The Cabinet of Ministers at its session on November 7th of this year approved the support program for entrepreneurs developed by the Ministry of Economics for the improvement of technology transfer systems. This program will ensure the availability of funding for merchants for the development of new products or services, the attraction of highly qualified employees, and the development of innovative procurement.
"This is undoubtedly an essential addition to promote the country's economic growth. The new support program will strengthen and improve the knowledge transfer system, promoting closer, long-term cooperation between the research and business sectors, while continuing to support the development of innovations and the creation of new products and services. It is important that with the goal to foster innovation throughout Latvia, the support program will not single out any specific region, but instead, it will provide opportunities to develop research projects for idea authors throughout Latvia," says the Minister of Economics Viktors Valainis.
The total funding for the support program is 26,548,890 euros. The program will be implemented by the Investment and Development Agency of Latvia (LIAA).
Within the framework of the program, funding will be allocated to:
innovation vouchers for small (micro) and medium-sized merchants;
start-ups for the attraction of highly qualified employees;
new products developed within the framework of innovative procurement and their commercialization.
LIAA will also provide various activities within the framework of the program that are related to promoting cooperation between research organizations and merchants and creating the image of Latvia abroad in the field of innovation.
It is planned that within the framework of the program at least 200 merchants developing their business or commercialization projects will be supported, 100 new products with high added value will be developed, at least 5 innovative procurement solutions will be created, 120 highly qualified employees will be attracted to start-ups, and following the completion of the program, the export volume in the supported merchants will increase by at least 150 million euros. With the implementation of the program, at least 30 million euros will be invested in innovations from state and private sector funding.
Small (micro), small and medium-sized merchants can receive up to 25,000 euros in voucher support, while for innovative procurement, merchants can receive up to 50,000 euros.
At the same time, the Ministry of Economics, in collaboration with the Ministry of Education and Science, the Ministry of Finance, and the Ministry of Justice, is working on amendments to the Law on Scientific Activity. Upon their enactment, support will be ensured for research organizations to facilitate commercialization. After the approval of the draft law, the total funding within the framework of the support program will be distributed as follows – 30% for research organizations and 70% for merchants.
By September 30, 2023, within the previous EU Structural Funds planning period's Technology Transfer Support Program, LIAA has concluded a total of 375 innovation voucher project agreements for the development of new products or technologies. At the same time, support for the commercialization of research ideas was also provided within the program, with a total of 101 projects approved.
You can familiarize yourself with the detailed implementation rules of the European Union's Cohesion Policy program for 2021–2027, specific support objective 1.2.1. "Strengthening research and innovation capacity and the introduction of progressive technologies for enterprises", measure 1.2.1.4. "Support for the improvement of the technology transfer system", in the unified Portal of Legal Acts.
Economics Ministry
Public Relations Department
prese@em.gov.lv
