Support for the development and growth of local companies

Supporting local companies and promoting the development of their internationalization capacity, strengthening the knowledge transfer process and introducing innovative and new technologies, improving the competences of the employees - as a result, Latvian competitiveness advantages based on knowledge and innovation will be created. An important prerequisite for the transition to the innovative economy is the strengthening of Latvia's innovation system, eliminating its shortcomings and promoting mutual interaction between all subjects of the innovation system - business, science and education, as well as financial and legislative systems.

Within the framework of the planning period of the EU Structural Funds for 2021-2027, the Ministry of Economy has developed and companies have access to the Small and Medium Enterprises (SMEs) innovative business development program, which includes support for business incubation, as well as the Technology Transfer Program, innovation vouchers, and the remuneration of highly qualified labor force employees costs.

The purpose of the technology transfer program is to ensure the availability of funding for entrepreneur for the development and commercialization of new products/services, research projects, in order to promote the increase of the share of innovative entrepreneur in the economy, by creating a connection between small, small, medium and large entrepreneur and public research institutions, which would facilitate the direct transfer of knowledge and would become a catalyst for the formation of long-term, more in-depth cooperation between the two parties, thus contributing to the achievement of the goals of Latvia's Smart Specialization Strategy.

Entrepreneur can receive innovation vouchers for technical-economic feasibility study and experimental development up to 25k EUR, while Start-ups have the opportunity to receive co-financing in the amount of 45% for the attraction of highly qualified workforce.

The purpose of the support activity in the Business incubation program is to provide the incubation of newly created technologically intensive and creative industry companies for companies up to 5 years old, emphasizing the R&D&I component. Companies have the opportunity to receive support in the form of a grant of up to 20k EUR - for prototyping, business services, equipment, materials, raw materials