The admission of new participants to the business incubation programme of the Investment and Development Agency of Latvia (LIAA) has concluded. During the autumn intake, 85 new companies from across Latvia have joined the community. These companies represent a variety of sectors — from bioeconomy and construction to information technology, creative industries, and innovative technology development.
“The LIAA business incubation programme was created to help companies grow and experiment on their way to export markets during their first years of operation. The programme provides not only direct financial benefits but also access to a network of professional mentors, consultations, and networking opportunities that help companies reach their first successes faster. We are seeing an increasing number of companies applying that focus on innovation and are already thinking about export development from the very beginning,” said LIAA Director Ieva Jāgere.
Incubation support is available to companies registered in Latvia that are up to five years old and are innovative, technologically advanced, export-oriented, or operating within the creative industries — including companies producing dual-use goods or services, as well as those with export or innovation potential. Within the programme, companies can receive co-financing for various activities of up to EUR 300,000 with a 70% support intensity.
One of the new participants in the incubation programme is SIA “Icecool”, representing the creative industries. The company is led by Egīls Grasmanis, who has successfully established himself in business with the company Brain Games. The Icecool brand has already received several international awards in the gaming industry, and the company is now ready to take the next steps.
“By harnessing creative power, Latvian brands are capable of creating highly successful and globally recognized products that resonate around the world. These brands become success stories and sources of inspiration for others. After 22 years of experience in the board game industry, I want to focus on and continue developing the Icecool project. With the support of the LIAA business incubation programme, we want to revitalize the brand with a new look, new additions, and expand into toys, books, and animation segments,” said E. Grasmanis.
Another new participant, the Madona-based company “MLK”, which produces modular houses, also appreciates the opportunity to join the LIAA business incubation programme, which provides significant support for company development and strengthening competitiveness in export markets.
“We plan to use the financial co-funding and consultations offered by the programme to increase our products’ export potential, improve marketing activities, and promote company growth both in the local and international markets,” said Matīss Kuba, Member of the Board of MLK, adding that the opportunity to receive professional consultations on entering export markets is of great importance.
Currently, the incubation programme operates through 20 regional offices, as well as creative industry and technology offices in Riga, providing entrepreneurs with access to both local mentor support and international expertise. Since the programme’s launch in 2016, more than 1,600 companies have already received support, many of which have become successful export-ready Latvian brands. For example, companies such as Azeron, Edge Autonomy (formerly UAV Factory), SMD Baltic, RocketGrip, Latvija Packing, and others have previously participated in the incubation programme.
Entrepreneurs can receive incubation services based on administrative-territorial division — the regional principle. LIAA 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. Companies from the creative industries can apply not only through the Creative Industries office but also through their nearest regional office. Innovative entrepreneurs based in Riga can apply through the Technology Office.
The programme “Business Incubation Support”, implemented with the support of the EU Structural Funds, includes various financial and non-financial support measures aimed at strengthening the viability of Latvia’s innovative, technological, creative, and export-oriented companies, as well as promoting the export of goods and services produced in Latvia. Financial support is available in the form of grants for premises and workspace rental, equipment and machinery purchase, and acquisition of materials and raw materials, while innovative companies can also receive support to cover employee remuneration costs and for specific prototyping and technology development services.
Non-financial support includes consultations on key business development topics, training and seminars on business modelling, marketing, product development management, human resources management, financial planning and attraction, and other relevant topics, as well as expert consultations, mentoring by local and international specialists, networking, and experience exchange activities, among others.
More detailed information about the programme’s conditions and the application process is available at https://business.gov.lv. Business incubation support is provided under the SME Innovative Entrepreneurship Development Programme, co-financed by the European Regional Development Fund and the Latvian state budget.
