From 9 to 24 September, the Investment and Development Agency of Latvia (LIAA) invites young companies to apply for its Business Incubation Programme. Participants can receive financial support covering up to 70% of business development costs, as well as consultations with experts and mentors, training, networking opportunities and access to LIAA co-working spaces throughout Latvia.

The programme is intended for micro, small and medium-sized enterprises registered in Latvia that have been operating for no more than five years and are developing innovative, technological, export-ready or creative-industry products and services. Companies developing dual-use products may also apply, as can businesses in other eligible sectors with export or innovation potential.

“In the first years of a company’s operations, the ability to test its business model quickly, improve its product and reach its first customers is crucial. The Business Incubation Programme brings together funding, expert knowledge, mentors’ experience and business contacts in one place. This helps transform a good idea into a competitive product and prepares the company for its next stage of growth, including expansion beyond Latvia. We encourage entrepreneurs who have already developed their product to at least the minimum viable product stage and are ready to work purposefully on its further development to apply,” emphasises LIAA Director Ieva Jāgere.

Results Achieved by the Programme

There are currently 359 companies participating in the Business Incubation Programme throughout Latvia. During this year’s spring intake, 83 new participants joined the programme: 41 innovative companies and 42 export-ready companies, including 14 creative-industry businesses and five dual-use companies. Since the programme began, its participants have received €7.96 million in support.

Funding and Knowledge for Business Growth

Participants in the Business Incubation Programme can receive grants covering 70% of eligible costs:

• up to €10,000 for the purchase of services;
• up to €8,000 for the purchase of equipment;
• up to €5,000 for the purchase of raw materials.

Companies that meet the criteria for an innovative enterprise can also receive a grant of up to €10,000 to cover employee remuneration costs, as well as funding of up to €20,000 for prototyping, technology development and the purchase of specialised services.

In addition to funding, programme participants can receive individual consultations with experts and mentors from Latvia and abroad. The programme offers training and seminars on business modelling, marketing, product development, financial planning, attracting investment and other matters relevant to business growth. Participants also have access to networking and experience-sharing events, as well as LIAA co-working spaces.

Companies Must Have Developed at Least a Product Prototype

Companies may apply to the programme if their product, service or technology has reached at least the minimum viable product, or MVP, stage. An innovative product must have reached at least Technology Readiness Level 4 (TRL 4), while an export-ready or conventional product must have reached at least Business Idea Maturity Readiness Level 5 (BIMRL 5). A company’s outstanding tax debt may not exceed €1,000 on the application date.

Support Available Throughout Latvia

Applications are accepted on a regional basis through 20 LIAA representative offices across Latvia, as well as through the Creative Industries and Technology representative offices in Riga. LIAA’s regional offices are located in Jūrmala, Tukums, Valmiera, Cēsis, Smiltene, Madona, Gulbene, Alūksne, Sigulda, Liepāja, Saldus, Ventspils, Kuldīga, Talsi, Jelgava, Bauska, Ogre, Jēkabpils, Rēzekne and Daugavpils.

Creative-industry companies may apply either through the Creative Industries representative office in Riga or through their nearest LIAA regional office. Innovative companies based in Riga may apply through the Technology representative office in Riga.

Applications Open Until 24 September

Applications can be submitted through the liaa.business.gov.lv platform from 8:30 a.m. on 9 September until 11:59 p.m. on 24 September. Before preparing an application, entrepreneurs are encouraged to contact their nearest LIAA representative office for advice on the programme’s conditions, the most suitable form of support and the required documents. LIAA recommends not postponing submission until the final day of the application period.

Business incubation support is provided under the Innovative Business Development Programme for Small and Medium-sized Enterprises, co-financed by the European Regional Development Fund and the Latvian state budget.