Bank will financially support businesspeople in Latvia and scientists in the CIS

News - March 7, 2013

The Technology Promotion and Commercialization Workshop (6th Commercialization Reactor) will be held in Riga on 12 March. The event will be supported by Baltic International Bank and dedicated to the use of R&D products and solutions in potentially beneficial business projects. During the event, Latvian businesspeople intending to establish innovation-based ventures will be able to network and make new contacts with patent holders and know-how holders from the CIS.

„In our opinion, a unique innovative idea is the key to achieving success and maintaining a competitive edge in business. Moreover, it is also important to help the initiators to turn their ideas into reality. Perhaps they do not always possess the necessary financial resources. By supporting such events, we’re laying the basis for interaction between business and promising ideas. Scientists get an opportunity to design and implement advanced innovations, while businesspeople can launch their unique product in the global market and hence to achieve commercial success.  It’s a ‘multi-way-street’ with benefits for all and proves conducive to the development of science, privately-held businesses and economic growth overall,” Chairperson of Bank’s Board Ilona Gulchak emphasises.  

12 innovative products (tech innovations) from specialty areas such as nanotechnology, medicine, mechanical engineering, power engineering, and others will be presented to the event’s participants.

As a result of the previously established relationship between science and businesses, more than fifteen export-oriented start-ups were created in Latvia, nine of which succeeded in raising seed capital totalling some millions of Euros and commenced their commercial activities.  

Baltic International Bank has consistently supported the Commercialization Reactor project since 2009. The 2013 event will be organised by Virtual CEO in co-operation with the Investment and Development Agency of Latvia (abbreviated as ‘LIAA’ in Latvian), the Amber Sea Business Angel Club, Imprimatur Capital Seed Fund, and Patent Agency TriaRobit.
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