The Latvian Investment and Development Agency (LIAA) has announced the results of its “Idea Cup” (“Ideju Kauss”) competition for 2024. 12 winners attended an awards ceremony at which they received their share of more than EUR 40,000 for the development of innovative business ideas. The most innovative idea this year was a unique reverb effect pedal, “Monk Reverb,” and its developers received EUR 10,000 to further develop their business.
The new pedal was submitted by Matīss Tazāns. It has a completely new control system and a digital signals processing algorithm for various musical instruments and different target audiences, including professionals, hobbyists, sound engineers, etc. Tazāns’ company hopes to offer the effects pedal to potential clients in the United States, Canada and Western Europe.
“What does the win mean for us?” asked Toms Lazdovskis from the “TTT Audio” company where the new pedal was developed. “It certainly affirms that ideas must be brought to fruition. The prize money will help us cover development costs, and we are currently focused on completing the guitar effects pedal that is meant for musicians of various styles. We have a lot to do, our work is intensive, and we hope to conclude our first sales deals next spring.”
Second place and EUR 7,000 went to the “Project Roots” idea, which involves an innovative bio-textile that is made from the roots of grain plants. This idea was submitted by Justs Krapāns.
“Our product is climate-positive and with extensive uses in various sectors,” the designer says, adding that he worked together with Tīna Alise Drupa. “The product is made of grain roots which are easily available in Latvia. The praise of the experts and the prize that was given to us help us with self-confidence. It shows that we’re not the only ones who think that the idea can be developed further. We’re going to do exactly that, and we know that during the next two years, we will engage in experimental design together with partners to find products that we can offer in the marketplace.”
Third place and EUR 5,000 this year went to Kitija Paula Gailuma for her business idea, “Seaweed Packaging.” This involves sustainable packaging made of seaweed that is manufactured bio-technologically, can be composted, is natural and is a flexible material that can replace traditional plastic packages for cosmetics. The idea also received a special prize from the technology portal Labsoflatvia.com, which promised to provide consultations on how to prepare a publicity plan for the product.
“I am truly proud of the fact that the added value and potential of this project were seen not just by our team, but also by the jury,” says Gailuma. “We’re going use the money to develop our prototype further so as to obtain a functional product that can be tested for the packaging of cosmetics under real life circumstances.”
EUR 3,000 were awarded to smart leggings from “InnovoMotion” that are meant for rehab patients. The same sum was given to the distance cyber security drone “Cyber Raven,” and to the SWARM-type drone control technology “AIRONET.”
There were six other projects which were granted EUR 1,500 apiece so that they can further develop their business. “NEAMO” submitted a tool to forecast the appearance of disease in the fishery industry, there is a device to reduce the presence of invasive snails on farms, a plate called “Crinkly Plate” that is meant to change nutritional habits and to combat excess weight, an “Adsmom” platform to optimise ad campaigns, an interactive game called “CubeLex” that is meant to develop the language skills of children, and an online sewing training platform called “Mom Who Sews.”
“CubeLex” was designed by Terēze Ozolniece, and it also received a special price from the ERASMUS young entrepreneur LECSA contact point in Latvia. Terēze will be able to go on a business exchange programme with a mentor abroad that she will choose herself. Travel costs will be covered by an airBaltic gift card that was part of the prize.
“Ever since the LIIA first organised the ‘Idea Cup’ competition, its winners and the finalists have proved clearly that among us there are progressive, imaginative and creative people who are prepared to surprise us each year with something new,” says Laura Štrovalde, deputy director of the LIAA for investments and energetics. “I am sure that in future, Latvia’s export tigers will not have to wait too long, and we’re prepared to offer all necessary support so that we have as many tigers as possible and that those tigers can leap as far as they can.”
This year was the 16th “Idea Cup” competition, and a record 386 business ideas were submitted to it.