical support, enhanced the capabilities of small and medium-sized enterprises, enabling them to compete more successfully in the global market and develop sustainable solutions. The project fostered the emergence of new qualified specialists, which helped strengthen Latvia’s innovation sector and improve the country’s economic situation. As a result, Latvian entrepreneurs became more competitive, capable of offering globally applicable products and services, thus contributing to the country’s economic growth. The project provided a solid foundation for future innovations by establishing long-term cooperation between academia and business, which will be crucial for future competitiveness.
Overall, the project helped entrepreneurs and universities develop innovative solutions and promoted collaboration between business, education, and research, which is essential for developing an effective innovation ecosystem. It helped create companies ready to grow not only in the local market but also internationally, thereby increasing Latvia’s competitiveness in the global economy. The newly developed prototypes also provided participants with practical experience, which is essential for realizing ideas and adapting them to the real market. In summary, the project created a sustainable support structure that gave companies competitive advantages by ensuring them resources, knowledge, and experience for future challenges.
In March 2024, the final TBC customer satisfaction survey for the project was conducted. The survey resulted in a high rating of 8.8 (on a 10-point scale), confirming the project''s successful implementation and positive impact on all involved parties.
The project also ensured the successful integration of entrepreneurs’ theoretical approaches and universities’ practical contributions. This project demonstrates how knowledge-based collaboration can transform the business environment. It not only enhanced entrepreneurs’ competitiveness in the local market but also strengthened Latvia’s ability to offer globally competitive products. This has a positive impact not only on entrepreneurs and academic institutions but also on the country as a whole - creating new jobs, attracting investments, and improving the economic situation.
The project also inspired a new generation of entrepreneurs by providing them with the resources and knowledge needed to start and develop successful businesses. It is a story of how innovation and collaboration can turn ideas into real economic value, creating a sustainable, future-oriented business ecosystem.