From March 9 to March 31, applications are open for the Business Incubation Programme at 20 regional offices of the Investment and Development Agency of Latvia (LIAA), as well as at the Creative Industries and Technology representation offices in Riga.
Implemented with the support of EU Structural Funds, the programme “Business Incubation Support” provides a range of financial and non-financial support measures aimed at early-stage companies. The initiative seeks to strengthen the sustainability of innovative, technology-driven, creative, and export-oriented businesses in Latvia, increase their growth potential, and promote the export of Latvian products and services.
“The development of new companies is one of the key drivers of Latvia’s economic growth and competitiveness. The Business Incubation Programme enables young entrepreneurs to transform their ideas into viable businesses more quickly by providing both financial and professional support. It is particularly important that the programme promotes innovation, the use of technology, and export capacity – areas that will determine the future pace of Latvia’s economic growth. Our goal is to create an environment where talented people can develop their ideas in Latvia and build companies capable of competing in international markets,” says Viktors Valainis, Minister of Economics of Latvia.
Applications to the LIAA incubation programme are organised according to the regional principle based on Latvia’s administrative-territorial division. LIAA regional offices operate in Jūrmala, Tukums, Valmiera, Cēsis, Smiltene, Madona, Gulbene, Alūksne, Sigulda, Liepāja, Saldus, Ventspils, Kuldīga, Talsi, Jelgava, Bauska, Ogre, Jēkabpils, Rēzekne and Daugavpils.
Entrepreneurs working in the creative industries may apply either at the Creative Industries representation office in Riga or at their nearest regional office. Meanwhile, the Technology representation office accepts applications only from innovative companies based in Riga.
“Latvia is rich in ideas – we have talented people capable of creating products and services with global potential. The Business Incubation Programme is where these ideas turn into companies. We support young entrepreneurs not only with funding of up to 70%, but also with knowledge, mentors and valuable contacts that are often crucial during the early years of development. Our goal is that today’s startups become tomorrow’s Latvian success stories – companies that innovate and export their products worldwide,” says Ieva Jāgere, Director of LIAA.
Incubation support is available to companies registered in Latvia that are up to five years old, including businesses that are innovative, technologically advanced, export-oriented, or active in the creative industries, as well as companies producing dual-use goods or services or demonstrating clear export or innovation potential.
Financial support is provided through grants for:
office and workspace rent,
equipment and machinery purchases,
acquisition of materials and raw materials.
Innovative companies may also receive additional support to cover salaries for up to two employees as well as services related to prototyping and technology development.
All incubation participants may receive grants covering up to 70% of eligible costs, including:
up to €10,000 for services,
up to €8,000 for equipment,
up to €5,000 for materials and raw materials.
Innovative companies can receive additional grants of up to:
€10,000 to cover salaries for up to two employees, and
€20,000 for prototyping and technology development.
Non-financial support includes consultations on business development issues, training and seminars on business modelling, marketing, product development management, HR management, financial planning and fundraising, as well as expert consultations, mentoring from local and international mentors, networking opportunities and experience exchange activities.
Last year, 156 companies from across Latvia joined the Business Incubation Programme, including 73 innovative companies and 83 export-oriented businesses. Among them were 35 representatives of the creative industries and 12 companies developing dual-use products or services.
A total of 82 companies operated within the priority areas of the Smart Specialisation Strategy (RIS3):
Information and Communication Technologies (32)
Photonics and smart materials, technologies and engineering systems (30)
Knowledge-intensive bioeconomy (13)
Biomedicine, medical technologies and pharmaceuticals (6)
Smart energy and mobility (1)
Among the companies that joined the programme in the Technology representation office during the autumn call is SIA “Sapiens.BI”, which develops a data science-based AI advisor for managers and sales professionals to improve sales performance. The product helps companies make data-driven decisions, reducing the risk of errors, unnecessary costs and inefficient resource use.
Company founder and board member Eva Narunovska says: “Participation in the LIAA incubation programme has been a very valuable experience for us. We are grateful for the opportunity to be part of this ecosystem, which helps us develop our product and strengthen the company’s growth in export markets. We especially appreciate the responsiveness and professional support of the LIAA team – they are always ready to provide advice and point us toward additional funding and development opportunities.”
More detailed information about the programme conditions and the application process is available at:
https://liaa.business.gov.lv
Application forms will remain active throughout the entire application period.
Companies are encouraged to apply at any time between March 9 and March 31 and not wait until the final day, as well as to contact their nearest LIAA representation office for consultation.
The Business Incubation Support Programme is implemented within the Innovative Entrepreneurship Development Programme for Small and Medium-Sized Enterprises (SMEs) and is co-financed by the European Regional Development Fund and the Latvian state budget.
