Sixty-nine additional businesses enroll in Latvia's Business Acceleration Programme
The Business Incubation Programme in Latvia is a European Union-funded initiative designed to support entrepreneurship, particularly in the innovative, technological, creative, and export-oriented sectors. This programme, which targets small and medium-sized enterprises (SMEs) established within the last three years, offers comprehensive financial aid, mentoring, and networking opportunities.
The programme, co-financed by the European Regional Development Fund and the Latvian State budget, has a budget of €33.02 million. It primarily aims to boost competitiveness, job creation, and export growth by leveraging both national and EU funds combined with academic support structures.
The Business Incubation Programme is implemented across all LIAA regional offices, as well as the Creative Industries and Technology offices in Riga. Companies like Ap4Pic, a science-intensive tech company specialising in developing polymer-integrated photonics microchips, are among those benefiting from the programme.
Ap4Pic, one of the programme's participants, believes that this opportunity will accelerate their entry into international markets. The company's CEO, Aivars Vembris, stated that the programme will help them gain knowledge about business processes and market analysis.
In the first year, export-oriented companies can receive up to €25,000, while innovative companies can receive up to €55,000. This funding can be used to reduce administrative costs, allowing companies to invest more in technology and product development, as seen with Ap4Pic.
The programme also provides support services such as mentorship, workshops, legal and financial consultations, and networking opportunities. For instance, Turība University offers in-depth mentor support and thematic workshops to help develop business ideas and enable establishing joint ventures with the university.
The Business Incubation Programme has produced well-known companies such as Azeron, Jeff, SMD Baltic, Brand on Demand, and Nordic Food. Ieva Jāgere, the Director of LIAA, stated that the programme is a key support for entrepreneurship in the regions.
During the previous programme period, incubated companies paid €47 million in taxes, while the programme cost a total of €35 million. This indicates a positive return on investment for the programme.
The Business Incubation Programme supports entrepreneurship in various regions, including Daugavpilis, Jelgava, Jūrmala, Kuldīga, Ogre, Sigulda, Valmiera, and Riga. The programme encourages the development of new companies and increases export volumes, making it an essential part of Latvia's economic development strategy.
In summary, the Business Incubation Programme in Latvia offers comprehensive financial aid, mentoring, and networking primarily to innovative SMEs and startups, with clear export and technology orientation. This initiative aims to strengthen the viability of Latvia's innovative, technological, creative, and export-capable businesses.
- European Union's funding, such as the Business Incubation Programme in Latvia, supports entrepreneurs in developing their small businesses, offering financial aid, mentoring, and networking opportunities for export-oriented and innovative companies.
- Personal finance and career growth are facilitated within the Business Incubation Programme by providing mentorship, workshops, legal and financial consultations, and networking opportunities for entrepreneurs, enabling them to gain knowledge about business processes and market analysis.
- As the Business Incubation Programme in Latvia successfully boosts SMEs and startups' competitiveness, job creation, and export growth, it plays a crucial role in the country's overall economic development strategy, encouraging the establishment of new businesses and increasing export volumes.
